Travel insurance solutions provider Aquarium Software has predicted that insurance apps will help travellers to avoid the ‘knock-on’ losses that many suffer when flights are cancelled. After the recent Ryanair flight cancellations, many travellers realised that they had not read the small print of their insurance policies thoroughly enough, and were still made to pay for hotel bookings, car hire and other consequential losses after their flights were cancelled. Aquarium Software says that apps will help make policies more transparent for policyholders and insurers.
“Confusion over exclusions like knock-on fees tends to come from a lack of clarity over what is covered and what is not, and intuitive travel insurance software will change that,” said Aquarium director, Mark Colonnese. Apps, he said, will have the ability to tailor plans for customers ‘like never before’, meaning that they will not have to read fine print. Apps also give insurers a ‘powerful customer service tool’.
“Of course, customers need to appreciate that extra cover will come at a price,” Colonnese continued. “Total transparency will ensure policies cover them for any cancellations etc ‘beyond their reasonable control’ and this is unlikely to be a feature of a standard policy. Our aim is to see technology used as a catalyst to close the consumer information gap between perceived cover, versus the actual cost for covering that specific risk. Insurers can improve their communications here, with smart technology the perfect platform to bridge the divide.”