Individuals with pre-existing medical conditions have long felt marginalised by the travel insurance market, with unclear signposting on where the best place to purchase a policy would be. AXA’s launch of an online travel calculator could resolve this and set a precedent for other providers to follow.
The travel calculator allows users to highlight their existing medical conditions. Based on the conditions the individual has the calculator will help guide them to places that offer travel insurance that caters for their specific requirements.
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In 2018, AXA was the largest underwriter of travel insurance policies, accounting for 13.4% of the total number of policies according to GlobalData’s latest UK Insurance Consumer Survey.
Given AXA’s leading position in the market, other providers may look to develop similar tools in order to remain competitive and be seen as forward thinking by consumers.
The loss of the European Health Insurance Card (EHIC) following the UK’s departure from the EU will make the availability of such a tool of even greater importance. Individuals with pre-existing medical conditions may previously have been reliant upon EHIC due to the difficulties they face finding a suitable travel insurance policy. The loss of this system would see them become extremely vulnerable, so initiatives such as AXA’s are more essential now than ever.
However, for the calculator to reach its full potential more needs to be done to highlight the tool to individuals with pre-existing medical conditions. Findings from GlobalData’s survey show that 71.5% of individuals purchase insurance online, so promoting the tool via this channel is essential. Partnerships with charities will also be an effective approach to increase the visibility of the tool, ensuring that individuals with conditions that would typically create an obstacle to obtaining insurance are aware of the options available.
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