PassportCard, a travel insurer, has made an announcement stating, “We are back,” indicating the resumption of their travel insurance sales. The company had been in a state of hibernation since the outbreak of the COVID-19 pandemic in 2020, during which its activities were limited to servicing existing policies and processing claims.
After months of preparations, PassportCard Australia has successfully restarted its operations in the travel insurance market. The insurer aims to provide a quick, simple, and hassle-free experience for policyholders, offering coverage for common travel-related incidents such as medical emergencies, delayed luggage, and stolen cash.
Additionally, PassportCard has sealed a long-term underwriting agreement with Guild Insurance and has made key hires to support the resumption of sales. The company intends to continue its broker-focused distribution strategy while exploring other channels, including direct sales.
After extensive preparations, PassportCard Australia has recommenced travel insurance sales, marking the restart of its operations in the country.
Since the onset of the COVID-19 pandemic in 2020, the business has been in a state of “hibernation,” primarily focusing on managing existing policies and processing claims.
In a recent LinkedIn post, the insurer expressed their delight in announcing the resumption of travel insurance underwriting, stating, “We are delighted to announce we are back writing travel insurance.”
Earlier this year, the broker-focused travel insurer, previously named TravelCard, finalized a long-term underwriting agreement with Guild Insurance.
Additionally, the company made strategic hires to facilitate the recommencement of sales activities. Prior to the hibernation period, their policies were underwritten by Hollard.
Having launched in June 2018 with a focus on the broking channel, the business recently rebranded its trading name to PassportCard.com to align with its Israeli parent company.
CEO Peter Klemt highlighted the robustness of the PassportCard Group’s database, which has been meticulously developed over a span of 15 years.
The PassportCard Group’s comprehensive database encompasses the claims history and cost in 150 countries worldwide.
Leveraging this data, the company possesses the capability to accurately predict the cost of specific claims in virtually any location.
According to him, the insurer’s real-time claims process enables policyholders to receive instant payouts while traveling, particularly for the most common types of claims such as medical emergencies abroad, delayed luggage, and stolen cash.
Describing the company’s approach, he stated, “It embodies the essence of insurance – fast, uncomplicated, and hassle-free.”
Mr. Klemt previously stated that the insurer will maintain its broker-focused distribution strategy while exploring other channels, including direct sales.
Source : insurancenews.com.au