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Thomas Cook to launch new insurance product – reports

Thomas Cook to launch new insurance product – reports | Insurance Business

Thomas Cook to launch new insurance product – reports
Travel company Thomas Cook is reportedly launching new products ahead of its financial results release on Wednesday – among them, an app-based “pay as you go” travel policy.

A Daily Mail report said Thomas Cook is rolling out new services for holidaymakers two days before the midweek results announcement. The new offerings are under the umbrella of Thomas Cook Money, a new division at the firm.

Called Roam, the new insurance product will enable travellers to “activate” the policy using a smartphone application. Also being introduced is a prepaid travel card that can be loaded with different currencies, allowing users to switch between them to avoid spending on commissions.     

“If your holiday is cancelled or cut short you can switch off the insurance so you only pay for the days you’re away – and if you go on another holiday that year then you can just switch the insurance back on,” explained Anth Mooney, managing director of the new division, as quoted by the report.

Chief executive Peter Fankhauser was also quoted as saying: “The launch of Thomas Cook Money is our opportunity to transform the world of holiday money by embracing the very latest technology.”

“About 20% of people go on holiday without travel insurance, so we wanted to make it as easy as possible for them to buy it,” added Mooney, who said the travel insurance can be set up in two minutes and costs around £2 a day.

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