Battleface CEO Sasha Gainullin feels confident that as space tourism evolves, more data will exist to make insurers more comfortable entering this emerging market. In fact, his company already has a headstart.
Battleface is a company launched in January of 2018 that uses modular underwriting and bespoke technology to build travel insurance products for customers globally. Underwritten by certain underwriters at Lloyd’s, the company has launched a custom space tourism policy that offers benefits including accidental death and permanent disablement.
“I think because the market is going to continue to grow within the space tourism industry, we’ll see quite a bit of development in the next two to four years, I would say, where a lot of insurance companies are going to be getting into this space,” he said on this episode of The Insuring Cyber Podcast.
Gainullin said as a company, Battleface has sought to change the travel insurance landscape by not only customizing policies for insureds’ needs but setting a bar by evolving with the everchanging travel landscape.
“What we wanted to do first is concentrate on a mission of how can we create relevant products and services to today’s travelers?” he said. “And then, how do we provide these policies in real time, and how do these policies actually speak to you as a consumer or as a traveler?”
He said space travel is a natural extension of this mission.
“We believe that space travel is an emerging area of travel, and it’s just another experience. Similarly, if you were to go bungee jumping in New Zealand, space travel is just another version of your experience,” he said. “And how can we apply the same concept and the same philosophy for creative products that would provide the protection for that experience, and then how do we actually build the foundation to continue to improve on the products that we’re selling specifically designed for space travel or space tourism?”
He said that while many insurers have been hesitant to enter the space tourism market, he does believe this will change in the future, and he hopes Battleface’s product will set a precedent for the industry.
“For the right reasons, a lot of insurers just love to base their decisions on data, and right now with space travel, there’s not enough data behind it for a lot of insurance companies to get into it,” he said. “It will probably stay within Lloyds for a while until more and more data is available for general travel insurance or general insurance companies to start getting into it.”
For Battleface in particular, Gainullin hopes to continue to diversify and deliver relevant products for today’s travelers, he said.
“From my perspective, I live and breathe travel insurance,” he said. “So for me, what I’m excited about is the actual possibility of all kinds of different travel.”
Check out the rest of the episode to find out what else Gainullin had to say, and be sure to check back for new episodes of The Insuring Cyber Podcast publishing every other Wednesday along with the Insuring Cyber newsletter. Thanks for listening.
Was this article valuable?
Here are more articles you may enjoy.
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
Let Good Adjusters, Not Expensive Lawyers, Make the Difference on Claims, CEO Says 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
