SiriusPoint company International Medical Group (IMG) has launched a new travel medical insurance cover for employers and employees.
The new offering, called PTOgo, provides cover against accidents and sickness to those on international trips during paid time off.
PTOgo is offered as an employee benefit and includes a customisable number of days of travel insurance for employees and their family.
IMG claimed that the new cover often costs less than $5 a day and customers can avail it as a voluntary cover via payroll deduction.
It can be offered as an employer-paid programme and allows integration with third-party benefits providers.
PTOgo provides benefits such as a medical cover of up to $1m per trip and access to an assistance hotline during the insured’s trip.
IMG president and CEO Steve Paraboschi said: “Based on research we conducted for PTOgo, we found that most US employees are underinsured while travelling abroad, with many incorrectly assuming that their employer-provided health insurance will cover them outside the country.
“We are delighted to introduce PTOgo to the market to address this gap in both coverage and employee PTOgo will be rolled out to over 1,000 employees this year.
SiriusPoint chairman and CEO Sid Sankaran said: “With ongoing uncertainty of COVID-19’s impact on international travel, PTOgo offers our employees some security when booking leave and travelling abroad.
“PTOgo offers us a way to support our team and encourage them to use their vacation, which everyone is excited to do after spending the majority of the last two years at home.”
Last month, SiriusPoint announced plans to invest in a digital life insurer, PolicyMe.