Jet-speed payouts for disasters
JETSETTERS caught out by an unexpected travel hitch are often left waiting months for their claim to be processed.
Figures by global insurance company TravelCard found the average travel insurance claim took 45 days to be completed.
TravelCard recently launched the first real-time insurance in Australia – an innovation in the industry – allowing customers to be credited with funds on the spot if disaster strikes.
Chief executive officer Michael Tauber said the old-fashioned method of ringing up an insurer, filling out paperwork and waiting for a payout was on the way out.
Mr Tauber said the insurer had collected a huge database of information based on 10 years of claims across regions worldwide, to determine the appropriate payout if something went wrong.
“After a couple of minutes we can assess the situation and credit the money (owed) on to the customer’s travel card,’’ he said.
The prepaid Mastercard is issued to customers with a travel insurance policy and allows any money paid out for successful claims to be instantly credited onto the debit card within minutes.
Mr Tauber said a policy for a single person in good health could start from $30 to $50 for a weekend away in Bali.
Daisy Back, 28, and her husband Phil, 27, recently travelled to Europe for a belated honeymoon and when they arrived at Dubrovnik in Croatia, their luggage failed to appear.
“After a few minutes waiting (at the baggage carousel), I had that sinking feeling,” she said.
Ms Back rang her insurer and said $US150 was transferred to her travel debit card immediately.
“I could buy myself some toiletries and clothes to get me through,” she said.