Tech can stop wrong travel insurance trap for Brits
With thousands of Brits travelling with inadequate (or no) travel insurance every year, tech specialist Aquarium Software says smart technology is creating more clarity in the travel insurance world.
A bewildering array of products and providers is leaving many with inadequate cover unsuitable for their needs or in the worst cases, the wrong insurance all together - leaving individuals and families dangerously exposed should things go wrong.
Those with annual cover tend not to check their policy, leading to surprise when things they expected to be covered are not, which can also happen with single trip cover, while those travelling in Europe still tend to assume (wrongly) the EHIC card will cover all eventualities.
This has led the Financial Ombudsman to claim travel insurance is the most complex financial product an individual can buy.
“The latest travel apps and software are making it easier for consumers and policy providers, by putting the information that matters at people’s fingertips, but alone, this is not enough if consumers refuse to act on it,” said Aquarium Software Director, Mark Colonnese.
“With so many insuring online, it is now easy to pass policy information direct to smartphones, but the key inclusions and exclusions must be spelled out, which is in the best interests of both parties,” added Mark.
“Integration with online medical screening and the ability to deliver bespoke policies means it can now be made frictionless for consumers to get comprehensive, affordable cover that meets their needs,” said Colonnese.
“It allows critical information to be exchanged quickly when there’s an emergency or a change in circumstances and allows the public to be educated on what should and should not be covered based on their travel plans, taking into account reality, rather than expectations.
These are exciting times for travel insurance, and thanks to technology, consumers can get cover quickly from the palm of their hand,” Mark concluded.