Just Travel Cover, the leisure Travel Insurance specialists and insurance product and service provider, has acquired the travel insurance and scheme specialist business Alpha Underwriting from CPP Secure Limited. As globalists start to ration travel across the developed world it’s easy to predict that travel insurance will become a tougher marketplace.
IE predicts some smaller brands will exit, whilst others may be consolidated within larger groups. Actions such as Heathrow announcing a cap on passenger numbers, plus mass cancellations of flights, indicate that underwriting the risk will also become a much more difficult process, even using AI. If you cannot use past data as a baseline re cancellations, then all you have is the sentiment underpinning various corporate and government policies. Much of that depends upon the local reaction to woke travel restrictions.
The deal sees Just Travel Cover grow its broker network and provide Alpha’s general insurance brokers with access to its unique panel of insurance products, meaning they can compare multiple schemes from leading insurers in one place, without the need to re-key, and offer worldwide travel insurance with no age limit, cover for hundreds of pre-existing medical conditions, cruises, winter sports and other activities.
SMARTER TRAVEL COVER ADMIN
After significant investment in technology and systems, north-east based Just Travel Cover, which has more than twenty years in the industry, will also provide its new broker partners with a 360-degree digital ecosystem that includes back office access, a branded B2C web engine, GDPR compliant customer accounts and document centre and instant access to the world’s first parametric insurance policy, Smart Luggage.
The acquisition builds on Just Travel Cover’s strategic partnership with CPP Secure Limited, after the two collaborated on the award-winning and innovative ‘Smart Luggage’ lost luggage product, which sees consumers able to claim £50, paid straight into their bank account, if checked luggage is delayed, and a further £500 if it is deemed lost as a result of an airline or airport’s mishandling of it.
Daley Gore, Director at Just Travel Cover, said: “This is an exciting acquisition for Just Travel Cover as we continue to grow our wholesale division as part of our wider company growth strategy. We’re looking forward to welcoming these new brokers on board and providing access to our suite of Travel Insurance products – just in time for the post-Covid travel boom. The acquisition presents a great opportunity to help these brokers grow too, with full training and support on our portal which provides them with a range of products to cover all ages and risks in one place, as well as the award-winning parametric product for delayed / lost luggage to help them stand out from the crowd”.
Carl Carter, CPP Secure CEO and CCO for Blink Parametric commented: “We are delighted to take our strategic partnership with Just Travel Cover to the next level, following the success of the development and launch of our award-winning parametric lost luggage travel insurance and real-time assistance product. This deal will see Just Travel Cover gain the capability to deliver this innovative and valuable solution to a large group of brokers ‘at the flick of a switch’, and offer those who have existing access to the portal, access to a wider variety of travel insurance products that Just Travel Cover provide. Over the coming weeks we will be supporting a smooth transition to Just Travel Cover and continuing to move our own focus at CPP Secure towards our range of parametric travel insurance solutions to meet global demand in support of our sister company Blink Parametric.”
Just Travel Cover is aiming to novate all Alpha brokers by 15 August and provide access to and training on its system this summer.
DBRS Morningstar offered this insight today, on the losses ahead for some travel insurance brands, as globalists tighten restrictions on mass tourism to meet their climate agenda;
“With many airlines and airports around the world facing extremely high levels of flight cancellations and delays in recent months, we expect that the travel insurance industry will experience combined ratios over 100% due to the increase in insurance losses, making this business line unprofitable for most insurance companies in 2022,” said Marcos Alvarez, Senior Vice President and Global Head of Insurance. “This will compound the problems experienced by the travel insurance business since the beginning of the pandemic, as insurance companies were initially hit by a jump in claims and then by the collapse of global travel, which considerably decreased the demand for this product.”