36Kr reported that insurance technology company P6air has recently received RMB 10 million (USD 1.56 million) in an angel round of financing, backed by Hangzhou Wanhao Investment and Dongda Insurance Brokers.
The company aims to support the insurance sector by excavating its clients’ big data to develop an actuary model keeping track of the dynamic full picture of flight delays.
P6air has developed a proprietary big-data insurance support system making use of historical flight delay statistics. By tapping into the most valuable data sources indicating the key factors affecting flight delays, it has rebuilt a multi-dimensional pricing mechanism that enables dynamic insurance premium setting, based on risk factors, and offers more precise compensation services.
With machine deep learning, P6air claims the system is able to achieve a 95% accuracy rate in predicting flight delays within 30 minutes, 5 percentage points higher than the industry average.
P6air has also improved the claims process for users. With an auto-compensation engine, insurance companies can autonomously monitor flight delays, and passengers affected by delays no longer need to report in person or submit any offline materials, and will receive compensation when the plane lands.
Apart from more than 20 insurance companies and banks, P6air is also cooperating with chauffeured car service provider UCAR to offer affected passengers a chauffeured ride to their destinations, in lieu of monetary compensation.
Wenjun Zhai, founder of P6air, said the company will extend partnerships with insurance companies and banks and serve frequent business travelers with new businesses related to airport shuttle buses, hotels, air tickets and other options.