Small print problems must be addressed
With more distressing stories hitting the headlines of holidaymaker insurance claims rejected, travel insurance technology specialist Aquarium Software says increased consumer awareness is essential and technology must be used to help address the issue or risk more traveller tragedy and bad press for the industry.
Juliet Taylor was rushed to hospital with a tumour while overseas and was told by her insurer, Axa, that she would only receive a third of her costs (£30,000) - a gesture of goodwill because she had failed to disclose a single prescription for sleeping pills.
The Financial Ombudsman has said travel insurance can be the most complex financial product an individual can buy because of the risks covered, yet few of us check the details.
Such cases show that everything must be declared (usually over the last five years) no matter how trivial it may seem. Aquarium is developing products to help insurers make key exclusions clear and put all the relevant details in the hands of the consumer but these software systems need to be adopted across the board, to have any meaningful impact.
Examples like this clearly cause great distress and are hardly a persuader for the millions who don’t have insurance to think again.
“On the eve of the main summer hols period, sadly we will doubtless see more of these cases,” said Aquarium Software Director, Mark Colonnese.
“On one hand, it is a warning consumers must make full disclosure or risk paying a huge price. While the insurer is within their rights, relying on technicalities in Ts and Cs is damaging to the industry’s reputation, especially if it goes against what a reasonable person would believe is implied or expects.
We need more transparency on both sides of the insurer-consumer relationship, and better systems to clearly articulate and reinforce the need for full disclosure as well as customer solutions that make this disclosure as simple as a couple clicks to update you medical history on your phone,” concluded Mark.
Aquarium has the best technology platform on the market, to meet the specific demands of the travel insurance sector. Its clients are rewarded with reduced technological cost base coupled with capabilities that set them apart from the competition.