The future of the travel insurance market will be somewhat influenced by the outcome of the Brexit negotiations and whether UK residents will still be able to utilize the European Health Insurance Card (EHIC) or a similar scheme, according to GlobalData Financial Services.
If not, the travel insurance market can expect an increase in demand.
In the last year the travel insurance space has seen a comparatively strong level of innovation, including a range of switch-on/switch-off flexible coverage and pro-active, real-time flight cancellation solutions that have set the competitor standard within this context.
Co-op Insurance’s latest travel insurance offering is a well-timed product that may help to set the benchmark with the offer of ‘cashless’ medical expenses.
Currently, in order to receive treatment abroad travellers pay for their treatment and then claim the cost back via their travel insurance.
Receiving medical treatment abroad can often be stressful and – even in the short term – costly. The system presently used by most insurers often adds to that level of worry at a point of vulnerability.
In order to combat this unnecessary stress and improve the customer experience, Co-op Insurance policy holders only pay the required excess, with the rest of the cost being paid by the insurer.
Another feature the policy includes is access to an online doctor, via either video or voice calls.
Travellers will be able to speak to a UK-based GP who can provide general medical advice and in some cases digital prescriptions.
Incorporating this feature across all levels of travel insurance cover will greatly improve the customer experience, as consumers are able to reduce the time spent waiting at hospitals or clinics by taking a more preventative approach.
Future policies will likely take a similar approach, as consumers seek cover that reduces both the expenditure and complexity of the claims process.
In order to compete, providers must seek to collaborate with external specialists to provide an all-encompassing policy with consumers’ needs firmly at the center.