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Allianz Partners Wins Eleven Awards In The Canstar Travel Ratings

Allianz Partners travel insurance partners have won 11 awards in this years’ Canstar 2023 Travel Insurance Ratings.

House of Travel, Tower Insurance, AMP and Worldcare have placed as winners across all four categories, highlighting the strength and quality of Allianz Partners’ on and offline travel insurance offerings across multiple channels.

Allianz Partners’ Travel Insurer Outstanding Value Awards wins include:

International Travel Insurance: House of Travel, Tower, Worldcare.

Trans-Tasman Travel Insurance: House of Travel, Tower, Worldcare.

Seniors Travel Insurance: AMP, Worldcare.

South Pacific Cruise : House of Travel, Tower, Worldcare.

Allianz Partners’ Chief Sales Officer, David Wallace says: “We are delighted with these achievements and that our partners, House of Travel, Tower and AMP, have received this recognition. Obtaining comprehensive travel insurance is more important than ever. If you can’t afford travel insurance, you simply can’t afford to travel.”

Canstar New Zealand spokesperson Irene Chapple says: “Canstar’s always looking for the best value offers for consumers, and our Outstanding Value travel insurance awards recognise the providers that deliver the most extensive features, for the best value. Arranging any sort of travel can be hectic at the best of times and we hope these awards go some way to helping consumers with their decisions."

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Canstar’s 2023 Travel Insurance Ratings saw 18 products rated across 44 providers, with five winners in total. This year in addition to Worldcare, House of Travel and AMP winning Outstanding Value awards across multiple profiles, Tower Insurance has made it to the top rated providers list for the first time.

For more information visit the Canstar website here .

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Travel insurance prices soared in 2023; here's how not to get ripped off in 2024

The cost of travel insurance experienced double-digit growth in 2023, with the average policy rising 11 per cent from $337 to $375, canstar research has found..

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According to Canstar’s 2023 Travel Insurance Star Ratings report, families and seniors saw the biggest cost increase, with policy prices rising by an average of almost $50 compared to the previous year. 

Canstar travel insurance expert Steve Mickenbecker said the price hike is the second straight increase for policies. 

“Australians returned to the air in 2022 to a scarier Covid world and insurers provided some protection but at a steeper cost to cover the higher risk,” he said. 

“Even though there are fewer insurers than in pre-Covid times, the market is a competitive one and the increased premiums are a signal to overseas travellers that the risks are real and that they should not leave home without adequate medical insurance at the least.”

How to save on policies

Canstar also urges travellers to shop around before buying travel insurance, and to refer to its 5-Star Rated international travel policies, which it says are on average 32 per cent cheaper than other policies.

“When planning for a holiday, travellers always want to find the best deals when it comes to flights and hotels, and your insurance shouldn’t be any different,” Mickenbecker said.

“Travellers who do not compare policies are likely to be paying way too much for their insurance.

“Savings are possible by taking out a policy that has lower dollar limits on claims for loss of baggage or cancellation. Losses in these categories can be in the thousands of dollars but are not likely to cause lasting financial hurt. 

“Travellers should not be skimping on insurance for overseas medical care where costs can be massive and can leave the family finances severely damaged.”

Consumers should also be reading the fine print, Canstar recommends, when choosing a policy and not when making a claim.

“No insurance comes without limitations and only finding out what these are when a claim is declined can be devastating,” explained Mickenbecker.

“Policies lay out the events that can trigger a claim, the types of financial damage the insurer will pay out and the dollar limits on types of claims. Importantly they also detail the exclusions that apply and your obligations under the policy.”

Don’t drink (too much)

High-risk activities like off-piste skiing can invalidate insurance claims as can undeclared pre-existing medical conditions and intoxication. 

“No insurer will pay a major claim if intoxication is the cause of the accident or medical event or other loss,” Mickenbecker said. 

“Shopping around will not find a policy that gives you that permission, but insurers deal with the question of intoxication in different ways.”

“Some set a blood alcohol limit and will not pay a claim if the traveller has exceeded that limit. The hospital may have taken a blood test, which will provide evidence either way. Other insurers may rely upon a bar bill, witnesses and experts to establish intoxication.”

Meanwhile, nearly a quarter (22 per cent) of insurance providers don’t offer cover for Covid-19, but most (85 per cent) still provide cover for overseas medical and cancellations on account of coronavirus.

“Premiums are on average 40 per cent higher for policies with comprehensive Covid cover, evidencing the risk,” Mickenbecker said. 

“The good news is that almost four in five insurers provide cover for Covid and it has to be worth the extra $100 on average for the peace of mind that Covid treatment will be available if needed.”

If you can’t afford travel insurance, you can’t afford to travel, goes the saying. Just be sure to shop around before you nix that trip.

Best value policies

As part of its research, Canstar compared more than 19,700 travel insurance quotes from 54 international and domestic insurance providers to determine those offering the best value for Aussie travellers. 

