The Association of British Insurers (ABI) is marking its first ever travel insurance conference today (Tuesday 9thOctober) by expanding its consumer education initiative, The Insurance Experiments, to cover travel issues.
The Insurance Experiments is a stand-alone website which aims to improve consumer understanding of general insurance products. Its colourful animations and info pages are promoted on Facebook to get information about insurance direct to consumers who may not choose to go looking for it.
The campaign, initially focused on property, motor and small business insurance, has already delivered almost 3 million online impressions and brought thousands of people to its website.
The latest industry statistics on travel claims demonstrate the importance of customers having the right cover for their circumstances, with claims worth £385 million settled in 2017, the highest since the ash cloud disruption of 2010. Insurers pay the equivalent of a claim every minute, but there remain concerns that customers do not always consider all of their needs before buying a policy.
Charlie Campbell, Senior Policy Adviser for travel insurance at the ABI, said:
“Travel insurers pay out more than a million pounds every day to support customers who’ve encountered difficulties overseas, with some bills for medical expenses costing tens of thousands of pounds.
Given the importance of having the right cover when something goes wrong, our new Insurance Experiments are designed to encourage consumers to spend just a little longer thinking about the cover that they buy for their trips away. It’s important to not only look at the cost of the policy but to ensure it accurately reflects your personal circumstances, and takes account of where you’ll be going and what you’re likely to be doing.”
The new Insurance Experiments pages cover travel issues such as why medical conditions are such an important factor, the need to have adventurous activities covered correctly, and some of the many ways travel insurance can come to the rescue.