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Chubb Develops Pay As You Roam Travel Insurance

Chubb Develops Pay As You Roam Travel Insurance | FinTech Finance

Chubb has today announced the development of a Pay As You Roam (PAYR) travel insurance proposition.

The PAYR service uses digital technology to simplify the way customers access and purchase travel insurance, using mobile phone roaming data to identify when they are away from their home country, activating coverage automatically at a daily premium.

It will be made available through Chubb partners in the banking, fintech, and telecommunications industries. To use the service, customers must first register for free through the Chubb partner’s core app, where they can also add the names of other travelers they would like to include on trips.

As soon as the customer is detected as roaming, the trip cover is activated, and a text message or the app’s pop-up notification informs their cover is in place. Customers have four hours from receipt of this to either decline coverage for the trip or to confirm who needs to be included for cover if they did not do this prior to travel.

Trip cover ends when the customer is detected as no longer roaming (has returned to their home country) or if they reach the maximum trip duration limit of 31 days. Customers will receive an email or app notification at the end of each trip detailing the total premium. If the Chubb partner is a mobile phone operator the cost of the insurance is added to their next monthly mobile phone bill, or to their next bank statement if the partner is a bank.

PAYR customers can view their trip history at any time and access all policy information and documents via the partner’s core app.

In June 2020, Bulgaria’s leading mobile operator Telenor became the first telecommunication company to offer Chubb’s Pay As You Roam travel insurance product, marketed by Telenor Bulgaria as “Smart Tourist”.

Rubén Rivero, Head of Travel Insurance, Continental Europe, Middle East & North Africa, A&H Chubb said: “Chubb’s Pay As You Roam travel insurance has been developed specifically to make life easier for customers and to provide a compelling proposition for our business partners. Once users sign up for the service, the process of getting travel insurance becomes very simple because everything is done automatically. Customers pay a daily rate so they are only charged for what they use and payment – through their mobile phone bill or direct from their bank – is also simple and secure. We believe this is genuinely innovative and disruptive technology because it fundamentally changes the way in which people buy travel insurance and that is a clear benefit to our partners.”

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