European insurtech company Bought By Many has launched its first travel insurance product, specifically tailored to help those suffering from serious health issues such as cancer. Unlike many policies, Bought By Many’s product does not utilise a medical questionnaire, instead asking potential policyholders to confirm that their doctor considers them fit enough to travel. If yes, coverage will be offered.
While developing the product, Bought By Many analysed large quantities of online search data and spoke to consumers, in order to pinpoint where consumer requirements were not being met and find out exactly what people suffering from these conditions are looking for. It found that, in 2016, there were 256,940 online searches for travel insurance that included the term ‘pre-existing medical condition’, an increase of 101 per cent from 2013.
The company spoke to Dr Charles Daniels, Medical Director at St Luke’s Hospice, Harrow and Lead Clinician LWNHT, about the product. “As the Medical Director of a hospice and Hospital Consultant in palliative medicine for more than 20 years,” said Dr Daniels, “I have seen the repeated difficulty which many of my patients encounter when seeking to travel. Because they have an advanced and progressive illness, traditionally it is very difficult or expensive for them to purchase travel insurance. My experience is that the expense or fact that they can’t find insurance has caused them to forego any travel plans they may wish to make and heaped misery on the distress caused by their diagnosis of cancer or other advanced illnesses. I hope that this new product will enable the life of people with a restricted prognosis to be enriched by travel abroad for holidays or to visit important relatives and friends. This is what anyone of us would want for ourselves. I see this as a real positive step for the insurance industry.”