Chubb launches Pay As You Roam travel insurance
The PAYR service uses mobile phone roaming data to identify when they are away from their home country, activating coverage automatically at a daily premium
Switzerland-baed insurance provider, Chubb, will provide its automated Pay As You Roam (PAYR) service through Chubb partners in banking, fintech and telecommunications industries and is monitored through the mobile phone apps.
As soon as the customer is detected as roaming, trip cover is activated, and a text message or pop-up notification informs them cover is in place. Customers have four hours from receipt of this to either decline coverage for the trip or to confirm who needs to be included for cover.
Trip cover ends when the customer is detected as no longer roaming (has returned to their home country) or if they reach the maximum trip duration limit of 31 days. Customers will be informed at the end of each trip of the total premium.
Product launches in Bulgaria via Telenor
Rubén Rivero, Head of Travel Insurance at Chubb, said: " Once users sign up for the service, the process of getting travel insurance becomes very simple because everything is done automatically.
“Customers pay a daily rate so they are only charged for what they use and payment – through their mobile phone bill or direct from their bank – is also simple and secure. We believe this is genuinely innovative and disruptive technology because it fundamentally changes the way in which people buy travel insurance and that is a clear benefit to our partners."
PAYR customers can view their trip history at any time and access all policy information and documents via the partner's core app. In June 2020, Bulgaria's mobile operator Telenor became the first telecommunication company to offer Chubb's Pay As You Roam travel insurance product, marketed by Telenor Bulgaria as ‘Smart Tourist’.Meanwhile, Chubb has been increasing its focus in Asia by appointing three new people in leadership roles.