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Bought By Many launches travel insurance product

In Action Summary

In Europe, Bought By Many has launched an Urgent Medical Travel Insurance policy specifically tailored for people suffering from serious health issues.

The USP of this product is that rather than asking users to fill out a medical questionnaire, Bought By Many asks potential policyholders to confirm that their doctor considers them fit enough to travel and if so, users automatically qualify for coverage. This simple user experience also helps to lower down the cost of travel insurance from an average of more than £2,000 per trip, to just hundreds of pounds through the Bought By Many community cover approach.

Key features of this product include:

  • No medical questionnaire

  • Quote in seconds

  • 24/7 emergency helpline in case there is a medical emergency. while traveling abroad.

The product purchase flow is as follows:

  1. Basic details of the potential travel policyholder and travel details.

  2. This generates the initial quote with a list of complimentary services offered by Bought By Many, which include companion expenses, emergency repatriation, and 24/7 medical expert access.

  3. After checkout, Bought By Many asks for an undertaking, with a doctors name and contact number.

  4. Declaration acceptance and then payment.

Steve Mendel, Co-Founder of Bought By Many has said of this new product: “Cancer sufferers are regularly charged more than £2,000 to cover a week’s travel in Europe. Getting a quote is a frustratingly slow process, with insurers asking intrusive medical questions. And prices are too high for people with the most serious conditions, meaning they may choose the risky option of traveing without insurance and potentially face huge medical bills if they need treatment while abroad. Some decide not to travel at all.”

Dr Charles Daniels, Medical Director at St Luke’s Hospice has remarked: “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 and I see this as a real positive step for the insurance industry.”

Ultimately, this product was developed through the deployment of Bought By Many’s core strength – analyzing large quantities of meta-level online search and social media data in addition to consumer interviews. Through this, Bought By Many found that in 2016 there were 256,940 online searches for travel insurance that included the term ‘pre-existing medical condition’, a doubling of the count from 2013 and therefore a clear market demand that Bought By Many is uniquely positioned to provide.

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