The UK’s travel insurance sector is experiencing a significant transformation with the introduction of Protectif, a revolutionary medical screening tool designed to offer more personalized, fair, and affordable coverage. Unlike traditional screening methods that focus solely on listing medical conditions, Protectif assesses how individuals manage their health, providing a more accurate risk assessment and reducing the likelihood of under-declaration. This innovation is particularly beneficial for people with pre-existing or complex medical conditions, offering them better access to affordable travel insurance.
Key Features of Protectif
Personalized Approach: Protectif stands out by focusing on how individuals manage their health, starting with questions about medications rather than predefined conditions. This approach ensures a more accurate risk assessment.
Reducing Under-Declaration: The tool helps reduce the potential for under-declaration, where individuals might omit important medical details when applying for travel insurance.
Fairer Coverage: This method makes it easier for people with pre-existing conditions or complex medical needs, such as cancer or long-term illnesses, to obtain travel insurance that accurately reflects their health situation, offering more affordable premiums.
Proven Benefits
Improved Accuracy: Developed in 2006, Protectif has been shown to improve the accuracy of medical screenings, helping insurers better assess risk. Internal benchmarking suggests a 20% improvement in loss ratios and a 50% reduction in significant losses for insurers.
Broader Accessibility: The tool is particularly beneficial for those who have previously been excluded or faced unreasonably high premiums from traditional insurance screening methods. This is a major breakthrough for individuals who need coverage but have struggled to obtain it due to outdated assessments.
Industry Adoption
Established Brands: Protectif is already being used by prominent brands in the UK, including Insurancewith and Holidaysafe, providing them with a more effective, transparent, and efficient medical screening process.
Challenging Traditional Dominance: Currently, Verisk dominates the UK travel insurance market, holding around 80% of medical screenings. Protectif’s approach challenges this model, offering a more personalized alternative that aligns with modern health management practices.
Conclusion
By shifting the focus from simply listing conditions to understanding how individuals manage their health, Protectif is revolutionizing the UK travel insurance market. It provides fairer, more inclusive options, particularly for those with pre-existing conditions, ultimately making travel insurance more accessible and affordable for everyone. This tool is not just about improving coverage but also about changing the way we assess risk in the travel insurance industry.
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