The Australian arm of world leading insurer, Tokio Marine Group, has launched a new consumer travel insurance subsidiary; World2Cover. World2Cover is set to disrupt the highly competitive travel insurance market by offering a best in class policy. Australian families in particular will benefit from the exceptional levels of cover available, with access to market leading options for their children.
Of the 27 areas of cover, World2Cover offer the top benefits in 23 categories against their key major competitors. All policies will be underwritten by one of the top ranking non-life insurance companies worldwide, providing tailored insurance cover and security at a competitive cost.
In 2014, outbound travel insurance in Australia was worth approximately $772m with an annual growth projection of 1.5% over the five year period 2014-2019i . World2Cover is committed to offering customers global coverage, winter sports options, family benefits and a simple claims process which will provide peace of mind.
The launch marks global heavyweight Tokio Marine Group’s first foray into the consumer market in Australia. While the Tokio Marine Group has a long history in the general insurance market globally, it is a significant evolution for the Australian business that has its roots in commercial insurance. The Australian team, Tokio Marine Management Australasia Pty Limited (TMMA) is leading the worldwide charge, being the first office of the firm, outside of Japan, to offer direct consumer travel insurance online.
The World2Cover portfolio will expand over the next four to six weeks, ensuring a broad range of travel insurance options are available to fit any budget. The new products will include:
• Premium (the current product in market)
• Domestic Travel Insurance
Embracing the Japanese philosophy of Omotenashi, World2Cover will exemplify the belief that great customer service and developing a solid relationship is critical to any product.
Claudio Saita, Chief Operating Officer & Executive Director at Tokio Marine Management Australia commented “we are extremely excited to be entering this new area of the market. As an established administrator in the Australian commercial insurance sector since 1963, this is key business growth opportunity. Whether our customers are skiing off- piste or travelling as a young family, our comprehensive, all-inclusive policies will allow our clients to really make the most of their travels,” he said.
“World2Cover is not a faceless insurer, but one that offers a policy that will cover you in a time of need, directly engaging with our customers to make their claims process as easy and straightforward as possible. Our feature rich product, combined with our leading customer service, will leave them secure in the knowledge that they are fully covered should anything happen,” he concluded.
How do the product benefits compare? World2Cover offers:
• Unlimited medical and hospital cover when you are travelling overseas
• Unlimited cover for cancellation fees if the unexpected happens
• Market leading levels of cover for your children and grandchildren under 25 when they are travelling with you
• Optional extra ski insurance for those needing a little extra cover
• 24 hour emergency help anywhere in the world if things go wrong
• We’ll get your dependents home safely if you can’t
• New for old replacement of luggage
• A simple claims process with no complicated forms
• Multi-trip policies and loyalty discounts for your next trip
To celebrate the launch, the new products are available to consumers with a special promotion of 20% off their normal rate. The Tokio Marine Group is one of the largest (and oldest) insurance companies in the world. Launched in 1879, they are now present in over 39 countries around the world with more than 40,000 employees globally.
Tokio Marine has been in Australia since 1963. They are recognised as a world-wide leader in the general non-life insurance sector, with a long history of financial stability and an excellent security rating.