Co-op aims to disrupt travel market with “cashless” medical expenses

Co-op Insurance has entered the travel insurance market, in a bid to disrupt the sector.

Its new product, underwritten by MapFre, offers “cashless” medical expenses. According to Co-op, this means that “customers will not have to pay out themselves for any medical treatment”.

The policy will be available to customers of “all ages”, according to a Co-op press release.

Customers with the product will also have access to online medical consultations with a registered doctor. These will be conducted by video call, or by phone, with at least one option available 24 hours a day.

Co-op Insurance chief executive Mark Summerfield commented: “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.”

Summerfield continued: “Furthermore, we’re the first insurer to pay medicaltrav expenses up front, ensuring that our customers are not left out of pocket at what can already be a stressful time.”