Chubb, a property and casualty insurer has unveiled a Pay As You Roam (PAYR) travel insurance offering to streamline the way people access and buy travel insurance.
The new service utilises mobile phone roaming data to track when they are away from their home country and activates coverage automatically at a daily premium.
The service will be offered through Chubb partners in the banking, fintech and telecom sectors.
Customers need to register through the Chubb partner’s core app to use the service.
On the app, they can also add the names of other travellers they plan to include on trips.
The cover ends once the customer is identified as no longer roaming or on reaching the maximum trip duration cap of 31 days.
An email or app notification regarding the premium is sent to customers at the end of a trip.
The cost of the insurance is added to their next monthly mobile phone bill in the event of the Chubb partner being a mobile phone operator, or to their next bank statement in case the partner is a bank.
Chubb head of travel insurance, continental Europe, Middle East & North Africa, A&H Rubén Rivero said: “Chubb’s Pay As You Roam travel insurance has been developed specifically to make life easier for customers and to provide a compelling proposition for our business partners.
“Once users sign up for the service, the process of getting travel insurance becomes very simple because everything is done automatically.
“Customers pay a daily rate so they are only charged for what they use and payment – through their mobile phone bill or direct from their bank – is also simple and secure.”
This week, Chubb’s brand Blink partnered with iBynd to provide consumer cyber insurance coverage.
Last month, Chubb introduced an insurance offering dubbed Benchmarq Package for the lower middle market segment.