General Insurance Article - Technology can modify travel insurance cancer clauses


With millions of cancer patients locked out of affordable travel insurance, Aquarium Software says modern technology can enable insurers to update outdated systems of medical screening and offer affordable cover to groups priced out unnecessarily.

  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.
  

Back to Index


Similar News to this Story

The Floow chosen to advise on road safety UPLIFT project
The Floowhave announced it has been appointed by Innovate UK on behalf of The Government’s Industrial Strategy Challenge Fund to advise on its new UPL
Big German dog is twice as much to insure as big German car
The Great Dane is the UK’s most expensive pooch to insure, according to data revealed today by AA Insurance. With breed and pedigree the biggest cost
Aon releases 2019 Cyber Security Risk Report
Aon has released its 2019 Cyber Security Risk Report. The report, which details the greatest cyber security threats and challenges organizations are c

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.