Insurtech fills void in COVID-19 travel cover
Cover Genius has launched a custom insurance package to provide a “sense of safety” for travellers embarking on trips amid the ongoing COVID-19 pandemic.
The package will provide coverage against a range of pressing issues caused by the outbreak, including airline insolvency and health problems.
The Australia-based insurtech is partnering with travel marketplace Skyscanner on a phased rollout to initially cover major European markets in France, Germany, Italy, the Netherlands, Spain and the UK.
In a recent survey, Skyscanner found 40% of recipients would have more confidence in booking a trip if they could access specialised insurance policies, relevant to the realities of heading overseas during a pandemic, rather than generic cover. As such, Cover Genius’ plan will be offered to customers at point of purchase, with aims to expand to around 50 countries worldwide.
Digital solution to modern travel
Coverage is provided through XCover, Cover Genius’ global insurance distribution platform to provide round the clock support, including full digital claims management and instant claim payments in almost 100 different currencies.
The package is a first of its kind, offering flexible solutions to today’s previously unforeseen travel issues, “going as far as reimbursing travellers if they fail a temperature check at their destination,” says Tiago Godinho, Commercial Director, Skyscanner.
Travellers are protected against a swathe of other pandemic-related incidents, including disruption, cancellation and airline insolvency, plus cover for medical expenses or sickness caused by the virus.
The package is designed to provide travellers with peace of mind and “security so they can book a vacation and travel again with confidence,” says Peter Smith, Cover Genius’ EMEA Head of Travel Partentships.
“These new products will not only offer customers personalised coverage and speedy payment of claims, but also provide a sense of safety,” Smith adds.
Flock and Aioi Nissay Dowa reinvent fleet insurance
UK-based insurtech Fock has announced today that it has entered a partnership with Asia’s largest insurance company, Aioi Nissay Dowa Insurance (AND-E) to “reinvent” commercial motor insurance for modern fleets. The two companies plan to change factors such as pricing and distribution.
Flock and Aioi Nissay Dowa have worked together over the past six months, developing two connected motor fleet insurance products which are currently available to self-drive hire, own goods, courier, and tradesperson fleets across the UK.
Part of the MS&AD Group, Aioi Nissay Dowa Insurance is one of Asia’s largest insurers, and the combination of its experience with Flock means that fleet managers can now access insurance tailored to their operations and designed to help improve safety over time.
Commenting on today’s news, Flock’s CEO, Ed Leon Klinger, said: “We believe the insurers of the future won’t simply pay claims; they will also actively incentivise and enable motorists to drive more safely and reduce risk. Together with AND-E, we are excited to be pioneering this approach. The AND-E UK team shares our vision of combining insurance with cutting-edge technology to create a safer, smarter world. This is only the beginning and I believe together we have the potential to transform how the world thinks about motor insurance”.
Using Flock’s technology to save money
Flock’s technology is able to connect to vehicle telematics and analyse millions of data points to accurately price policies based on both the size and safety of each fleet. This allows customers to be rewarded with lower per-mile prices for safer driving.
This announcement comes after the launch of Flock’s commercial motor division at the end of last year. The company says that since then, it has helped its initial customers achieve a saving of 25% over their previous insurance policy, as it begins to grow its large fleet insurance business. This includes the vehicle transportation firm, Engineius, Jaguar Land Rover’s ‘The Out’, and all-electric self-drive hire company, Elmo, all of which have signed up as customers.
Chief Executive Officer of Aioi Nissay Dowa Insurance, Warren Hetz, said: “The motor insurance industry is at a crossroads as insurance, technology, and mobility converge, and this is creating a world of opportunities to improve road safety as well as deliver more tailored customer experiences. Our partnership with Flock heralds a new era in commercial insurance”.
“By combining Flock’s cutting-edge technology with our significant underwriting expertise in connected vehicle technologies and insurance, along with our global distribution networks, we will be able to deliver an exceptional experience for fleets and their drivers”, he said.