Co-op aims to disrupt travel insurance market
Co-op has entered the travel insurance market, becoming the first general insurer to offer unlimited, cashless medical cover for all ages and all medical conditions.
Highlighting the need for a new product, Co-op sad it had carried out a study which revealed that 62% of holidaymakers who had claimed on their travel insurance had to cover the costs upfront and claim them back from the insurer later.
As the average travel insurance claim is £2,090, 26% of claimants had to borrow money from family in order to cover their costs while a quarter had to take money from their savings and one in 10 ended up in debt as a result.
Mark Summerfield, CEO, Co-op Insurance said: "This is an exciting time for the Co-op as we introduce Travel Insurance to our portfolio of products.
"Having recognised a gap in the market, we’ve worked with our members across the Co-op, to build a product which is fair, inclusive of all ages and medical conditions.
"Furthermore, we’re the first general insurer to pay medical expenses up front, ensuring that our customers are not left out of pocket at what can already be a stressful time."
Co-op’s product will offer customers access to an online medical consultation with a registerd doctor, 24/7, from anywhere in the world.
Customers can consult doctors both prior to departure and during their holidays. Users can also receive prescriptions, referrals and fit-for-work notes, avoiding the need to navigate unfamiliar health systems and overcome language barriers.
Co-op’s Travel Insurance is available for single trip, annual or multi-trips and backpackers.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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