Following the removal of the Travel Compensation Fund on 1 July, Allianz Global Assistance has today announced a new insolvency benefit.
The new solution will put the minds of a number of travel agents at rest as the new benefit will be utilised on new travel insurance policies sold through specific travel agents.
An Australian first, the project has been launched through Allianz Global Assistance’s partners, Aussietravelcover and CHI Travel Insurance.
This new benefit has been developed by Allianz Global Assistance in response to industry concerns and will provide benefits to Australian travellers should one of the covered wholesalers or tour operators become insolvent.
Allianz Global Assistance chief executive officer John Myler, said the concerns of our partners and customers are at the forefront of the business.
“We take industry anxieties extremely seriously – particularly when we have observed risk and a potential threat to protection – which is why we continue to research and invest in new, innovative products that will add value to our clients and customers,” Mr Myler said.
Aussietravelcover general operations manager Shannon Gereaux, said it is an exciting solution to the problem at hand.
“We are excited to be working with Allianz Global Assistance on this new offering and we’re thrilled to be the first client to market with their new product to offer our travel agent partners a solution for their concerns,” Ms Gereaux said.
The new insolvency benefit will basically act as a safety net of protection to help ensure that the experience of travel is as seamless and stress-free as possible.