TrustaBit is a state of the art software solution that will give airlines the opportunity to automatically issue vouchers to passengers when their flights are canceled or delayed. The total passenger rights market is estimated to be $3.3 billion annually. Since 2013, AirHelp has collected $85 million in total compensation from passengers who have had their flights delayed. AirHelp functions as a middleman; the passenger provides information about their flight to AirHelp, who then works directly with the airline to get compensation on the customer’s behalf. To date, a total of 1.3 million passengers have used this service and they have paid AirHelp a fee of 25% of the total amount collected. These numbers show that passengers are willing to pay extra for a trust worthy digital service that will give them what they are owed.
In the European Union they have established EU261 which states that airlines have to pay a compensation to the passenger in the range of $261- $626 depending on the time and distance of the flight. In the United States there is no specific law to help with delayed flights unless you have an international itinerary, then the Montreal Convention will apply. Many US carriers still choose to compensate passengers for the inconvenience of those delays and cancelations.
Your airline can increase its return on investment for passenger compensation by directly offering their customers a more efficient and convenient way to receive their vouchers. Our smart contracts will allow your customer service agents to focus more on “the tricky” situations while leaving the mundane and repetitive work to our system. Long waiting times, subpar customer service and excessive administrative procedures are among the current pain points for passengers who attempt to collect vouchers directly from an airline." When you implement our blockchain solution you can increase your customer loyalty and take advantage of this new market segment. According to a J.D. Power study, “When passengers choose an airline based on reputation or experience – as opposed to cost or schedule- satisfaction and brand loyalty increases.”