TravelCard 'doubling down' on broker ties as Australia restart confirmed 

TravelCard says brokers remain central to its business model as the insurer prepares to restart its Australian operations in the second quarter. 

The business has been in “hibernation” since October 2020 in response to the pandemic, with activities restricted to servicing in-force policies and claims. 

“If anything, we’re doubling down on our broker focus,” CEO Peter Klemt told insuranceNEWS.com.au. 

Part of UK-based PassportCard Group, TravelCard launched its Australian business in June 2018 focusing on the broking channel. 

The business announced this week it will resume travel insurance sales after entering into exclusive negotiations for an underwriting arrangement with Guild Insurance. Before the hibernation, TravelCard policies were underwritten by Hollard. 

TravelCard will stick to its “broker-first” distribution strategy and will look at other channels, including direct sales, at a later stage. The plan is to start with leisure travel products, followed by corporate travel some time in the fourth quarter. 

Mr Klemt says the value of advice, especially when it comes to travel insurance, has become more important after the pandemic. 

“In that space where people are looking for quality cover, brokers play a critical part in the insurance market in Australia and therefore we see this as an additional revenue stream for many brokers because traditionally they have not been involved with leisure travel,” Mr Klemt said. 

There will be a soft launch for TravelCard at the Steadfast Convention in March. The Steadfast event in Perth from March 26-28 is the largest general insurance conference in Australia. 

There are plans to also engage with other broking networks and groups, Mr Klemt says. 

“We’ll look to talk to all brokers, many of which we were already engaged with prior to covid so we will be looking to rekindle all of those relationships and get things happening very, very quickly. 

“The market can expect to start hearing from us from mid-March onwards as we get on with it.” 

He says TravelCard has designed its products to cover for covid-related risks. 

“From a broker’s perspective, we understand that’s critical. And that’s what they’ll see as we launch and release our new product disclosure statement and policy wordings.”