FCA signposting: Access to travel insurance for customers with medical conditions
The new FCA signposting requirements surrounding access to travel insurance for those with pre-existing medical conditions requires travel insurance providers to inform customers about the Money and Pensions Service (MaPs) travel directory.
The first phase came into force last October and required travel insurance providers to include details of the MaPs directory on their website.
The second phase, effective from 26 April 2021, requires providers to signpost to the MaPs directory in the following circumstances.
- A quote cannot be provided because the customer has a medical condition which is automatically excluded.
- A quote cannot be provided due to a medically screened condition being declined.
- A medical additional premium for an individual’s declared condition(s) is £100 or more excluding IPT on all available products.
Please note that referring to the MaPs Directory is a mandatory requirement, and it will be considered a breach of FCA rules if these requirements are not met.
The good news is that the FCA rules allow you to signpost to a preferred partner, such as Goodtogoinsurance.com, as well as providing details of the MaPs directory. This enables you to earn some income from the customers you can’t currently cover.
How can goodtogoinsurance.com help?
Goodtogoinsurance.com are specialists in travel insurance for all types of medical condition up to a very high level of severity. We are recognised by the FCA as a medical travel insurance specialist and included in the Maps directory.
We can give you the opportunity to earn commission on travel insurance for those with pre-existing medical conditions and retain your customer for future sales.
- We can provide full front end / back office branded travel insurance solutions, with all regulatory touch points seamlessly integrated and kept up to date. We will do it all for you.
- If you have a standard travel insurance offering already, signposting to Goodtogoinsurance.com in addition to the MaPs directory gives you the opportunity to earn commission and retain your customer.
Who do the changes apply to?
- All firms who offer retail travel insurance including Insurers, Lloyd’s Managing Agents, Intermediaries and Appointed Representatives
- Banks who offer packaged bank accounts which include travel insurance
- Insurance industry trade associations
- Charities, in particular medical charities Consumer organisations
- Consumers, primarily those with pre-existing medical conditions
What are the aims of these changes?
- Reduce the number of uninsured consumers who currently face a choice of not travelling or risk having to pay significant costs, including medical bills abroad.
- Reduce the number of consumers with pre-existing medical conditions who are significantly overpaying for travel insurance.
- Reduce the number of consumers who feel frustrated and unable to navigate the market.
- Increase consumer confidence and trust in the travel insurance market.