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Hollard Chooses Fast Cover to Grow Their Share of Travel Insurance Market

June 27, 2017 Insurance No Comments Email Email

Fast Cover, a leading Australian specialised travel insurance company, is pleased to announce that Hollard, a global financial services business, will become its new underwriter. The deal is significant for a number of reasons:

  1. It represents Hollard’s first partnership with a specialised travel technology firm;
  2. It signals Hollard’s ongoing expansion and disruption of the highly competitive travel insurance market; and
  3. It is a continuation of both companies’ commitment to radically improving the experience of the Australian traveller through technological innovation.

“This is not just about underwriting, this is about reimagining the entire travel insurance experience,” said Dean Van Es, founder and CEO of Fast Cover.

“Hollard is a ground-breaking company. Our partnership moves us closer to the data and analysis that drives the insurance machine and will enable us to powerfully increase transparency, rapidly respond to changing market realities with new technology products, and continue to improve the experience for the traveller.”

“Since the beginning, Fast Cover’s mission has been to make the process of buying insurance fast and simple. We did that. Now we are focusing on combining technology and data analysis to better understand how people travel, what they want, and how to make travel insurance work best for everyone. Hollard takes us one step closer to achieving that goal.” Van Es said.

The Australian Bureau of Statistics reported over 9.9 million Australians travelled overseas between 2015 and 2016.

A survey^ commissioned by the Department of Foreign Affairs and Trade found:

  • 92% per cent of Australian travellers purchased travel insurance for their last trip;
  • 31% of Australian travellers purchased travel insurance directly from the insurer;
  • However, only 37% of Australian travellers were ‘very confident’ that they chose the best possible policy for their needs.

“As an insurer built on partnerships, we are always looking to work with true entrepreneurs who are committed to improving their sector,” said Richard Enthoven, Hollard’s CEO.

“We immediately identified a shared vision with Dean and his team, and were impressed by their drive to bring travel insurance into the future. We look forward to working closely with Fast Cover to pioneer new ways of engaging and supporting Australian travellers, including the potential development of innovative models that will positively disrupt this space.”

The partnership follows rapid growth for both companies:

  • Hollard has seen turnover double in three years;
  • Fast Cover has grown 35% in the past year alone;
  • These are significant figures for established businesses in competitive markets.

The switch will occur on 21st May 2017 and will signify the start of a new path for both businesses. Fast Cover brings the volume of travel business to support Hollard setting up their own inhouse travel claims team.  Hollard and Fast Cover will share their innovation, technology and market challenger mentality to make traveller friendly insurance.

^2016 Survey of Australians’ Travel Insurance Behaviour
Fast Cover Pty Ltd ABN 98 143 196 098, AR No.381399, arranges this insurance as an authorised representative of the product issuer, The Hollard Insurance Company Pty Ltd, AFSL 241436, ABN 78 090 584 473. Any advice provided is general only and may not be right for you. Consider the Product Disclosure Statement available, to decide if the product is right for you. Benefits are subject to the terms and conditions including the limits and exclusions of the insurance policy. Fast Cover receives a percentage of the premium paid and a share in the underwriting profits.

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