New travel insurance set to shake up Aussie offering

Aussie travel insurance is set to be disrupted with a bit of new competition.

The Australian arm of global insurer Tokio Marine Group has launched a new consumer travel subsidiary; World2Cover.

World2Cover is set to shake up the highly competitive travel insurance market by offering a best in class policy. Australian families in particular will benefit from the fresh levels of cover available, with access to strong options for the little ones.

Of the 27 areas of cover, World2Cover offer the top benefits in 23 categories against their key major competitors. All policies will be underwritten by one of the top ranking non-life insurance companies worldwide, with an aim to keep costs competitive.

In 2014, outbound travel insurance in Australia was worth approximately $772 million, with an annual growth projection sitting at 1.5% over the five year period to 2019.

World2Cover will offer customers global coverage, winter sports options, family benefits and a simple claims process.

The launch marks global Tokio Marine Group’s first foray into the consumer market in Australia, a sign that Australia’s consumer business needs some challenging.

The team down under at Tokio Marine Management Australasia Pty Limited (TMMA) is leading the worldwide charge, being the first office of the firm outside of Japan to offer direct consumer travel insurance online.

The World2Cover portfolio will expand over the next four to six weeks, with new products including:

Basics
Essentials
Premium (the current product in market)
Domestic Travel Insurance

“We are extremely excited to be entering this new area of the market,” TMMA’s coo and executive director Claudio Saita said.

“Whether our customers are skiing off-piste or travelling as a young family, our comprehensive, all-inclusive policies will allow our clients to really make the most of their travels.”

“World2Cover is not a faceless insurer, but one that offers a policy that will cover you in a time of need, directly engaging with our customers to make their claims process as easy and straightforward as possible.

“Our features of rich product, combined with our leading customer service, will leave them secure in the knowledge that they are fully covered should anything happen.

But how do the product benefits compare? Unpacking it for you, World2Cover offers:

Unlimited medical and hospital cover when you are travelling overseas
Unlimited cover for cancellation fees if the unexpected happens
Market leading levels of cover for your children and grandchildren under 25 when they are travelling with you
Optional extra ski insurance for those needing a little extra cover
24 hour emergency help anywhere in the world if things go wrong
We’ll get your dependents home safely if you can’t
New for old replacement of luggage
A simple claims process with no complicated forms
Multi-trip policies and loyalty discounts for your next trip

And to celebrate the launch, the new products are available to consumers with a special promotion of 20% off their normal rate.

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Email the Travel Weekly team at traveldesk@travelweekly.com.au

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