Thanks, looking forward to hearing your views!
Since moving to Australia a few years ago, travel insurance has been a pain.
1) Most insurers won't give you coverage if you are travelling to or through your home country. So, what are you supposed to do? I'm not covered as a Canadian anymore and they consider "home country" to be the country of your passport, not residency. 2) I'm getting up there in years, and as of next year, the one company that will insure me for travel to my home country won't insure me while skiing - there isn't an add on package that would allow this.
Really, I think my biggest gripe is that, as with most insurance, you read through all the fine print and then wonder what you're actually paying for.
My father always said insurers are much better at collecting money than they are at paying you back for insurance.
I like that you're looking to improve this. Are you looking to become an insurer? Or more like a service which would point users to the right insurers?
Take a look at https://onebigswitch.com this might be an interesting model for you, and a neat way into the market.
1) Most full-time employees who have an employee benefit plan have the benefit of travel insurance. Example: http://www.greatwestlife.com/001/Home/Group_Products/Group_B... You're auto-enrolled in this channel... by being a full-time employee.
2) Travel credit cards have these packages - http://www.rbcroyalbank.com/credit-cards/travel-credit-cards... - click Travel/Protection tab for the policy. You're auto-enrolled in this channel... just by holding the credit card
3) Failing that, you can top up on a per-trip basis - pretty cheap - https://travelweb.pac.bluecross.ca/travelweb/default.aspx You pay by credit card, and get a policy straight away...
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Having put in a claim before (doctor visit / prescription), the biggest pain points were:
1) Not sure exactly what the coverage was - I basically called a 1-800 number while in the USA, and they told me the benefits, etc. While it was simple, it wasn't as transparent as I'd like... (i.e. online, brochure, etc.)
2) When I did try to put a claim in, I was diagnosed as having a pre-existing condition...before leaving Canada, and therefore denied coverage... so I was on the hook for the doctor visit / prescription myself.
Hope this helps!
Coverage includes my spouse/children and has really good terms including no excess on theft. Reviews of the insurance rate it as good as or better than most independent paid for policies. Claims are through one of the big insurance companies in Australia.
It also gives me free lounge access with Priority Pass and a concierge service to buy assorted tickets for entertainment and travel.
Annual card fees are currently $AUD495 dollars, but I get one card fee waived against my house mortgage by my bank, so it is basically free.
I am thinking this arrangement would be hard to beat.
I am in Australia and not affiliated with any insurance company or Mastercard/Visa.