We pay so you don’t have to: Co-op disrupts Travel Insurance market

27 Jan 2018 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.

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.

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.

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.

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.

Andrew Hagger, Personal Finance Expert from Moneycomms 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”

“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.”

For more information on Co-op Travel insurance visit www.co-opinsurance.co.uk

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.