Aquarium Software, the leading insurance claims management solution, has announced the launch of a new claims and process management software solution aimed at travel insurers. Travel insurance claims continue to rise and pressure is on the insurers and outsourced claims handlers to both reduce costs and increase customer service levels. Aquarium is well positioned to respond to the needs of the market, having spent the best part of a decade developing bespoke technology solutions for the insurance, legal, and financial claims management sectors. Aquarium’s travel insurance product launch comes just a short time after the group launched a pet insurance-specific product for a major blue-chip third party administrator.
Commenting on the launch of Aquarium Software for the travel insurance market, Aquarium’s Sales & Marketing Director, Mark Colonnese, said: “Travel insurers need to be able to respond instantly to claims and provide a high level of customer service to their clients. Likewise, the insurance claims companies and those outsourcers tasked with fulfilling the claims management process need to be able to give the insurers good management data on the claims flow process and target potentially invalid claims for further investigation; Aquarium’s unique design in response to the travel insurance industry’s exacting needs makes better efficiencies not only possible – but integral to the daily operating of the business.”
According to Defaqto's latest travel insurance report, the number of providers has jumped from 176 in 2009 to 218 today. Figures from the ABI show that last year, travel insurers paid out £375 million to meet the cost of emergency medical treatment for UK travellers who fell ill abroad – which equates to £5.3 million for each week of the year. The cost of medical expenses has, said the organisation, increased by an incredible 270 per cent over the last six years. A breakdown of the statistics shows that British travel insurance companies dealt with 337,000 claims for overseas emergency medical treatment during 2010 – around 6,500 cases per week – which is a three-fold increase over the last six years. In total, 55 per cent of the total cost of all claims paid by travel insurers was for medical expenses – six years ago, this figure stood at 33 per cent of all claims. (Source ABI / ITIJ).
Aquarium Software is dedicated to providing innovative web-based business solutions using the latest technologies to provide intuitive and flexible business automation tools. Aquarium is designed to have an immediate impact on customer working practices, allowing clients to concentrate on their business and grow their bottom line.
And as Mark Colonnese explains, it’s not just local-based clients that can take advantage of Aquarium’s rapidly deployable web-based solutions: “The instant deployment capability of Aquarium means that it is the perfect solution for off-shoring or near-shoring activities. If you have multi-site/geographical offices, Aquarium is highly cost-effective. It can even be deployed across your whole value-chain in an instant – giving secure, pre-authorised hierarchical access to approved suppliers and partners from anywhere in the world.”