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A woman in her 20s severely twisted her ankle while traveling in Mexico this April. Previously, she would have had to find a hospital on her own, receive treatment, check documents for insurance claims, and go through a difficult process. However, this time, she was able to receive treatment easily with just one phone call. Thanks to overseas medical support services, she received one-stop service, including recommendations for hospitals, reservations, and payments that matched her symptoms.

As the number of overseas travelers has recently surged, insurance that offers medical support services for illnesses and injuries abroad is becoming increasingly popular.

According to the Ministry of Land, Infrastructure and Transport's aviation statistics and tourism knowledge information system, the number of international passengers on domestic airlines in the first quarter of this year reached 9.88 million, 16 times higher than the same period last year (619,204). Notably, the proportion of travelers in their 20s and 30s during the same period accounted for 35%. This surge is attributed to the revenge travel sentiment of the MZ generation.

A 2019 study by the Korea Insurance Research Institute found that for overseas travel insurance by age group, the highest percentage of claims among travelers in their 20s and 30s were for medical expenses due to illness or injury, followed by lost personal items and death or permanent disability. For those over 40, claims related to death and permanent disability were higher, while travelers under 20 were more likely to claim for lost personal items.

Given the high claims rate for overseas medical expenses by the MZ generation, local medical support services are gaining attention. InsuPlus, operated by Biz Insight, is a prime example. Biz Insight, which had been providing B2B overseas medical support services since 2017, launched InsuPlus in October 2019 to expand services to overseas travelers. However, due to the COVID-19 pandemic, B2C (business-to-consumer) services were effectively halted until the second half of last year.

InsuPlus is a product that combines overseas medical support services with travel insurance. It offers services such as medical expense coverage, 24-hour nurse consultations, hospital reservations, hospital bill payments, medical translation, telemedicine, and emergency medical transport, through partnerships with over 3,000 medical institutions worldwide. The company has a medical team of seven doctors and six nurses, and since 2022, it has also operated its own air ambulance service for emergency medical transportation.

Hong Jeong-ki, Executive Director of Biz Insight, stated, "In the post-COVID era, it is crucial to prepare for illnesses and injuries abroad. Traditional travel insurance products only provide post-event monetary compensation, but InsuPlus goes a step further by recommending hospitals that match the traveler’s symptoms, making reservations, and even covering the medical fees. The significant difference is that it allows travelers to receive treatment abroad as easily as they would at home."

With the large proportion of travelers in their 20s and 30s, Biz Insight is recommending travel insurance services based on MBTI results. Since risk levels vary depending on travel preferences, the company recommends reasonable products. Executive Director Hong said, "As of the end of April this year, 60% of service subscriptions were from travelers in their 20s and 30s, a 2-fold increase compared to January."

As of the end of April, over 400 people had used the air ambulance service. While it is mainly utilized by elderly patients in critical condition, it has also been used by travelers in their 20s and 30s due to COVID-19 infections and injuries. In addition to medical support services, InsuPlus offers other travel-related services, including tracking lost luggage, emergency money transfers, destination information, and legal support.

Reported by Kim Yu-kyung / Money Today

https://news.mt.co.kr/mtview.php?no=2023050315190865428