Arch Insurance streamlines business travel insurance pricing, payment experience

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Arch Insurance has rolled out a new program allowing brokers to quickly price and purchase business travel account policies for U.S. companies with up to 250 business travelers, according to a press release.

The program is called Arch BTAExpress, and it will utilize an underwriting and technology experience, which will let users access simple designs, pricing and binding of BTA policies, and quotes usually delivered almost instantly.

These things, the release said, will allow for a quicker process for brokers to help their customers along.

“We’re pleased to announce our new BTA product options and platform, in an environment where efficiency and simplicity are definite advantages,” said Jeff Ray, senior vice president, Arch Insurance Co., Accident & Health. “We are anticipating an increased interest in travel insurance coverage for both business and leisure travel due to heightened COVID-19 awareness, and our new approach to connecting brokers and insureds with our products will simplify the process.”

Other policies touted with Arch Insurance include the ability to add an out-of-country medical expense coverage, and all plans come with things like worldwide medical and evacuation assistance for the employees and any family members, the release said.

There will also be other benefits offered including things like aid with rehabilitation, counseling, family reunion and childcare needs if there’s an accident while traveling.

The return of business travel to even something close to what it was pre-pandemic will depend on a variety of factors. Vaccines will be a big factor, with experts predicting that there will be a rise in “digital health passports” to ensure that travelers have been vaccinated or tested negative before boarding a plane.

Most people, according to a recent survey by BCD Travel, are looking to the vaccine as a north star of sorts for when it will become safer to travel. Sixty percent of respondents said they expect to be traveling within six months.

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NEW PYMNTS DATA: BUY NOW, PAY LATER CONSUMER STUDY 

About: Buy Now, Pay Later: Millennials And The Shifting Dynamics Of Online Credit, a PYMNTS and PayPal collaboration, examines the demand for new flexible credit options as well as how consumers, especially those in the millennial demographic, are paying online. The study is based on two surveys, totaling nearly 15,000 U.S. consumers.

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