Visa has partnered with insurtech Companjon, which specialises in embedded insurance. As a result, banks and fintechs issuing Visa cards can offer their customers protection for spending in situations where inclement weather could thwart their plans.

Weather Protection insurance can cover a variety of expenses—from hotel bookings to outdoor activity fees to outdoor events. Coverage is automatically adjusted according to the circumstances, taking into account factors such as the type of activity planned, the time of year, or the location of the event, ensuring that the customer receives the right protection at the right price.

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For example - a customer buying a ticket for an outdoor concert can receive rain protection. On the day of the concert, Companjon's technology solution will automatically monitor the situation at the venue based on verified weather data. If a predetermined level of rainfall is exceeded, a specific indemnity will automatically be paid to the client. Companjon will act as both technology provider and insurer in this project.

‘We are excited to connect our customers with insurtech Companjon to offer shopping protection from bad weather and provide consumers on the go with a solution that reduces the frustration of event cancellations,’ comments Jakub Grzechnik, responsible at Visa for product development in the Central Europe region.

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The solution is aimed at Visa's Central European partners, which does not include Poland according to the regionalization used by the payment organization. Therefore, such implementations in Polish institutions should not be expected, at least for now.

The Weather Protection policy is an example of parametric insurance, i.e., insurance that provides automatic payment in the event of a contractual factor, such as heavy rainfall or extreme heat. As a result, the customer does not have to submit a claim or wait for the insurer's decision, and the whole process can be completed in as little as a few minutes. Readers of cashless.pl may have come across such a concept through, among other things, reading articles about the Polish insurtech Climatica.