High travel premiums for those with mental health conditions a concern
Tech specialist Aquarium Software is lending its backing to calls from The Money and Mental Health Policy Institute, which wants to regulate fairness within the travel insurance world. Aquarium says that thanks to the speed with which solutions can be developed for all kinds of niche scenarios via DevOpps protocols, travel insurance help will soon be at hand for those unfortunate enough to be caught up in the national mental health crisis.
Many might assume that mental health would be a small factor at play in the travel insurance market, however, with an ageing population and increasing numbers of people affected, mental health problems can make travel insurance premiums cost preclusive for some.
Ben Rathe’s story is one example of where technology could help lower travel insurance premiums in the future. Mr Rathe was diagnosed with depression six years ago and was given anti-depressants by his doctor.
The 30-year-old said that his issues have not affected him for a long time, and had no impact of his daily life, but his insurance premiums were hiked up as soon as his ticked the box on the travel insurance application.
“The agility and rapidity of DevOpps is already bringing more transparency and understanding of each individual case to the world of insurance,” said Aquarium Software Director, Mark Colonnese.
“Using technology to enable a better, enhanced user experience is what we’re all working towards.
In the case of those with mental health issues or any pre-existing medical condition, there is a move towards catering for the individual and pricing according to actual individual risk – rather than the blanket ‘tick-box’ approach of old, which Mr Rathe seems to have fallen foul of,” Mark added.
“Insurers have to make a profit at the end of the day; yet we’re working with them to ensure they can still do that intelligently and responsibly, while not pricing huge swathes of the market out of the market in the process,” concluded Colonnese.