Allianz Global Assistance redefines travel coverage

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Allianz Global Assistance CEO Chris Van Kooten shares how the leading travel insurance provider’s new Annual Medical Flex Plan offers unprecedented flexibility in travel protection, allowing Canadian travellers to customize coverage with a unique approach

WITH THE pandemic shrinking further away in our rear-view mirror, Canadians are well and truly back to regular travel. A 2024 Vacation Confidence Study by Allianz Global Assistance (Allianz) revealed that seven in 10 Canadians plan to take a vacation this year, and 73 percent say an annual vacation is important to them. With this in mind, Allianz has unveiled its Annual Medical Flex Plan, marking a significant shift in how travel insurance is offered and managed. This first-to-market product ditches the “single-trip” format to better align with how Canadians actually travel, and allows for an unprecedented level of flexibility and confidence. Chris Van Kooten, CEO at Allianz Global Assistance, says the new product also provides significant opportunities for brokers to touch base with customers, adds value to their risk management portfolios, and creates new revenue streams.

For over 35 years, Allianz Global Assistance has supported travelling Canadians and visitors when they need it most with value-added travel insurance and assistance services. We bring our passion for assisting people to life every day through our partnerships with well-known brands in the broker, travel, and financial services markets. For more information, visit the Allianz Global Assistance Canada website.

Chris Van Kooten, Allianz Global Assistance

“I’ve worked extensively in distributing home, auto, and commercial insurance and worked a lot with brokers in particular, and it was always odd to me that we sold travel policies on a single-trip basis,” Van Kooten tells Insurance Business. “This led us to do extensive customer research, and we developed a product that would allocate a total number of days per year – essentially, a big bucket of days that they can use however they like, whether that’s a two-week trip or a quick weekend across the border in the US.”

With Canadian households expected to spend $30 billion on trips in 2024 (Allianz’s 2024 Vacation Confidence Study), the need for flexible and comprehensive travel insurance has never been higher. The Annual Medical Flex Plan is a groundbreaking approach to travel insurance. Unlike traditional products that are restricted to a fixed number of days per trip, this plan offers a flexible “bank of days” that policyholders can use as they see fit throughout the year, without any per-trip limits. Van Kooten says this flexibility is particularly important given that nearly half of the Canadian travellers surveyed take multiple trips annually.

For brokers, the Annual Medical Flex Plan is more than just a travel insurance product; it’s a tool for business growth and customer engagement. This plan aligns perfectly with the home and auto renewal cycles, making it easier for brokers to manage and sell, thanks to its automated renewal feature that promises compounding annual revenue. “We looked at how brokers operate and sell policies as part of our research,” Van Kooten explains. “We wanted to create something that ensures the customer is protected and the broker has an ongoing revenue stream that fits with their business.” “And, ultimately, customers look to brokers for insurance advice,” Van Kooten adds. “We want them to have access to the full suite of Allianz’s medical assistance services when they travel, so they don’t risk forgetting about insurance when they cross a border. Brokers are in an incredibly strong position to do that.”

The plan is designed to appeal to a broad segment of travellers by offering $10 million in emergency medical coverage, along with substantial coverage for dental care, and vehicle or watercraft return. It also simplifies the claims process, as travellers do not need to register individual trips. Instead, they enjoy the convenience and peace of mind of being insured for any travel days they choose within a year. Van Kooten notes that Allianz also provides support to brokers through hands-on training and online resources, making sure that they’re fully equipped to offer the new product effectively.

“Travel insurance is important for everyone, but particularly for Canadians due to our proximity to the US and its expensive medical-care system. We see this as a big opportunity for brokers”

Chris Van Kooten, Allianz Global Assistance

The introduction of the Annual Medical Flex Plan by Allianz is a strategic response to the evolving travel patterns and insurance needs of Canadians. For travellers, it provides the flexibility and security needed to travel with confidence, knowing their insurance needs are covered. For brokers, it represents a significant opportunity to redefine their service offerings and strengthen customer relationships. “We’ve always felt that brokers were punching below their weight in terms of what they could distribute, and that’s largely because the products sold weren’t compatible with the way they do business,” Van Kooten highlights.

“That’s what we’ve tried to solve with this new layout. Travel insurance is important for everyone, but particularly for Canadians due to our proximity to the US and its expensive medical-care system. We see a big opportunity for brokers to speak to customers who see them as insurance advisors.” With travel well and truly back on the table, the Annual Medical Flex Plan sets a new standard for the travel insurance industry, ensuring that both brokers and travellers are better served in a world where the only constant is change. To find out more about the Annual Medical Flex Plan and other offerings from Allianz Global Assistance, click here or contact their sales team directly.

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Published May 21, 2024

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Canadians and travel

Canadians plan to take a vacation in 2024

7 in 10

say an annual vacation is important

72%

on trips in 2024

$30B

Canadian households are projected to spend

$5,000

in dental coverage

Emergency medical transportation

in emergency medical coverage

$10M

Annual Medical Flex Plan: Key features

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for return of vehicle and watercraft

$5,000

Looking toward the future

Travel insurance does not cover everything. Remuneration may be payable to the distributor of the insurance. For complete terms, conditions, limitations, and exclusions, please refer to the policy. Travel insurance is underwritten by CUMIS General Insurance Company, a member of The Co-operators group of companies and administered by Allianz Global Assistance. Allianz Global Assistance is a registered business name of AZGA Service Canada Inc. and AZGA Insurance Agency Canada Ltd. CUMIS General Insurance Company, P.O. Box 5065, 151 North Service Rd., Burlington, ON L7R 4C2, Canada, 1-800-263-9120, www.cumis.com.

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