Roomer Partners With Munich Re to Power Next Generation Travel Flexibility
Roomer Travel and Munich Re have developed a solution that enables Roomer to globally roll-out Flex, its innovative cancellation protection. Flex allows online travel agencies (OTA) and travelers to make their non-refundable bookings refundable.
NEW YORK, July 23, 2019 (Newswire.com) - Artificial intelligence driven solution for the traveler
Roomer Travel (Roomer) is an Israeli / US-based start-up that has developed a marketplace (www.roomertravel.com) for reselling and booking non-refundable hotel rooms. Based on this experience, Roomer has identified the traveler's need for more flexibility. The introduction of Flex provides travelers the ability to change their travel plans without risking the whole booking value. With Flex, travelers can cancel their booking, up to 24 hours before check-in and get a refund, no questions asked.
This innovative solution is based on a unique machine learning algorithm which evaluates and dynamically prices every single protection request from OTA partners in real-time considering the reselling probability. The artificial intelligence-driven approach allows Roomer to consider additional parameters, which until today have not been accounted for at the time of booking.
Munich Re is addressing challenges and enabling growth
After analyzing the risks and challenges, Munich Re has developed an insurance solution that protects Roomer against large unexpected payouts, which are not predictable even with the machine learning algorithm, that may result, for example, from severe weather conditions. This insurance is underwritten by a primary insurance carrier of Munich Re. With the insurance solution in place, Roomer is now able to scale up their operations globally, focus on their innovative technology and further improve the customer experience.
Andre Knoerchen, Head of Munich Re's New Tech and IoT Underwriting, said of the forward-looking cooperation: "The partnership between Roomer and Munich Re delivers a solution to one of the biggest challenges of the travel industry - cancellations."
Gon Ben-David, CEO and co-founder of Roomer, added: "We found at Munich Re an agile and open-minded team that understands our unique needs. I am convinced that now after giving flexibility to almost 150,000 travelers worldwide, this cooperation will enable Roomer to further expand its business globally. There are many more verticals within the travel industry that face similar unsolved challenges. We are excited to continue the partnership and to further explore opportunities to protect travelers and create value for the entire travel industry."
About Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivaled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage - from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season and the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.
Roomer Travel LTD. is an Internet company, founded in 2013, based in Tel Aviv and New York. Roomer Travel is the creator of Roomer Flex, offering travelers transparent flexibility while booking vacations, and enabling a one-click cancellation policy with a guaranteed refund, powered by artificial intelligence and machine learning. By allowing every customer to cancel its vacation with no questions asked, Roomer aims to deliver a simple and trustworthy experience for travelers all around the world.
Roomer Flex has served travelers in more than 3,000 destinations around the world and is available on notable global travel platforms such as Secret Escapes, Central De Reservas, Love Holidays, Prestigia and more.