Allianz Partners earns industry-first accreditation

Allianz Partners earns industry-first accreditation | Insurance Business Australia

Travel

Allianz Partners earns industry-first accreditation

Accreditation reflects company’s commitment to making the complex simple for customers

Travel

By
Roxanne Libatique

Allianz Partners has achieved Australia’s first travel insurance Gold Certified Trustmark for its travel insurance product clarity.

Commenting on the accreditation, Allianz Partners head of travel Damien Arthur said the company simplified its policy wording to enhance customers’ confidence in the transparency of their policy.

“We are proud to be leading the industry towards a more transparent and practical approach to travel insurance,” he said.

Allianz Partners simplifies policy wording

Allianz Partners engaged with the Plain Language Certified consultancy to clarify its travel insurance policy’s wording – replacing jargon with everyday language and undertaking a review to ensure contract terms will not be potentially unfair to customers.

As part of the simplification, the insurer transitioned to a dollar-value limit across product benefits to remove any ambiguity connected to the common industry term “unlimited benefits” and any sub-limits applying to these benefits.

Allianz Partners formulated the dollar values based on the insurer’s claims experience over the last decade, having experienced only three medical claims over $1 million – the highest being $1.5 million – so the new benefit amounts are over 10 times the expected maximum claim.

“The service we provide is not changing; it’s just going to be easier for our customers to understand. We will continue to look for ways to improve the cover we offer for overseas emergency and medical needs and adapt our plans to meet emerging challenges,” Arthur said.

Moving forward, the benefit limits for overseas emergency assistance and overseas medical and hospital expenses will change from unlimited to $20 million for single and duo (per person) cover types and $40 million for family cover types.