Australian travel insurance provider TravelCard, responding to the results of research that found many Aussie travellers do not follow through with legitimate travel insurance claims because they feel the process would be too long and complicated, is piloting a new big data-driven method in the hopes of solving this issue.
A survey of 1,000 Australians reported by Finder.com.au found that 82 per cent have had issues claiming in the past, with 44 per cent dissatisfied with the level of paperwork involved in the process, 32 per cent saying they had only been partly reimbursed and 31 per cent bemoaning the length of time it took to get a settlement.
To work around these issues, TravelCard has opted to provide customers using its Real Time Travel Insurance with a pre-paid MasterCard; should a claim-worthy event take place, customers ring TravelCard and funds are immediately transferred to their card, with no paperwork needed.
How does it work? TravelCard utilises big data to analyse claims from all over the world, discerning patterns that can create a profile for a ‘reasonable and customary’ claim. Should the customer’s claim fit this profile, payment is made immediately. TravelCard hopes that the increased number of payouts will be offset by reduced admin costs and improved levels of repeat business.