We pay so you don’t have to- Co-op disrupts Travel Insurance market
27 January 2018
- Co-op first general insurer to offer unlimited, cashless medical expenses for all ages
- Access to a face-to-face video consultation with a UK doctor
- New insurance offers pre, during and post trip care including nannies and physiotherapy
Co-op Insurance has today entered the Travel Insurance market, seeking to disrupt the sector by offering a new product shaped by its members. The new travel insurance product offers cashless medical expenses, for all ages and medical conditions, meaning customers will not have to pay out themselves for any medical treatment – a first for the general insurance market.¹
Highlighting a need for this change, Co-op’s new study reveals two thirds (62%) of holidaymakers who have claimed on their travel insurance, said they had to cover the costs upfront themselves and then claim these costs back at a later date from their insurer.
With the average travel insurance claim now standing at £2,090, Co-op’s study reveals the effect this has on UK holidaymakers’ pockets. A quarter (26%) had to turn to family members to borrow money in order to pay the claim.
A further quarter (25%) had to take money out of their savings and a tenth (10%) ended up in debt as a result of having to pay the claim themselves and then claim this back from their insurer.²
Furthermore, the new travel insurance product will offer Co-op customers access to an online medical consultation with a General Medical Council (GMC) registered doctor, 24 hours a day, seven days a week, from anywhere in the world.³
Customers can use their smart phones or tablets to speak to doctors both prior to jetting off 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 can be broken down into the following, three policies; Single Trip, Annual / Multi-trip and Backpacker travel insurance and encompasses three phases of travelling pre, during and post trips as follows:
Co-op Travel Insurance policies
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.”
Andrew Hagger, Personal Finance Expert from Moneycomms.co.uk, said:
"It's great news for consumers that a respected brand such as Co-op will be competing in the travel insurance sector with such an attractive proposition"
When you're choosing insurance of any kind, the price of cover in isolation shouldn't be your reason for purchase, yes value is important, but so is the suitability of the cover you're buying"
Co-op has come up with something a little different and whilst it is competitively priced and offers a comprehensive and generous range of individual benefits, the unique promise that customers won't have to pay for medical treatment up front is a game changer"
For more information on Co-op Travel insurance visit www.co-opinsurance.co.uk
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Notes to Editors
¹ Co-op Travel Insurance is part of Co-op Insurance Services Limited and is underwritten by Mapfre. Cashless medical expenses, for all ages and medical conditions are available in selected destinations. Important limitations, restrictions & excess apply. Full policy details can be found here: https://www.co-opinsurance.co.uk/travel-insurance/policy-documents
² Research was conducted among 2,000 UK holidaymakers by atomic research on behalf of Co-op Insurance. Research was conducted in December 2017 among UK adults who have had to claim on their travel insurance
³ Video-call consultations available 8am to 10pm 365 days a year, voice call consultations available 24 hours a day.
About Co-op Insurance:
Co-op Insurance is part of Co-op Group, one of the world’s largest consumer co-ops, owned by millions of members. Alongside Co-op Insurance, we have the UK’s fifth biggest food retailer, the UK’s number one funeral services provider, and a developing legal services business. As well as having clear financial and operational objectives, the Group is a recognised leader for its social goals and community-led programmes.