Swiss property and casualty insurance firm Chubb has revealed it is creating a Pay-As-You-Roam (PAYR) travel insurance service.
Established in 1967, Chubb claims it is the largest publicly traded property and insurance company worldwide. The firm has operations in 54 countries and territories and offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance and reinsurance and life insurance.
According to Chubb, the PAYR service leverages digital technology to simplify the way customers access and purchase travel insurance, using mobile phone roaming data to identify when they are away from their native country and automatically activating coverage at a daily premium.
When a user is detected as roaming, the trip cover is activated, and the user receives a text message or a pop-up notification from the Chubb app regarding the activation. From here, the customer has four hours from receiving the message to either decline or confirm coverage for the trip if they hadn’t already.
The trip cover will end when the customer is identified as no longer ‘roaming’ of it they have reached the maximum trip duration limit of 31 days. This will be then followed by another email or pop-up notification detailing the total premium.
Chubb highlighted that the PAYR service will be made available through Chubb’s unnamed partners in banking, FinTech and the telecommunications industries. Users must first register for free through the Chubb partner’s core app to use the service.
Chubb head of travel insurance for continental Europe, the Middle East and North Africa Rubén Rivero said, “Chubb’s Pay As You Roam travel insurance has been developed specifically to make life easier for customers and to provide a compelling proposition for our business partners. Once users sign up for the service, the process of getting travel insurance becomes very simple because everything is done automatically.
“Customers pay a daily rate so they are only charged for what they use and payment – through their mobile phone bill or direct from their bank – is also simple and secure. We believe this is genuinely innovative and disruptive technology because it fundamentally changes the way in which people buy travel insurance and that is a clear benefit to our partners.”
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