Australian travel insurer World Nomads Group (WNG) has announced that it is significantly expanding its operations in Europe to take greater control of the end-to-end traveller experience. It is now directly managing its European travel insurance business with the establishment of a managing general agency (MGA) in Europe. Through the MGA, WNG will distribute and sell travel insurance in Europe, and provide all claims and insurance services to its customers.
WNG CEO Michael Callaghan said that the enhanced operating model will increase the company’s capacity to operate in global markets and support its stated growth ambitions. “We continue to see more people crossing borders to travel the world thanks to changing demographics, increased affordability and accessibility of travel. However, these travellers are often uninsured which presents a great untapped opportunity for our business,” he said. “By establishing our own European MGA, we can take greater control of the entire customer experience, which we expect will drive growth and also allow us to better manage product design and pricing.”
Callaghan also reassured current travellers that there will be no impact on their insurance policies with all existing agreements honoured: “We’ve put transition agreements in place with our current European partners to ensure there are no interruptions to the traveller experience.” The establishment of the MGA has seen WNG set up a new office in Ireland that employs more than 25 people to support its European operations. This is expected to increase to 80 over the next 18 months. THE MGA is now in place for the UK and Ireland and will also include the rest of Europe from early December 2018.