New travel insurance apps set to more clearly cover knock-on travel losses
As the fallout from the Ryanair flight cancellations continues, the pain for consumers looks set to be exacerbated, as none of the mainstream standard travel insurance policies cover so called ‘knock-on’ losses, such as non-refundable hotel bookings; car hire; or other consequential losses. Travel insurance software solutions provider, Aquarium Software, says travel insurance apps will make these sorts of issues a thing of the past, by making tomorrow’s travel policies more transparent for both insurer and policy holder alike.
Many standard polices - as the name suggests - usually offer only standard, basic cover and consumers need to be aware that if they need specific cover for things like dangerous sports or knock-on losses, they need to check carefully that they are buying the level of cover appropriate for their needs.
“Confusion over exclusions like knock-on fees tends to come from a lack of clarity over what is covered and what is not, and intuitive travel insurance software will change that,” said Aquarium Director, Mark Colonnese. “While created partly as a powerful customer service tool for the industry, consumers will also benefit hugely from travel insurance apps by – among other things - making that pesky small print a thing of the past through FAQ app pages. Travel insurance technology will ensure you can tailor your insurance service offering to your specific client’s needs and requirements, like never before,” Mark added.
“Of course, customers need to appreciate that extra cover will come at a price. Total transparency will ensure policies cover them for any cancellations etc ‘beyond their reasonable control’ and this is unlikely to be a feature of a standard policy,” Colonnese continued. “Our aim is to see technology used as a catalyst to close the consumer information gap between perceived cover, versus the actual cost for covering that specific risk. Insurers can improve their communications here, with smart technology the perfect platform to bridge the divide,” concluded Colonnese.