Managing general agency Travel Insurance Facilities (tifgroup) has announced a new platform to help clients buy travel insurance based on their needs rather than the pricing.
Called albert & eddie – named after Albert Einstein and Thomas Edison – the platform also allows travellers with medical conditions to compare quotes from the two screening tools from the same site. As access to travel insurance for those with these conditions can be both challenging and time-consuming, albert & eddie speeds up the process by offering customers a choice between Protectif and Verisk, the two screening tools.
This new proposition works as an aggregator, save for the fact that the options presented to each customer will be based on the most suitable products for their respective trips – with adjustments made for cancellation cover, medical conditions, etc. – rather than the cheapest policy first.
Customers will only need to enter the trip and personal details, and albert & eddie will then aggregate the suitable policies and prices from a range of different brands. Travellers can also see cover levels and add-ons immediately, helping them choose the right policy for their trip.
At present, the site offers policies from other tifgroup brands including Holidaysafe, Insurancewith, Flexicover, Alpha, Get Going, and DOGTAG. In the future, the platform may also expand to include other policies from other insurers as well as other insurance and financial services products.
This new site comes at the heels of increased pressure from the Financial Conduct Authority regarding higher standards and improved outcomes across all financial service lines. albert & eddie hopes to fill in the niche for travel insurance by presenting those with medical conditions better options based on their situations.
albert & eddie brand manager Amber Moon (pictured right) said that finding affordable travel insurance can be difficult for those with medical conditions, adding that the site is the first to allow people to choose which medical screening tool to use.
“It’s part of this new way of buying travel insurance which we believe will have a huge impact on people’s trust in travel insurance because if they buy the right policy, it’s more likely their claims will be successful,” Moon said. “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.”
tifgroup director of underwriting Tony Brown (pictured left) also said that the site has been in the works for quite some time, with particular focus on making the buying process more intuitive.
“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,” Brown said. “There are ambitious plans in the pipeline to broaden our offering by bringing in other providers on to the platform. As a group, we are keen on finding ways to develop and improve the customer buying processes to try and ensure that we can get customers to the right products.
“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 & eddie as we understand more about how customers interact with the site and this new way of buying financial services,” Brown said.
Earlier this year, tifgroup returned to the broker market with a new portal under the company’s Suretravel brand.
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