Pro-rata Refunds & How They are Calculated

Single Trip	50% Refund of the gross premium paid from the date of cancellation.
AMT Policies	5% of the total premium paid for each full month left on the policy from the date of cancellation.

Any policy cancellations that are inside our 14 day cooling off period, can be cancelled and refunded in full in Magenta Gold. 

However, for any cancellations or pro-rata refunds that our outside our 14 day cooling off period, please can you confirm if any claims are pending etc and if the customer has travelled on their policy and email the request over to [e-mail]. This is because the refund needs to be manually actioned in TNSI (behind the scenes payment system).

For MSM & Travel Agent single policies, if a customer needs to add medical to their existing NON-medical policy, this requires a cancel and rebook, due to the way Magenta Gold is set-up. To treat these customers fairly, as we are not able to change Campaigns on Magenta Gold for these policies, we will offer these customers a full refund on their NON-medical policy, as long as they purchase their new medical policy with us. Otherwise and for AMT MSM and Travel Agent policies, normal cancellation terms and conditions follow. 

 

If you have a customer that wants to know what their partial refund will be before choosing to cancel, you can go to the floorwalker or TL to get the amount, so that you can tell the customer whilst they are on the phone, to save contacting the insurance.team.

 

You just need to ichat the floorwalker or a TL, the policy number and surname of the customer and she will let you know what the amount will be then and there.

 

If the customer accepts the amount, please email [e-mail] with the following details and advise that they will receive the refund within 5-7 working days:  

 

- Policy number

- Lead customer name

- Partial refund amount that the floor walker has given

- Confirmation that no claims have been made or are pending

- Confirmation that the customer has not travelled on their policy

- Reason for customer cancelling

 

Please note - the customer will not be contacted by the insurance.team, unless the original card has expired or the refund needs to go onto a new card.