Article date: 24 September 2004
Brokers are missing out on growing opportunities to cross-sellbusiness travel policies according to new research by NorwichUnion.
Fewer than 8% of the brokers surveyed offer group businesstravel as an option with commercial insurance cover, missing out onsales and potentially leaving clients open to gaps in cover.
Lisa Wild, senior specialist classes underwriter at NorwichUnion, says: "With the expansion of Europe opening up new businessopportunities, business travel is now an essential part of workinglife for many companies. Yet brokers are missing out. Our researchshows that far from actively promoting business travel, brokersusually wait for customers to approach them and that manycommercial clients still rely on personal travel policies.
"But as well as making employees pay premium penalties onpersonal cover if a claim is made, leisure travel policies mayactually exclude business travel, particularly with higher riskemployees such as manual workers. Unlike leisure packages, businesspolicies also pay for replacement personnel to be sent to thedestination to continue the work or attend an important meeting, ifan employee has to be repatriated through accident or illness."
Norwich Union has added annual business travel as an optionalcover to the company’s range of segmented commercialproducts. Cover includes medical expenses outside the UK up to£1,000,000, baggage and/or personal belongings, personal money,cancellation costs, travel delay and missed departure, hijack andpersonal liability. A 24-hour emergency helpline is also providedfor customers and their employees whilst abroad.
For further information, please contact:
Debbie Wells at Staniforth on 0161 274 0100 or David Ross atNorwich Union on 08703 66 68 65/07786 526350.
Notes to editors
Research conducted amongst 200 brokers, July 2004.
- Norwich Union is the UK's largest insurer with a market share ofaround 14 per cent
- With a focus on insurance for individuals and smallbusinesses, Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses
- Norwich Union products are available through a variety ofdistribution channels including brokers, corporate partners suchas banks and building societies and Norwich Union Direct.
- Norwich Union’s news releases and a selection of imagesare available on the Aviva internet press centre atwww.aviva.com/media.
- An ISDN facility is available for studio quality broadcast.Call the press office on 08703 66 68 68
For all life & pensions media enquiries 08703 66 68 73
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