’We believe this needs-driven, rather than price-driven, approach will make a big difference to the customer experience,’ says director of underwriting
MGU Travel Insurance Facilities Group (Tifgroup) has announced a new platform in a bid to improve consumers’ access to travel insurance.
Tifgroup’s platform – Albert and Eddie – will enable travellers with medical conditions to compare quotes from two screening tools on the same site.
In a statement released yesterday (12 June 2023), the firm said that the platform will work like a comparison site.
However, the options will be presented based on the most suitable product to the individual’s trip, rather than the cheapest policy first.
For example, the platform will consider cancellation cover and protection for activities – in addition to insurance for medical conditions and trip destinations.
Tony Brown, director of underwriting at Tifgroup, said the team had been “working on this for some time to focus on making the customer buying process more intuitive”.
“We’ve developed an algorithm that is designed to match policies to specific customer needs,” he added.
“We believe this needs-driven, rather than price-driven approach will make a big difference to the customer experience, at both buying and claims stage where they are less likely to end up disappointed.”
Consumer Duty
This comes ahead financial services companies setting higher standards to improve outcomes for their customers as part of the upcoming Consumer Duty implementation.
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The regulation, which come into force on 31 July 2023, sets out a slew of updated regulations for insurance firms and other financial services firms that must be implemented.
In addition to offering insurance cover, Albert and Eddie will also look to educate consumers on issues such as undeclared medical conditions and cover extensions for the likes of cruises.
Brown said: “In our view, the time is ripe for a product like this, especially with the FCA’s new policies on Fair Value and Consumer Duty.
“We look forward to further developing Albert and Eddie as we understand more about how customers interact with the site and this new way of buying financial services.”
‘Ambitious plans’
The site currently offers policies from Tifgroup’s brands Holidaysafe, Insurancewith, Flexicover, Alpha, Get Going and Dogtag.
Brown said there were “ambitious plans in the pipeline to broaden our offering by bringing in other providers on to the platform”.
Amber Moon, brand manager for Albert and Eddie, said: “Finding affordable travel insurance can be difficult for those with medical conditions and our site is the first to allow people to choose which medical screening tool to use.”
“Because it’s relatively quick and easy, travellers are used to using price comparison websites to buy travel insurance.
”This has led to an over-emphasis on the cost of the policy rather than what cover it offers.”
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