GE Financial Insurance is claiming to be one of the UK’s leading travel insurance companies after signing a deal with Lunn Poly.
The company took over the retail chain’s business from insurer Bishopsgate last month, ending a 15-year relationship between the two.
GEFI includes the GE Travel Insurance Services specialist division set up by GE Capital at the end of 1997. GETIS was merged with GEFI last September to remove duplication in the business.
GEFI head of sales and new business development Chris Harrison refused to comment on the value of the Lunn Poly business but admitted the multiple was a ‘significant’ new partner and the deal made GEFI one of the top UK insurers.
Through GEFI, Lunn Poly agents are offering a two-tier policy, Silver and Gold, rather than the one previous product they sold under Bishopsgate.
Silver cover includes medical to £5m, cancellation to £1,500 and baggage to £1,000.
The Gold scheme increases cancellation to £10,000 and personal belongings to £1,500. There is unlimited medical cover and both tiers include skiing cover.
Lunn Poly said the insurance will either be offered free or half price with a holiday.
Where it is sold, the Silver policy will cost £31.50 for nine days in Europe. That compares to Bishopsgate’s rate of £35.55 for one week in Europes.
Lunn Poly said it felt the time was right to launch a less-expensive travel insurance product but Harrison declined to comment on whether the net price to agents was less than Bishopsgate’s had been.
n GEFI managing director Bradley Brandon-Cross has called for a delay in the setting up of the General Insurance Standards Council.
“Regulation that is too quickly introduced is worse than having no regulation at all,” he said. “GISC has put back the timetable once. We now need a clear and realistic schedule to work to.”
He said that period should run into months if necessary.
“I don’t think the team at GISC originally understood the depth of what they were taking on in general, or realised that travel agents sell as much insurance as they do,” he said.
“They need to make a better job of talking to trade bodies, such as ABTA. Discussions could have been handledbetter.”