Travel is something most of us love to do, and that urge to see new horizons doesn’t decrease with age. But those holidaymakers with pre-existing medical conditions, it can be hard to find the increasing cost of comprehensive travel insurance. If you need emergency medical care, ongoing treatment, plus repatriation in some cases – in countries like the USA, Canada, South Africa, NZ or Australia – that can cost thousands. Here’s some news from Verisk;
Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today that Fit2Trip, a travel insurance provider, has licensed Verisk’s Travel Black Box to help expand its operations into Italy and provide critical cover to travellers with pre-existing medical conditions.
“Many Italians with medical conditions are either travelling uninsured or underinsured and could be putting their financial security at risk or avoiding travel altogether,” said Simon Powell, CEO at Fit2Trip. “With the Black Box, travellers can provide us with their information and easily obtain a quote for the cover they need to ensure they are correctly protected during their travels.”
Fit2Trip customers can complete a simple online declaration of their medical conditions, and the Black Box will analyse the answers using a proprietary algorithm, providing a risk score that Fit2Trip can use for underwriting. Fit2Trip is already successfully using the Black Box in Spain. The Black Box is currently available in Canada, Europe, Australasia, and Asia.
“Gathering accurate, up-to-date information on medical conditions and assessing the relative risk can be major challenges for travel insurers,” said Paul Beven, managing director of Verisk’s Risk Rating division, which produces Verisk’s Travel Black Box. “By using the Black Box, Fit2Trip will be able to quickly view an analysis of relevant medical risks, make informed underwriting and pricing decisions, and provide customers with the related cover they may need.”