The Outstanding Value Award  winners for 2023 are: 

• International: InsureandGo, Tick Travel Insurance and World2Cover
• Domestic: Qantas and Southern Cross Travel Insurance
• Seniors: InsureandGo and Southern Cross Travel Insurance
• Cruise: Go Insurance and Qantas

Last year, purchase data from InsureandGo showed nearly triple-figure growth (96 per cent) in cruise travel insurance policies among Australian travellers from June-December 2022 to January-July 2023. August 2023 alone saw a whopping 336 per cent yearly increase.

In December, Bupa Travel Insurance also crunched some numbers to find the most frequently claimed items by Aussie travellers.

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InsureandGo & Tick Travel Dominate Canstar Rankings!

Posted by Nichapa Ratchanathammachai | Dec 2, 2023 | Accolades | 0 |

The leisure travel industry has been experiencing significant growth, with Australia recording an increase of more than a million international arrivals and departures in August, year on year [1] . In this thriving landscape, leading global assistance company, Europ Assistance, the parent company of award-winning Australian travel insurance provider InsureandGo and Tick Travel Insurance has announced that both Australian brands have once again secured top positions in Canstar’s 2023 Travel Insurance Star Ratings and Awards. They have proven their exceptional value in the relevant categories, solidifying their status as industry frontrunners.

Canstar’s meticulous methodology evaluates both cost and features across travel insurance products, providing consumers with a valuable shortlist of thoroughly assessed and ranked products across 10 destination regions and two cruise destinations globally. InsureandGo and Tick Travel Insurance earned the prestigious accolades, having undergone comprehensive assessments covering factors such as coverage thresholds, pricing assessments, and cancellation cover.

InsureandGo is awarded with Canstar’s Outstanding Value for International Travel Insurance  and     Outstanding Value for Seniors Travel Insurance  for 2023. This acknowledgment highlights InsureandGo’s breadth of coverage for international travellers and dedication to offering comprehensive coverage for travellers over 70 at a competitive price, solidifying its reputation for value-for-money policies since the brand’s establishment in 2012. This success builds on previous achievements, including the Canstar 2022  Outstanding Value for Seniors Travel Insurance , the Canstar 2019 Outstanding Value Award for Domestic Travel Insurance and the 2020 Feefo Gold Trusted Service Award.

Additionally, Tick Travel Insurance established in Australia in 2017, has been recognised with for the Canstar 2023 Outstanding Value   for International Travel Insurance . Strong scores across all destination categories affirm its competitive international insurance policies, benefiting hundreds of thousands of Australian-based travellers.

These wins highlight the success of Europ Assistance’s strategic acquisition of MAPFRE Insurance Services Australia in January 2022, which included the InsureandGo and Tick Travel Insurance brands. Since the acquisition, Europ Assistance has combined InsureandGo’s B2C market leadership with its expertise, strategically expanding partnerships in the region.

Europ Assistance had a strategic view on the Australian market due to the importance of travel insurance and the size of the market. The acquisition also allowed Europ Assistance to support its global B2B2C partners and further strengthen its global, multi-line and multi-channel positioning.

Europ Assistance has grown to become an international leader in its field since its origin as a small French start-up founded in 1963. Europ Assistance recently celebrated its 60 th  anniversary in business and continues to focus its service to its customers, providing relief in stressful circumstances whilst prioritising safety and convenience.

Jonathan Etkind, Chief Commercial Officer at InsureandGo, expressed gratitude for the Canstar Outstanding Value awards, stating, “Accepting these awards reinforces our dedication to meeting the evolving needs of travellers. Since travel has resumed, we have prioritised customer service and tailored our offerings to ensure comprehensive coverage, aligning with our commitment to providing exceptional value for our customers.”

A survey conducted in September 2022 by industry safety provider Airservices Australia reinforced the overall importance of adequate insurance for peace of mind. With the potential mishaps that could go wrong while overseas—whether it be missing a connecting flight, falling ill, event cancellation, theft, or luggage going missing. This is particularly relevant given 55 per cent of travellers have been personally impacted by flight cancellations [2] .

Jonathan says, “Whether planning a resort holiday in Bali, voyaging on a cruise, or hopping on a plane to Europe, it is important to consider getting travel insurance. Canstar’s expert judges compare numerous travel insurance providers every year to find those that offer the best coverage and value, with the top providers taking home the ultimate win.”

Finding the right policy may be daunting, given that features and costs can vary based on destination and activities. Canstar’s Group Manager, Research and Insights, Joshua Sale, explains, “InsureandGo and Tick Travel Insurance’s wins in the Canstar 2023 Travel Insurance Star Ratings and Awards reflect their exceptional performance in meeting diverse traveller needs. The awards recognise both brands for providing holidaymakers with quality cover for an affordable price. Congratulations to InsureandGo and Tick for this well-deserved recognition.”

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Innovation Excellence Awards 2024

Canstar’s Innovation Excellence Awards recognise the stand-out innovative financial products to launch in the New Zealand market in the past 12 months. Using our unique rating methodology, we assess and evaluate each submission on its degree of innovation and ability to improve customer experience as a result.

