Cover-More COVID policies
COVER-MORE Travel Insurance is set to roll out new policies for the COVID environment, with an initial launch planned for the New Zealand domestic market later this month, and then expanding the products into Australia in early Dec.
The move was revealed by Cover-More CEO Judith Crompton in an exclusive interview with Travel Daily’s Bruce Piper yesterday, during which she also confirmed the massive impact that COVID-19 had on the firm.
Like everyone across the industry, Cover-More has had to implement procedures to allow the extremely complex reversal of transactions, with Crompton saying the company had now processed about 70% of the more than 250,000 policies which were impacted by the pandemic.
Coverage for COVID-19 related conditions on existing policies was halted on 21 Mar when a ‘known event’ was declared due to the Australian Government banning international travel, but since then Cover-More has continued to sell insurance for essential workers and other Australians who have been given permission to leave the country on compassionate grounds.
“We have made a conscious decision to meet the demand that still remains despite the pandemic,” Crompton said noting that although COVID-19 is not covered, all other provisions of the policies remain in place in case of theft, injury or other nonCOVID related incidents while away.
The Cover-More APAC CEO also addressed the thorny issue of refunds, noting the extremely difficult decision to provide 100% of moneys back to consumers
(TD 07 Jul) meaning travel agent commissions were recalled.
“It was an easy decision and at the same time a very hard decision, but in the end we had to stand by consumers,” she said, while acknowledging the pain that travel agents are going through and urging them to make contact if they have ongoing questions or issues.
As well as dealing with the impact of the downturn and having to manage a situation of zero or negative revenue, CoverMore has also been making plans for the future, in expectation that when travel returns there will be an even sharper focus on the need to have insurance.
The company has established a new command centre in Brisbane which services the needs of Cover-More customers, and is set to release smartphone apps that will allow leisure travellers to call for help at the touch of a button wherever they are in the world.
Crompton said the new NZ and Australian policies would hopefully form the foundation for further products to become available as borders open and particular destinations open up for outbound travel.