Two of Canada’s largest automotive clubs have formed an equity partnership to launch a new player in the travel insurance marketplace.
“We are thrilled to announce the arrival of Orion Travel Insurance Company,” said Carlos Coutinho, vice president of Orion Travel. “With the increasing baby boomer population now travelling at an unprecedented rate, CAASCO (South Central Ontario) and AMA have sought to replace the generic approach taken by many carriers in the marketplace, which have fallen short of member and consumer expectations.”
The partnership between CAASCO and the AMA was announced just recently, with each association serving almost three million members of the Canadian Automobile Association. Orion is licensed in Alberta, with policies currently being underwritten for the AMA.
“What sets us apart from the competition is our commitment to unique insurance products and services, as well as our investment in people and technology,” Coutinho told InsuranceBusiness.ca. “Orion will differentiate itself by utilizing sophisticated analytical and modeling tools to better gauge risk for new product development and by continuously improving our travel insurance policy and underwriting processes.” (continued.)
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The AMA and CAASCO each have been selling travel insurance related products for more than two decades, but have increasingly found challenges with the limitations of the insurance products, systems and processes of the national carriers which underwrite the products they sell – thus spurring the move to form Orion Travel.
“We are pleased to partner with Orion Travel Insurance Company,” said Michelle Chimko, chief operating officer of the AMA. “This partnership will deliver significant benefits to our members and the association including a comprehensive line of travel insurance products, superior claims and assistance service and a new, easy-to-understand medical questionnaire for travellers 60 years of age and older.”
