UK: Thomas Cook announce new travel services

Travel company Thomas Cook has announced the launch of two new financial travel products – a pay-as-you-travel insurance product and a prepaid travel card that will allow consumers to hold multiple currencies at once.

The new travel insurance product, called Roam, is a mobile app based travel insurance offer. Users will download the Roam app where they can input their personal and travel details to take out travel insurance quickly and easily. Once they have taken out insurance, users will then be able to turn it on or off using the app, allowing them to edit their insurance to match their changing travel plans.

The other new product, a prepaid travel card called Lyk which will be supported by Mastercard, will allow users to hold multiple currencies, expected to be around 10, on a single card. Users will also be able to move money between these currencies without paying any commission.

The new insurance service is likely to be popular with existing prepaid travel card users, with 1 in 4 saying travel insurance would be a valuable feature if it was included with their prepaid travel card.

The new products have been released to coincide with the launch of Thomas Cook Money, the new look for Thomas Cook’s financial services arm.

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