After feedback from travellers revealed a need for flexible insurance cover, travel insurance provider Cover-More launched Cancel-For-Any-reason (CFAR) as a policy add-on, and over the 12 months since its launch, 57,000 Australians have adopted it within their travel policies.
Mike Stein, Executive General Manager of Sales & Distribution at Cover-More, reports that customers have claimed on their CFAR cover for a number of reasons, including relationship breakdown, their visa being denied, not having the correct passport, changing jobs, or having their leave revoked by an employer – many factors that wouldn’t be covered by a typical policy: “A number of our customers who have claimed on their CFAR haven’t told us the reason, which reflects the flexibility and comprehensive protection CFAR gives travellers. We want our customers to know that it doesn’t matter why they need to cancel their holiday, CFAR is there to protect them if they need to change their travel plans.”
Australian travellers are able to access CFAR when they book their travel through one of Cover-More’s partnered retail networks such as Flight Centre, helloworld, Express Travel Group and independent travel agents. And Stein noted that having CFAR available exclusively through travel agents reflects the important role they play in Australians’ travel plans.
Cover-More also highlighted that, in 2018, it paid out 34 per cent of claims due to amendment or cancellation, 25 per cent for overseas medical or dental, 20 per cent for lost or stolen luggage, 14 per cent due to travel delay, three per cent for rental car damage and two per cent for delayed luggage. What’s more, in 2017, Cover-More removed general exclusions for mental illness, including pre-existing conditions, from travel insurance policies in Australia and New Zealand.
It’s great to see a top name adapting its policies to accommodate the growing needs of the travel market, and allowing travellers the freedom to cancel for any reason without having to give an explanation is a big step forward in company-customer relations; this level of trust will, in turn, grant peace of mind to the traveller, thus improving overall consumer satisfaction levels. It’s a win-win for all.