Leading insurer launches major new product

Leading insurer launches major new product | Insurance Business

Leading insurer launches major new product
Beazley has announced the launch of a major new product for its Australian business.

The specialist insurer launched Beazley Corporate Travel Insurance, its first international business travel insurance product in Australia, which will be offered to Australian brokers and coverholders.

Beazley underwriter, Andrew May, said that the new product made sense for the company considering their long-standing place within the travel industry.

“We have offered non-business travel insurance for seven years, and felt it was timely to expand our offer to the business travel insurance market to take advantage of the maturity and relative stability of the local market.”

The insurer stressed that the coverage will appeal to the broker market thanks to the company’s “ability to tailor products and provide user-friendly services,” the company said in a statement.

May backed this assertion noting that the flexibility and simplicity of the Beazley offering could help to differentiate the new product from the rest of the market.

“As a specialist insurer, we are able to offer a product that is clear, easy to understand and to use – something we believe will really appeal to both brokers and their clients.”

The coverage extends to business travellers and incorporates emergency medical costs, travel disruption and booking cancellation and loss of deposit.

Personal accident and sickness are also included in the coverage as are theft and damage to property, rental vehicle excess, personal liability, extra territorial works compensation benefits and evacuation in case of political unrest or natural disaster.