The solution, Travel Black Box, will help Fit2Trip to provide travel insurance coverage to customers with pre-existing conditions. Customers simply declare their conditions online and Black Box’s proprietary algorithm analyses the answers and comes up with a risk score that Fit2Trip can use as part of its underwriting procedure. The insurer already makes use of the solution in Spain.
“Gathering accurate, up-to-date information on medical conditions and assessing the relative risk can be a major challenge for travel insurers,” said Paul Beven, Managing Director of Verisk’s Risk Rating division, which produces the Travel Black Box. “By using the Black Box, Fit2Trip will be able to quickly view an analysis of relevant medical risks, make informed underwriting and pricing decisions, and provide customers with the related cover they may need.”
Simon Powell, CEO of Fit2Trip, pointed out that Italian travellers heading off on trips with substandard insurance or none at all, or in some cases declining to travel, because of their pre-existing conditions, is a major issue that needs addressing. “[They are] putting their financial security at risk,” he said. “[But] with the Black Box, travellers can provide us with their information and easily obtain a quote for the cover they need to ensure they are correctly protected during their travels.”