With 15 million people living with long term medical conditions, the FCA (Financial Conduct Authority) is working with the industry to direct people to specialist travel insurance cover, but modern software can allow all insurers to offer realistically priced cover to many currently excluded.
Modern technology makes bespoke medical assessments a reality. Apps offering real time screening with a doctor are now a reality, while algorithms can distinguish between cancers and adjust premiums accordingly.
There is a world of difference between stage 4 cancer and having a cancerous freckle removed, and other conditions that have no potential impact on day to day life. Travel insurance suffers from poor brand loyalty already, and smart apps can change this, not least by treating people as a long-term clients rather than passing punters.
“Medical screening for travel insurance can currently be a very blunt tool,” said Aquarium Software Director, Mark Colonnese.
“Cancer can be a red flag when assessing risk, but some patients could pose less risk than other benign sounding conditions. Software now makes it possible to screen and assess medical conditions with the subtlety, finesse and accuracy necessary, without exposing business to unacceptable risk,” added Mark.
“Aquarium can give insurers the tools to insure people living with cancer and other medical conditions with confidence,” added Colonnese.
“DevOps means innovative products can be quickly brought to market, so there are real opportunities to develop customer journey models that can help reverse the decline in written premiums. Intuitive technology eliminates clumsy or blunt customer interactions based around legacy systems; the ability to ask precise and informed questions means the totally uninsurable should be a very small number and not just the preserve of specialist insurers. I am sure we will see increasing numbers of firms catch onto this in the months and years ahead,” concluded Colonnese.
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