Broker product to tackle FCA cancer travel insurance concerns

Insurtech company, Bought By Many has launched a travel insurance product that it says ”will improve the experience of buying travel insurance for people with serious health conditions like cancer.”

The Financial Conduct Authority (FCA) recently highlighted the issue of people with cancer not being able to get fair travel insurance, describing it as a pressing concern for the industry.

As well as aiming to improve access and remove the barriers to getting travel insurance in Europe, Bought By Many also aims to offer cover at a more accessible price point. When analysing the current costs and levels of access to insurance travellers may face, Bought By Many discovered how stark the current issue is:

• Someone with breast cancer can, on average, be quoted up to £2,362 and receive just 2 quotes
• Lung cancer patient - quoted up to £2,071, with an average of 2 quotes received

Bought By Many spoke to Dr Charles Daniels, medical director at St Luke’s Hospice, Harrow and Lead Clinician LWNHT, about its Urgent Medical Travel Insurance: “As the medical director of a hospice and Hospital consultant in palliative medicine for more than 20 years I have seen the repeated difficulty which many of my patients encounter when seeking to travel. Because they have an advanced and progressive illness, traditionally it is very difficult or expensive for them to purchase travel insurance.

“My experience is that the expense or fact that they can’t find insurance has caused them to forego any travel plans they may wish to make and heaped misery on the distress caused by their diagnosis if cancer or other advanced illnesses.

“I hope that this new product will enable the life of people with a restricted prognosis to be enriched by travel abroad for holidays or to visit important relatives and friends. This is what anyone of us would want for ourselves. I see this as a real positive step for the Insurance Industry.”

Steven Mendel, CEO of Bought By Many, commented: “Bought By Many is creating better insurance for everyone. Our search data identified that people with serious medical conditions are confronted with a particularly poor experience when looking for travel insurance. These are people whose time has been made more precious by illnesses – they may want to go places they’ve always dreamed of visiting or travel to see friends or family members.

“But existing insurers are adding stress to the process of getting cover and, at worst, pricing people out of being able to get travel insurance at all. Getting a quote is a frustratingly slow process, with insurers asking intrusive medical questions. And prices are often high for people with the most serious conditions, meaning they may make the risky decision to travel without insurance and potentially face huge medical bills if they need treatment. Some decide not to travel at all.

“Our solution – Urgent Medical Travel Insurance – allows people to see a fair price in seconds. We ask no medical questions and if the customer’s doctor says they are fit to travel that’s good enough for us. The insurance industry often fails to support people with specific needs. And these people are often the most vulnerable or those who will benefit most from a better service. Bought By Many believes in creating products and a customer experience that meets the needs of people who have been overlooked. We listen to real people to design insurance that will improve their lives and give them the peace of mind.”