(Image source: Roamly.)
Roamly (Austin, Texas), a full-stack InsurTech providing embedded RV insurance, has announced the launch of its Global Travel Insurance product. Designed with travelers between the U.S. and Europe in mind, the product provides trip cancellation coverage for all travelers wanting to protect their trips from unforeseen events, including pre-trip or mid-trip COVID-19 or COVID-19 variant diagnoses. The new insurance product is now available in both the U.S. and Europe. Roamly notes that it is equipped to integrate its new Global Travel Insurance product into existing travel marketplace insurance offerings.
Through what the company calls a first-of-its-kind partnership with International Medical Group (IMG, Indianapolis), a travel insurance and assistance services company and fully owned subsidiary of SiriusPoint Ltd. (Pembroke, Bermuda), a global insurance and reinsurance company, Roamly says it is now equipped to integrate its new Travel Insurance product into existing travel marketplace insurance offerings, unlocking the ability to underwrite risk in real-time, giving consumers the confidence to travel anywhere and the keys to protect their much-anticipated travel plans.
Roamly will market its Travel Insurance product to U.S. and European consumers first, starting with customers of Outdoorsy, a popular online recreational vehicle rental and outdoor travel marketplace. Roamly will also offer two complementary products with IMG, including a travel medical insurance policy and an interior damage insurance policy for RV renters.
The new international travel product coincides with the reopening of the global economy and the travel industry. According to estimates from Next Move Strategy Consulting, the global travel insurance market is forecast to grow to approximately 175 billion U.S. dollars by 2030. A recent RVIA survey showed that 72 million Americans will go RVing this year. Outdoor travel, in particular, is expected to surge throughout the world. Steve Paraboschi, President and CEO of IMG, anticipates international travel could rebound to pre-pandemic levels by 2023.
“We are delighted to partner with Roamly to offer cancellation and medical coverage to global consumers as well as to affiliate networks and clients based throughout North America and Europe,” says Paraboschi. “The world is opening up again, and Roamly and IMG are striving to be at the forefront of innovative solutions that give additional protection and security to those who want to get back to travel.”
Prashanth Gangu, COO and President, Insurance & Services, SiriusPoint, says that the company has seen strong momentum in its travel medical business over the last six months.
“The pick-up in travel medical insurance indicates that people are ready to explore further afield and travel overseas after being locked down for so long, but that protection against the uncertainty of travel due to Covid-19 is still top of mind,” he comments. “SiriusPoint is thrilled to support the innovative solutions Roamly and IMG are offering travelers, allowing them to plan travel with confidence.”
Roamly reports that its new Travel Insurance product will cover policyholders needing to cancel a trip if they become sick or are hospitalized before the trip start date as well as those needing reimbursement for an interrupted trip to illness or hospitalization. COVID-19 and COVID-19 variants are treated as any other sickness on the Travel Insurance plans, which also offer the following coverage:
The suite of Roamly insurance products will include coverage for the following:
- Travel Insurance:Reimbursement for unused, non-refundable prepaid, insured trip expenses if the insured is prevented from taking their trip or their trip is interrupted due to an unforeseen covered reason, including a COVID-19 diagnosis.
- Travel Medical Insurance:Coverage for necessary medical, surgical or emergency dental care costs, including those stemming from a COVID-19 diagnosis, and medical evacuations.
- Interior Damage Insurance:Reimbursement for unintentional interior damage claims that may have occurred during the trip.
“Our new Travel Insurance product helps travelers enjoy peace of mind when booking their trips, knowing they have trip cancellation coverage for a variety of unforeseen reasons,” says Aaron Ammar, Chief Insurance Officer, Roamly. “This new travel insurance product is a world-first for the global RV and Campervan market and we’re proud that Roamly is now able to help global travelers purchase the right protection for any type of trip, RV or other, at any part of their planning journey.”
The addition to Roamly’s suite of product offerings comes after the InsurTech’s parent company, Outdoorsy Holdings (Austin, Texas), received $125 million in fresh funding last June to accelerate the company’s product innovation and international expansion. In January, Roamly announced it had completed an insurance integration with Wheelbase, provider of a professional software product for fleet operators. In February, Roamly announced it had booked $40 million in premium in the past year. In March, Roamly launched its pet insurance product to protect the millions of Americans who travel with their pets each year.