PassportCard launches offering ‘real-time travel insurance’

PassportCard launches offering ‘real-time travel insurance’

Agents could earn ongoing commission by selling a new payment card linked to travel insurance.

PassportCard is not a travel insurance policy itself but is said to be a “less-hassle” way of paying for services covered by insurance.

It enables travellers to receive insurance funds to pay instantly for the likes of medical assistance received abroad, rather than having to claim subsequently.

The company is currently launching PassportCard to travel insurance providers in the UK.

The branded debit card has a five-year lifespan and an agent who sells the card will be eligible for commission each time a new travel insurance policy is bought.

Customers abroad who need to pay for medical attention covered by their insurance policy call the insurer’s 24-hour customer care line. Their card is then topped‑up with the required funds and can be used straightaway to pay the medical provider without the need to complete any paperwork or go through a long claim process.

Baggage delay and flight cancellation and delay claims can be settled in the same way. The card medical provider without the need to complete any paperwork or go can also be used to withdraw cash.

Different commission levels will be available based on the various prices of insurance packages sold.

PassportCard claims to have achieved 25% market share in Israel since launching there in 2012. In Germany, where it has sealed a partnership with insurer Allianz, it is due to be available through 6,000 agencies, including Tui, from the spring.

“We are talking to travel agents and tour operators in the UK at the moment,” said PassportCard chief executive Sharon Haran.

“Agents will be motivated by commission but they are even more motivated by giving good customer service and having a good product to sell.”

Haran said PassportCard policies cost about 10%-15% more than an average one.

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