Launched in May, AirCare provides coverage up to 24 hours before departure. In November alone, the product has seen a 250 percent sales increase.
Travelers pay $25 per trip and get $1,000 for tarmac delays of more than two hours or lost or stolen luggage and $250 for a flight delay that causes them to miss a connecting flight. If their luggage is delayed more than 12 hours, they'll pocket $500 and they'll get $50 if they experience more than a two-hour delay—doubling their money.
The money is deposited "immediately" into PayPal or checking accounts, Noel noted.
Travel pros are already predicting that airport delays will only get worse as more people take to the skies and infrastructure doesn't keep up. According to the U.S. Travel Association, 27 of the 30 major U.S. airports will experience Thanksgiving-like congestion two days a week within the next decade.
Read MoreAir travel congestion to get worse: U.S. Travel Association
Noel said he likes to think of AirCare like plane-side assistance, similar to roadside assistance for automobiles.
"We're offering this service, plane-side assistance where we give our customers 24-hour access to train, travel agents and concierge specialists that help them with really any problems that might occur as well as transportation in terms of limos, cars, taxis, trains, trucks, rental vehicles," he said.
—CNBC's Jennet Chin contributed to this report.