Changes in how we currently live and transact business because of the COVID-19 pandemic have fuelled trends such as the rise in caravan sales, the wider adoption of hybrid working, and – Allianz Partners can confirm – the growing popularity of domestic travel.
“Since its introduction in early May, 57% of policy sales have been for domestic destinations while 43% have been for international,” an Allianz Partners spokesperson told Insurance Business, referring to the group’s travel insurance product which was launched last month.
“Pre-COVID, 93% of policy sales were for international destinations and 7% were domestic.”
The policy, which marked the return of Allianz Partners to travel insurance, offers cover under selected benefits if a policyholder contracts COVID-19, provided that the insured did not travel against an advice or warning by Australian government. Certain exclusions and limitations apply.
Other features, meanwhile, include premium refunds for cancelled policies due to national or international border closures. A specialised platform was also developed specifically for the product.
“A reduction in the number of product disclosure statements has enabled us to simplify the purchase path,” added the spokesperson, “leading to a better customer experience, and the ability to implement future product and regulatory updates for all partners simultaneously.”
The goal is to make it easier for partners and customers to “more fully understand” travel insurance in the context of the current market.
The product disclosure statement, which buyers are advised to refer to, outlines the benefits that offer cover for contracting a sickness recognised as an epidemic or pandemic, as well as the applicable terms, conditions, limits, and exclusions.
“As Australians embrace interstate and trans-Tasman travel once again, Allianz Partners will continue to provide customers with access to the latest government travel restrictions so they remain informed before buying their cover,” said the spokesperson.
“Allianz Partners encourages all Australians planning a domestic or international trip to consider travel insurance to ensure they are covered for unexpected emergency medical bills, lost or stolen luggage, delays, or cancellations. The key for us is ensuring we provide Australians and eligible visa holders with the confidence to plan and travel safely amid the ongoing pandemic and beyond.”
In 2019, Allianz Partners covered 21 million kilometres by air ambulance and handled 12,250 medical repatriations.
