With more than 50% of their customers buying their travel insurance on line, specialist travel insurance company, World First Travel Insurance, welcomes the Financial Services Authority’s (FSA) scrutiny of price comparison websites and resulting consultation guidance issued recently.
Martin Rothwell, Managing Partner of World First Travel Insurance says, “Price comparison websites can be a good place to start your search for travel insurance, but increasingly people are discovering buying solely on price can be a false economy.”
The FSA has recently raised concerns that insurance comparison websites have not been complying with its rules and this may result in customers being treated unfairly. They have asked the websites to think carefully about whether they are introducing or recommending certain policies without proper authorisation to provide financial advice. The deadline for responses to the consultation is 8 August 2011.
The British Insurance Brokers’ Association (BIBA) has previously voiced concern about customer detriment and is pleased that the FSA guidance recommends comparison websites review their disclosure documentation, sales procedures and terms and conditions to meet current regulations. This will include customer eligibility, status disclosure, advice suitability and providing a proper statement of demands and needs. Steve White, Head of Compliance and Training says, “This is a really important step in consumer protection. This should lead to greater clarity for customers in terms of who they are dealing with and the policy they are purchasing.”
Martin adds, “World First Travel Insurance works hard to provide insurance that best suits our customers’ needs and to treat people fairly in gathering information, establishing the prospective risk and assessing and processing claims. As a member of the Association of Travel Insurance Intermediaries (ATII) we adhere to FSA rules which help ensure customer satisfaction.”
With more than 35 years industry experience in the industry, World First Travel Insurance offer annual multi-trip and single trip policies for destinations throughout the world and for individuals taking part in most forms of activities and types of holidays. World First is also one of the few travel insurance companies to provide pre-existing medical conditions travel insurance and to comprehensive cover for people up to the age of 100.
World First Travel Insurance customer testimonials show the importance of getting the best policy to suit the individual needs of the traveller.
For more information, please contact:
Shelley Fletcher, Firegrass Communications
PR on behalf of World First Travel Insurance
01209 311072 / 07850 937419
Notes to editors:
http://www.world-first.co.uk
0845 90 80 161
About Rothwell & Towler
Rothwell & Towler, launched their new company website http://www.rothwellandtowler.com in May. The website is designed to provide a ‘one-stop shop’ for enquiries from the travel insurance industry and potential business customers.
Rothwell & Towler, an independent insurance group set up in 1973, operates specialist travel insurance brands, including: World First Travel Insurance, Guest First, Hotelsure, Cancelsure and Visitorsure. The new website outlines many of services and products that Rothwell & Towler, who have an excellent industry reputation and rigorous knowledge of specialist travel insurance, can provide.
World First Travel Insurance
Their leading brand, World First is an independent, family run business with Martin Rothwell, son of the founder, the Managing Partner overseeing all company and policy development. The company has seen substantial growth over the past year and there are ambitious growth plans for the business over the coming five years.
World First Travel Insurance is a member of ATII - Association of Travel Insurance Intermediaries which represents intermediaries who specialise in travel insurance within the UK. Members work to the standards expected of professional insurance intermediaries, and adhere to the rules of the Financial Services Authority (FSA). They also commit to upholding the levels of customer care and integrity that the ATII believe are necessary to promote trust and consumer satisfaction within the industry.
World First Travel Insurance offer annual and single trip travel insurance for destinations throughout the world and for individuals taking part in most forms of activities and types of holidays. World First is also one of the few travel insurance companies to provide comprehensive cover for pre-existing medical conditions and to insure people up to the age of 100.
World First policies are underwritten by the Professional Travel Insurance Company Limited (PTI). PTI are based in Gibraltar and began by underwriting the global travel and personal accident programme for the International Airline Passengers Association on behalf of its members. In 1995 they completed the purchase of Columbus Direct in London. Then in 1997, PTI were acquired by The Collinson Group Limited, which has offices worldwide operating in 24 global locations.
PTI was named Best Insurer / Underwriter at the 2010 International Travel Insurance Journal Awards held in Istanbul.
World First Travel Insurance is arranged by Rothwell & Towler who are authorised and regulated by the Financial Services Authority.
