Brokers are missing out on growing opportunities to cross-sell business travel policies according to new research by Norwich Union.
Brokers are missing out on growing opportunities to cross-sell business travel policies according to new research by Norwich Union.
Fewer than 8% of the brokers surveyed offer group business travel as an option with commercial insurance cover, missing out on sales and potentially leaving clients open to gaps in cover.
Lisa Wild, senior specialist classes underwriter at Norwich Union, says: "With the expansion of Europe opening up new business opportunities, business travel is now an essential part of working life for many companies. Yet brokers are missing out. Our research shows that far from actively promoting business travel, brokers usually wait for customers to approach them and that many commercial clients still rely on personal travel policies.
"But as well as making employees pay premium penalties on personal cover if a claim is made, leisure travel policies may actually exclude business travel, particularly with higher risk employees such as manual workers. Unlike leisure packages, business policies also pay for replacement personnel to be sent to the destination to continue the work or attend an important meeting, if an employee has to be repatriated through accident or illness."
Norwich Union has added annual business travel as an optional cover to the company’s range of segmented commercial products. Cover includes medical expenses outside the UK up to Ł1,000,000, baggage and/or personal belongings, personal money, cancellation costs, travel delay and missed departure, hijack and personal liability. A 24-hour emergency helpline is also provided for customers and their employees whilst abroad.
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For further information, please contact:
Debbie Wells at Staniforth on 0161 274 0100 or David Ross at Norwich Union on 08703 66 68 65/07786 526350.
Notes to editors
Research conducted amongst 200 brokers, July 2004.
- Norwich Union is the UK's largest insurer with a market share of around 14 per cent
- With a focus on insurance for individuals and small businesses, Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses
- Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct.
- Norwich Union’s news releases and a selection of images are available on the Aviva internet press centre at www.aviva.com/media.
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