Broker-focused travel insurer set for May restart

27 April 2023

PassportCard Australia, formerly known as TravelCard, is preparing to resume selling travel insurance next month after sealing a long-term underwriting agreement with Guild Insurance.

CEO Peter Klemt says the business is on track for a May relaunch and will start with leisure travel products, followed by corporate offerings early next year.

“We are delighted to be working with Guild Insurance, a highly regarded specialist insurer with a dominant market share in the allied health space,” Mr Klemt said.

“Our long-term agreement with Guild enables us to get on with revolutionising travel insurance in the Australian market.”

The insurer has been in “hibernation” since October 2020 in response to the pandemic, with its operations restricted to servicing in-force policies and claims.

As reported in February, the insurer entered exclusive negotiations for an underwriting arrangement with Guild Insurance as part of preparations for its return to the Australian market. Before the hibernation, TravelCard policies were underwritten by Hollard.

PassportCard offers real-time payment via a rechargeable debit card in the event of a medical issue overseas, delayed luggage or stolen cash.

“The unique product combined with a very experienced team and a customer centric culture makes PassportCard one to watch in the industry,” Guild Group CEO Paul Cassidy said.

“We are looking forward to working with PassportCard as they re-enter the market.”

PassportCard will continue with its broker-focused distribution strategy and is also looking at other channels including direct sales, Mr Klemt told insuranceNEWS.com.au previously.

The change in trading name was introduced a month ago to align the business with its Israeli parent company, PassportCard.com.