"navigating Travel Insurance Claims: A Step-by-step Guide For Australians"

"navigating Travel Insurance Claims: A Step-by-step Guide For Australians" - Pre-existing medical conditions (PEMCs) have been in the spotlight in the UK this year, not least because travel insurance retailers are now obliged to mark customers with severe PEMcs on an approved provider register. This, says the Financial Conduct Authority (FCA), should help those with PEMC to review their options and avoid paying over the odds for cover. It should also reduce the number of uninsured travelers who are at risk of paying high medical bills if an emergency strikes abroad. The FCA is also working with the travel industry to increase consumer understanding of PEMC in relation to insurance. And this is good news for insurers and medical aid providers.

But what about the minority of customers who buy travel insurance and find themselves not covered for overseas medical care due to unspecified PEMC? And how should providers, on the front lines of medical claims abroad, respond?

"navigating Travel Insurance Claims: A Step-by-step Guide For Australians"

The Insurance Customers (Disclosure and Reviews) Act 2012 requires customers to take reasonable care not to give false information if they ask an insurer a pointed question when selling or renewing a policy.

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Nevertheless, a small number of travel insurance customers choose not to declare a pre-existing medical condition; perhaps for fear of expensive premiums or employment consequences (eg if they reveal mental health issues) or not being eligible for travel insurance at all. Others may not be aware of the conditions they need to declare. Still others may forget to update medical information for existing travel insurance when their health has changed.

What we do know is that there is no single reason why pre-existing conditions, physical or mental, should not be disclosed by consumers - and that reading the policy's fine print is an important part of ensuring adequate protection.

A skilled administrator can make a difference to customers' understanding of the fairness of the claims process and their ongoing relationship with their insurer.

It is up to the underwriter to decide whether or not to pay a medical claim. But it is up to the provider to determine whether the client's pre-existing medical conditions have been properly disclosed, and if not, whether they are relevant.

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The service provider has a responsibility to both the underwriter and the customer to conduct this process in a fair, transparent and thorough manner. And there is pressure to minimize delays, especially when a client is being treated at a private hospital and medical bills are mounting, or if caregivers are impatient for insurance to pay.

In light of potential delays (for example, when primary care physicians are slow to provide the medical records needed to establish coverage), clients may be asked to sign a disclaimer declaring that they have been open to PEMC. The assistant can also dig deeper using techniques such as retrospective medical screening to determine a person's health status at the time of their policy and further questioning with their family doctor. This can help find out if the client's symptoms were clear before he went abroad, if he really understood what their situation was, if they were waiting for a referral to a specialist – and so on.

It is important to set the right expectations about insurance from the beginning of the claim. For example, if a client has been involved in an accident abroad, their assistant case manager should make them aware that the insurer will ascertain whether there were contributing factors, such as pre-existing vision problems, before confirming the policy.

If a claim is subsequently rejected by the underwriter, the case manager has to explain this very sensitively, possibly in light of the customer's anger and upset. A skilled administrator can make all the difference to customers' understanding of the fairness of the claims process and their ongoing relationship with their insurer. In these circumstances, full and seamless support should be offered through self-funded assistance or repatriation, and some clients will choose this option, particularly when they are very ill and need help getting home. Others will arrange their own transport home or stick to their original travel plans if they are comfortable enough to do so.

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Sometimes, when a travel policy would have been sold at a higher premium if all PEMC products had been declared at the point of sale, the case manager will explain that the insurer will pay a percentage of the claim; for example, 60 percent of the air ambulance cost, with the customer being asked to pay the remaining 40 percent. In all of these circumstances, the grantor must make every reasonable effort to determine a reasonable decision.

It is important to convey the message that travel insurance cannot be taken for granted. As the representative of the Ministry of Finance says: "Travel insurance can be the most complicated financial product that a person can buy during the year due to the wide range of risks involved. Customers need to see it as more than a last-minute "add-on" to a vacation, which means recognizing the importance of PEMC.

Automated medical screening with leading questionnaires, industry campaigns and media coverage raises awareness of the importance of declaring pre-existing conditions to confirm travel policies. Wider digitization can also help drive the cause, for example through unique travel health risk assessment tools that can uncover PEMC and model travel risk. But it's important that customers, insurers and providers are honest and transparent about what individual medical conditions are and what insurance coverage can be provided. Because it's in everyone's best interest that they are. As an online travel agency (OTA), it's important to offer your customers a seamless and comprehensive travel experience. One way to enhance this experience is to partner with an established B2B travel insurance provider.

In this article, we will explore the potential benefits and key considerations for OTAs looking to enter into a B2B travel insurance partnership.

Insurance Claim Definition

Entering into a B2B travel insurance partnership gives you the opportunity to offer your customers a wider range of products and services. By partnering with a travel insurance provider, you can offer customers the option to purchase travel insurance at the time of booking, increasing the likelihood of them purchasing insurance and the overall revenue of the booking.

Additionally, offering travel insurance can increase customer loyalty. According to a study by American Express Global Business Travel, "travelers are more likely to book with a company again if they have a positive experience with the company's travel insurance" (Klein, 2019).

When entering into a B2B travel insurance partnership, there are several key issues that OTAs need to keep in mind.

OTAs must look at the coverage and pricing offered by the insurance company. It is important to ensure that the coverage options are in line with the needs of the target market and that the prices are competitive. In addition, it is important to consider the process of purchasing and claiming insurance, as a smooth and easy process will likely result in a higher conversion rate.

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Another important aspect for OTAs to consider is the promotion and distribution of insurance products. This includes the integration of insurance products into the OTA's website and booking process, as well as the marketing and communication of insurance offerings to customers. It is essential that insurance products are accessible and that customers are informed about the insurance options available to them.

OTAs must also ensure that the insurance provider is licensed and authorized to sell insurance in the jurisdiction where the partnership is being formed. In addition, insurance products should comply with all applicable laws and regulations.

As reported in a study by Accenture, "Regulators are increasingly interested in the solvency of insurance companies and are implementing stricter rules to ensure that insurance companies can meet their financial obligations to policyholders" (Accenture, 2018).

It is also important to assess the support and assistance that the insurance company will offer to the customer. This covers not only the protocols and procedures for dealing with claims, but also the provision of service and support to help customers with any queries or problems they may have.

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Finally, it is important to assess the long-term goals and objectives of the partnership and how it will benefit both the OTA and the insurance company. OTAs should identify potential synergies or opportunities for growth, and also how the collaboration will contribute to the OTA's overall business strategy and success.

Before choosing a B2B travel insurance company, it is very important to research potential providers and their reputation in the field. Choose a service provider with a proven track record of providing excellent service and managing claims effectively. Also, look for a service provider that offers flexible and customizable deployment options to meet the specific needs of your customers.

Klein, D. (2019). The importance of travel insurance for business travelers. American Express Global Business Travel. Retrieved from https://www.amexglobalbusinesstravel.com/insights/the-importance-of-travel-insurance-for-business-travelers/

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