roamright presents travel insurance 101

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Travel Insurance 101

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Today’s Speakers

Scott WaltonRegional Sales Manager

RoamRight

Lisa MintonRegional Sales Manager

RoamRight

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Agenda

• About Arch Insurance Group and RoamRight

• Preparing Your Travelers Before Departure

• Choosing the Best Coverage for Your Travelers

• Travel Insurance Provider Due Diligence

• What to Look for in a Policy

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Arch Insurance Group

• Owner and underwriter of RoamRight

• Member of US Travel Insurance Association

• A market-leading specialty insurer

• A+ (Superior) Rating by A. M. Best

• A+ Rating by Better Business Bureau

• $6B in capital

• Has underwritten and administered a variety of travel programs, including TravelGuard, Travel

Insured International, MEDEX, Trip Mate, Assist Card

• After a decade of supporting these programs, RoamRight was formed to partner directly with

travel agents, tour operators, etc.

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About RoamRight

• The retail travel insurance division of Arch Insurance Group• Built to address the specific needs of travel agents and their

clients• Unique structure allows seamless customer service,

underwriting and claims integration• State-of-the-art products and agent tools to address

current industry gaps• Licensed in all 50 states and District of Columbia• Hand-picked staff with decades of travel insurance

experience• SVP serves on the board of directors for USTIA

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Stay Tuned…

You could win an Amazon Kindle Fire!

Winner will be randomly chosen from participants at the end of this webinar.

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Travel Professional Responsibilities

• Understand and educate your travelers on importance of travel insurance

– Can you afford to lose your travel investment?

– Do you have medical insurance that will travel with you?

• Encourage your travelers to prepare prior to departure

– E.g., download and access mobile app

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Providing Assistance

• Understand types of travel problems

• Know travel insurance coverage

• Know who to call

• Know what tools are available

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Potential Issues

• Travel problems

– Lost luggage, delayed flights, missed connections

• Medical emergencies

– Accidents, injuries, illness, death

• Security emergencies

– Terrorism, governmental takeovers, civil unrest

• Natural disasters

– Volcanoes, earthquakes, hurricanes

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Travel Insurance Helps You Care for Your Clients

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Pop Quiz

One in six Americans have had their travel plans impacted by medical conditions, natural disasters, or carrier-related problems.

Of those affected, how many were protected with travel insurance?

Source: Illness, Natural Disasters Derail Travel for One in Six Americans, USTIA, January 29, 2014.

A. 22% B. 14% C. 32% D. 6%

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Answer – A. 22%

Less than 1/4 of those whose travel plans were impacted had travel insurance.

Source: Illness, Natural Disasters Derail Travel for One in Six Americans, USTIA, January 29, 2014.

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Choosing the RightCoverage for your Client

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Choosing Coverage for your Traveler

Questions to ask:

• Single, family, or group

• Domestic or international trip

• Sports participation

• Pre-existing conditions

• Frequent traveler

• Does your traveler need – Cancellation coverage

– Medical coverage

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Family Coverage

• Family coverage often includes children free

• Always make sure all children are listed on a policy, even if the policy has children free

• Only individuals named on policy are covered by benefits

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Group Coverage

• 8 or more travelers

• Premium based on traveler’s trip cost, regardless of age

• Publishable rates in advertisements and publications

• Easy enrollment

• Each individual gets own fulfillment

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Domestic Travel

Domestic trips less likely to require robust medical coverage

• Health insurance may cover

• Domestic vendors usually willing to bill health insurance

• Adequate medical facilities common

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International Travel

International trips need medical/evacuation coverage• Foreign providers are more accustomed to working

with travel insurance providers, not U.S. health insurance providers

• Medicare does not pay international providers

• May be difficult or impossible for traveler to locate adequate care without assistance

• Credit cards may not be accepted

• Cash is often required prior to treatment or patient discharge

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Pop Quiz

This summer, a RoamRight traveler experienced a medical emergency while in Great Britain. He had to take an air ambulance home to the US. How much do you think his air ambulance ride across the Atlantic Ocean cost?

A. $35,000 B. $50,000

C. $70,000 D. $95,000

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Answer – C. $70,000

Hospitalization Costs $47,000

Air Ambulance Repatriation + $70,000

Total Covered Medical Expenses $117,000

Cost of RoamRight Travel Insurance Policy

$28

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Sports

• Sky diving, mountain climbing, bungee jumping, or skiing?

• Usually requires special coverage

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Pre-existing Condition

• Family member, traveler, or traveling companion may have pre-existing condition

• Purchase within pre-existing waiver period to ensure coverage

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Frequent Traveler

Traveling more than twice a year?

• Covers multiple trips

• Provides helpful on-the-road services

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Cancellation or Medical Coverage

Cancellation Coverage:

• Can traveler afford ticket home in the event of trip interruption?

• Can traveler afford to lose investment?

Medical Coverage:

• Domestically – can help with out of network costs/deductible

• Internationally – provides evacuation, assistance

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Pre-Trip Coverage

• True cancellation coverage

• Cancellation for terrorism

• Cancellation for revocation of military leave

• Cancellation for police or fire personnel called into emergency service for a natural disaster

• Bankruptcy (of the trip provider) coverage

• Weather coverage

• Pre-existing conditions coverage

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Post-Departure Coverage

• Trip interruption coverage

• Missed connection

• Natural disaster, security, and political evacuation services and assistance

• Trip delay coverage

• Strike coverage

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Security, Evacuation, Services

• Coverage for natural disaster, security, and political evacuation

• Insurer partnered with an experienced company

• With security personnel worldwide

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Researching a Provider

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Insurance Provider – Due Diligence

• Travel insurance provider reputation

• Licensed in all 50 states and DC

• Global reach and staffing

• Natural disaster, security, and political evacuation services offered

• In-house underwriter, customer service, and claims management

• Technology resources

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Provider Reputation

• AM Best Rating

• BBB Rating

• Underwriter membership in USTIA

• Travel Insurance vs. Cancellation Waiver

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Global Reach and Staffing

• Is the assistance center part of a global network with contacts worldwide?

• Are the assistance services available 24/7 for your clients?

• Do they have doctors and nurses on staff in their call center to assist?

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Technology

For the Traveler

• Ability to get emergency assistance via phone or mobile app

• Relevant travel-alerts pushed to mobile device (security, weather)

• Secure digital storage of vital travel documents

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Technology

For the Travel Professional

• Integrated online sales process

• Online account administration

• Online customer claims tracking

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Post-Trip Services

• Filing a Claim

• Tracking a Claim

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Questions?

Thank you for your time.

www.roamright.com

@roamright

Scott WaltonSWalton@RoamRight.com

443-279-7340

Lisa MintonLMinton@RoamRight.com

443-279-7337