Insurance that knows when you need it
‘Tis the season for travel during the summer and besides a traveler’s passport, wallet, toothbrush and other travel needs, securing travel insurance just got easier! The world’s largest publicly traded property and casualty insurance company, Chubb, announced last week a novel idea in the travel insurance space.
Called “Pay As You Roam” (PAYR) travel insurance, customers use digital technology on their mobile phones to simplify the way they access and purchase travel insurance. Cellular roaming data identifies and automatically activates coverage for a daily premium when customers are outside their home country. By registering through Chubb’s core app, they can add additional travelers, too.
It works like this: When customer begin roaming, there’s a text message or pop-up notification of coverage initiation and the customer can decline coverage within four hours or confirm who needs to be covered. When the customer stops roaming or reaches a 31-day trip duration, the coverage stops and the customer receives final notification of their total premium at the trip’s conclusion. And as if it wasn’t easy enough, if the customer’s cell phone service provider or bank is a Chubb partner, the premium is added to the customer’s cell phone bill or bank statement. If our readers come across other new and unique insurance coverage technology, please let us know – and happy travels!
LMA Newsletter of 6-14-21