Released April 2024

2024 Innovation Excellence Award Winners

• KiwiSaver Digital Advice & Projections Tool

Digital International Payments

Initio Insurance

Online Insurance Experience

About the 2024 Innovation Excellence Awards

For Canstar’s Innovation Excellence Awards, New Zealand financial institutions were invited to submit their innovative products or services that were brought to market within the last year.

All submissions and nominations for the 2024 Innovation Excellence Awards were judged and assessed by Canstar’s expert Research Committee up against our sophisticated and unique ratings methodology.

Products and services assessed were measured and calculated against two factors:

Degree of innovation: 

• How different and unique is the product?
• How disruptive is the innovation within the current market?
• The ‘WOW’ factor to impress the judges.
• How many customers could benefit?
• What’s the affordability of the product and ease of use?
• How will it improve and affect a consumer’s daily life?

All these factors were scored on a rating from one to five, and then weighted to produce a final score. The degree of innovation is weighted at 40% and a product’s impact is weighted at 60%.

You can learn more about the evaluation and calculation details in the methodology.

Read our methodology →

About the innovation excellence award winners.

(Winners are listed alphabetically)

KiwiSaver Digital Advice & Projections Tool

ASB has combined KiwiSaver fund advice with their interactive value projection calculator to empower customers to make informed decisions about their future finances, and to help them realise the tangible benefits of tailored financial advice.

Judges’ comments

Recognising that a significant portion of Kiwis are unsure about their retirement readiness, and that many have not accessed professional financial advice, ASB has integrated the provision of digital advice into their KiwiSaver projections tool to make financial advice more accessible and tailored to individual needs.

Approximately 82% of Kiwis have never received financial advice, despite its proven benefits, which include higher returns and significantly larger KiwiSaver balances. The judges recognised that ASB’s proactive and unique approach to providing financial advice is helping to change the status quo by enhancing user engagement and making advice more accessible to a broader audience at no extra cost.

BNZ’s fee-free Digital International Payments product streamlines the process of sending money abroad for personal and business purposes. The product is accessible in both mobile and online banking and allows over 30 currencies to be sent to more than 200 countries/states with funds typically delivered within hours.

BNZ is the first bank in New Zealand to eliminate personal international payment fees and overseas bank charges for transactions made online. BNZ’s Digital International Payments addresses key pain points around cost, complexity and speed and has set a new standard that could compel competitors to rethink their pricing and service models.

As nearly a quarter of New Zealand’s population were born overseas, BNZ’s Digital International Payments scored highly in breadth and depth. Because the BNZ is one of the country’s Big Four banks, the judges recognised the positive impact the service could have on the large number of Kiwis who bank with BNZ and regularly send money abroad.

Savvy combines an investment account with a Mastercard debit card. Savvy offers competitive returns and cost-effectiveness, and is the first investment account linked to a payment card in New Zealand. Savvy offers an array of savings features, including:

• Boost: rounds up transactions to the nearest 50c, $1 or $5 saving the difference
• Salary Split, which lets users allocate and save portions of their income automatically. Savvy learns when users get paid
• Sweep puts money left after a pay cycle into a designated savings pot

In a first of its kind in New Zealand, Savvy combines an investment account with a Mastercard debit card. Savvy is more of a managed fund than a traditional bank account and aims to offer competitive returns, with a focus on cash deposits, NZ government securities and bank securities. Savvy is designed to be cost-effective, with no account, card or domestic transaction fees, making it attractive for budget-conscious individuals.

Savvy offers competitive returns on every dollar in the account, has an array of automated saving and budgeting tools, and ultimately seeks to change how users manage, save and spend their money. Canstar’s judges found Savvy to be particularly unique, and possessing considerably wow factor due to its outside-the-box approach to money management.

Initio offers a groundbreaking digital insurance experience, boasting real-time quotes, instant coverage and streamlined claims processing, all driven by cutting-edge technology. Customers can quote insurance for their property in a single click, organise cover in less than two minutes and make claims in an instant.

Initio’s Smart Claims provides customers real-time education, updates and results for our customers submitting a claim via the Initio customer dashboard. ‘Locatio’ is Initio’s internal risk mapping application, which assesses property risks with high precision, taking into account factors such as flooding and earthquakes.

Initio is the first insurer in New Zealand that allows customers to arrange quotes and cover and file claims quickly and easily through a digital portal. The service enables homeowners to manage their insurance needs with ease, leveraging technology to assess risks quickly and accurately.

Initio’s offering includes comprehensive home and contents insurance, landlord cover, holiday home insurance, and policies tailored for house flippers. Their platform streamlines the claims process, offering 24/7 lodging of claims via an online dashboard and instant payment for non-complex claims.

The judges were most impressed by the ease and efficiency of receiving a quote with Initio, and there was consensus around the judging table that this could be disruptive as other insurers look to adopt a similar approach.

About Star Ratings

See all Canstar Star Ratings and Award results →

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