STABLISHED insurance
provider, Old Mutual Insure,
hopes to leverage its
existing corporate client base
with the roll-out of its corporate
insurance product, Travelsure.
The company provides
insurance to business including
general and short-term
insurance, which includes
insurance for their pivotal
assets.
Magcino Gule, senior
manager: Travelsure at Old
Mutual Insure, describes the
company as well-established,
and says by diversifying its
offering, Old Mutual Insure will
be able to service corporates
across its portfolio of insurance
needs. She says the roll-out
of this new product follows
research and feedback
sessions with corporates
as well as TMCs.
The product, which covers
worldwide travel, has three
defined packages at different
price points, offering different
levels of cover. It is charged
as an annual policy, quoted
on the amount of annual trips
declared.
Magcino says the product is
differentiated by its assistance
partners, through which it
offers value-added benefits and
technology offering.
Added benefits include
automatic cover for
accompanying spouses and
dependants; telephonic
medical advice and medical
foreign language translation;
and arrangements for medical
repatriations. Old Mutual Insure
can also provide additional
services, including security
and crisis management.
“Assistance services are a big
need for corporates,” she says,
highlighting the proliferation of
risk in Europe and emerging
markets, and the obligation of
duty of care.
Corporates have the option to
integrate the product into their
booking system, in which case
they will not need to manually
capture trip details. An app
tracks traveller movement for
the corporate and provides a
panic button for the travelling
corporate. The traveller and
corporate will also receive
alerts for emergencies or if the
political situation has changed,
as well as directions to safe
havens or designated charters.
Magcino would not comment
on whether Old Mutual Insure
would offer commission
to TMCs, due to “pending
regulation on the FAIS
Compliance Act with regard to
travel insurance”.
New insurance product to shake up the market
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