Credit Unions to compete in the travel insurance market
Media Release: 10 January 2014
The Irish League of Credit Unions is delighted to announce the development of a new and exciting credit union travel insurance product, CoverU.ie.
Coveru.ie Holiday Insurance is a website based product that will revolutionise the way credit unions in the Republic of Ireland offer travel insurance. It offers members greater accessibility, great value and most importantly excellent cover providing peace of mind when travelling abroad.
Coveru.ie holiday Insurance which is being offered in conjunction with AIG Europe, offers comprehensive worldwide travel insurance, available on an individual, couple, group or family basis. Apart from offering great value, other advantages of coveru.ie travel insurance include:
- Single Trip, Annual Multi Trip and Extended Stay options available
- Choice of 3 levels of cover to suit all budgets (Budget, Premier & Premier Plus)
- Up to 4 children (under 18 years of age) go FREE on a family policy
- Medical and Emergency Assistance cover when abroad
- Trip cancellation and baggage cover included
- Additional add on options to tailor cover to suit travel needs
- Get a 25% discount if you hold private health insurance
- Online quotes for those aged up to 80 years of age and over the phone for those aged 80 and over.
The coveru.ie website utilises the latest technology offering secure and efficient payment processing. Payments can be made by debit or credit card (Laser, Visa Debit, Visa Credit or Mastercard). The website will give a fast and secure online quotation and purchase in minutes. Cover can also be purchased over the phone via a free phone number.
Why Develop this New Product Now - Key Findings from the ‘What’s Left’ Tracker Research reveal:
- 7 in 10 insurance owners are likely to enquire about a credit union insurance policy
- 4 in 10 are likely take out a policy if credit unions were to offer insurance products
- 81% of respondents take travel insurance out when they go abroad
- 4 in 10 insurance owners have used travel insurance in the past 12 months
- Demand for travel insurance also tends to increase with age and family situation
- Increase in preference for online travel insurance specialists amongst younger age cohorts especially 18-34 year olds
Brian Mulholland, Head of Insurance in the ILCU said, 'This product offers a new marketing and business opportunity for credit unions. It is an excellent product proposition in terms of cover, options and price to members. An additional discount is also offered to those taking out travel insurance if they already have Private Health Insurance. The added advantage for credit unions is that because this is primarily an online offering it is offered at no cost to the credit union. CoverU.ie is underwritten by AIG Europe Limited and has been available for sale to Republic of Ireland credit union members from the 1st of January 2014.'
He added: “For over 30 years, AIG Europe Limited, Ireland has been offering innovative products and services, including insurance products to more than half of the country’s top 100 companies as well as many public and private sector organisations and tens of thousands of individuals. We are delighted have AIG as an underwriter to this new product.”
Kieron Brennan, CEO ILCU said: “Credit unions are continuing to look to the future and how they can meet the growing needs and demands of members. Our new travel insurance product is our first venture into the insurance market and certainly leaves the door open for us to offer further insurance products like car and home insurance.”