Who hasn’t (more than once) endured eternal delays at the airport, watching the screen and seeing your departure time get later and later? According to the statistics, one in every four flights is delayed or cancelled. And when it gets more and more frustrating, you might ask yourself, what am I getting out of all of this?
This is what the founder and CEO of Flyzen, Helena Kikov, said to herself in 2017 when she was waiting in Heathrow Airport (UK) for five hours. “It gave me the chance to do some research and see what solutions are available on the market. As an entrepreneur, I realised that there was a need for a new solution, so I founded Flyzen“, explains Kikov.
The startup aims to make the flying experience smarter through predictive analytics, and offers rewards and compensation to travellers in the event of delays and cancellations. “We’ve developed a platform for parametric insurance to predict flight disruptions”, explains the CEO. The platform has been designed for “insurance companies, online travel agencies, and airlines”. To date they’ve already provided coverage for more than 10,000 flights.
Her platform also seeks to bring customers and insurers closer together, and give them the kind of technology that’s more suited to the digital age we live in. To do this the startup has based its model around technology buzzwords, as Kikov lists: “artificial intelligence [AI], machine learning, neurolinguistic programming, and big data”. As she sees it, data analysis linked with AI has “the potential to transform the financial industry”.
They gather data using these technologies and process unlimited quantities of information. In the case of a flight delay for example, “we’ve stored and analysed more than 60 million flights in our archive, which means that we can identify patterns. This gives us the ability to improve our predictions, rewards, and compensation”.
And here’s what sets Flyzen apart: insurers and online travel agencies can integrate their solution and pay out this parametric insurance immediately at the time of the flight incident.
To perfect the development of their product, they are taking part in the startup adoption programme insur_space from MAPFRE, and they see this relationship as very positive. “There’s a real drive for innovation from different angles of the company. Things are moving really quickly with MAPFRE”. Kikov took part in the opening ceremony for the space and emphasised how it had helped her to “build a relationship of trust and positive collaboration”.
With offices in Herzliya (Israel) and New York (USA), their next steps include scaling up their business to the next level and creating a general parametric insurance platform. Kikov is ready for it: “I truly believe that technology should make life easier for our customers. That’s why I decided to build this platform, because there’s a real need for a more understandable parametric solution”.