Journey is an online network that connects sports enthusiasts with each other and offers classes and adventure activities through more than 400 providers in Mexico. The new insurance comes as a solution to the issue of injuries and accidents, which are the third-highest cause of sport abandonment in the fitness industry.
Journey partnered with American International Group (AIG), a global insurance company, to combine insurtech and sportech in its unique platform. The startup is able to reduce and manage the risk for insurance companies through the use of client databases, therefore reducing costs and achieving better protection for athletes.
“At first we talked with several insurance companies with no success, they told us that such a product didn’t exist […] we are disrupting this industry; creating a new category of insurance, very easy to get, that will bring certainty and affordability to mass and elite sports,” said Oscar Garza, CEO of Journey.
The new insurance will cover clients between 3 and 64 years in sports such as soccer, taekwondo, gymnastics, and boxing, at an amateur level, with a wider range of sports planned for the future. With a yearly cost of $12, the insurance covers up to $2,500 in accidents while training.
Read more on the press release.