Seven Corners targets US patients

 

A few months after the launch of two specialist travel insurances aimed at UK-based medical tourists, comes the launch of the first of two covers, ironically both using UK insurers based at Lloyds’ of London, primarily targeting US-based travellers.

Both are offered on a wholesale basis rather than being aimed directly at consumers. This week, we cover the offering from Seven Corners. Next week, we will be able to reveal details of Custom Assurance Placements and their link up with Companion Global Healthcare.

Seven Corners' Medical Tourism Insurance includes:

  • Trip cancellation/ interruption
  • Medical treatment to remedy treatment complications
  • Emergency medical coverage for acute illness and injuries
  • Emergency evacuation due to acute illness and injuries
  • Emergency evacuation due to treatment complications
  • Repatriation of remains
  • Lost baggage/personal effects and baggage delay
  • Trip delay / missed connection
  • Global assistance 24/7

It does not guarantee the treatment or pay any of the bills of the treatment or travel or accommodation, or cover travel or treatment within the US.

Jim Krampen, co-Founder of Seven Corners, said: "It addresses the specific needs and concerns of the medical tourist. Distribution will only be through medical tourism agencies, hospitals and clinics that directly market their services to individuals and have been approved by us. They will be evaluated on how many years they have been providing medical travel and tourism services, the volume of patients, the hospitals and clinics they utilize, their E&O coverage for medical tourism. 

“If they would like to receive a small commission for selling the plan they have to have an applicable and valid license in their jurisdiction and complete insurance agent contracting with us. We offer them customised branding of the online quote and purchase [internet] engine link we provide for the plan. We also provide a voluntary delivery of the plan for individual purchase via a customised quote and purchase link we can provide to medical tourism providers.” 

The main target will be Americans travelling from the US. The medical tourism providers can be based anywhere in the world.  The hospital or clinic providing the treatment must be outside the US.

Krampfen added: “Many of the medical tour providers I have spoken with are not insurance professionals and just want to offer the plan as link on their site as a service to their clients and assist them in providing more medical tours.  In which case, we are the licensed agents.  We will not pay commissions to anyone without a valid insurance license.  If they don’t have a valid license they will just have to offer the link as a service. We have launched our first live purchase engine link with an agency in the US at the beginning of this month.  We have 15 others, mostly in the US, in line, as we are reviewing their criteria to become approved.  We expect at least 20 providers with live links on their site by the end of the year.’

The company expects a take up rate of 50 percent primarily for the high-end treatments. 

The experience of those already offering cover is that this is incredibly optimistic and that they will be very lucky to achieve a tenth of that, particularly as there is an age limit of 64 on it, which rules out many older travellers. Depending on the country where the agency or hospital is based, if the insurance is offered on voluntary basis, the provider must comply with local insurance laws if they want a fee. Offering it as a package is more complex as the Lloyds’ rules are very strict, if the agency or hospital has customers from certain countries then they have tough rules on laws on offshore insurance, and some providers will have to be licensed to sell insurance in their own country.

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