A recent risk assessment by Traveller Assist of a mining company with operations in seven-countries found that the insurance policy they had in place did not cover 31% of their employees, due to the particular region they were working in, and/or the nature of work they were undertaking.
To say that some organisations are unprepared for doing business overseas is an understatement, particularly in complex regions. A recent survey by London Re found that 54% of companies have not implemented a travel risk management plan, and as a result they are operating with completely inadequate insurance policies, and basic duty of care requirements are not being met.
Companies who do business overseas face a sliding scale of emerging risks, and often those risks are location specific. It is imperative then that the assistance provider, contracted by either the company or the insurer, is experienced in the region, with an established provider network.
Kate Bartlett, Chief Underwriting Officer at London Re said, “Smart insurers are moving away from global assistance providers. The larger assistance companies who are truly global are just too expensive for insurers to use. The smaller providers who market themselves as ‘global’ often fall short at the last hurdle. In our experience, using regional specialist providers has enhanced our product offering and reduced our assistance costs, while strengthening our duty of care practices and increasing our overall customer satisfaction.”
Traveller Assist has partnered with London Re to carry out a comprehensive risk assessment of client companies to identify risks as it relates to medical and security assistance, and design tailored travel risk management policies and procedures that protects against those specific risks. This will also include pre-deployment travel safety training, and writing duty of care policies and procedures.
Jonathan Bancroft, Managing Director of Traveller Assist said, “Insurers, employers and educators are more well-informed than they were 30-years ago when the assistance industry started, and while advances have been made, much of the industry is still peddling the same international model. Decision-makers are now understanding that assistance is not ‘one size fits all’ and realising that regional specific providers are a more nimble, robust and cost-effective option. At Traveller Assist, our clients are not just another number. We listen to their business pain points, and then work closely with them to resolve those issues.”
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Traveller Assist is a travel risk management company providing medical and security assistance, cost containment, air ambulance and claims support, on behalf of insurers, employers and educators, in Mexico, Central & South America, Nepal and S.E. Asia.
London Re is a leading global risk advisory and crisis response firm offering bespoke, specialist insurance through certain underwriters at Lloyds. Together they insure over 3.6 million global business travellers, and provide claims assistance to over 100,000 clients per year.