Significant growth among airlines with in-path travel insurance, the highest number of partnerships in Asia and Europe, and the continuing dominance of global insurance giants surfaced in the comprehensive study comprising 156 airlines globally

November 2022, Singapore – More airlines globally offer embedded travel insurance and maintain insurer partnerships in 2022 amid the post-pandemic recovery of the sector, while global insurers such as Allianz Partners, Chubb, AIG and AXA Partners remain dominant in the travel insurance market.

These are some key findings from “2022 Global Airlines Travel Insurance Benchmark,” a report from Ancileo, a software-as-a-service (SaaS) platform powering the distribution of embedded travel insurance for highly recognized travel brands such as Etihad Airways, Scoot, One Vasco, and some 15 other partners that include a top 3 Chinese online travel agency and a top 5 global hospitality group.

Published for the second year in a row, the 160+ page report covers 156 airlines’ travel insurance partnerships and trends in global travel insurers’ dominance in regions across the world. It also features more than 80 in-path travel insurance screenshots this year.

The new report provides the following findings:

• In-path travel insurance: Also known as embedded insurance or integrated path, in-path travel insurance grew in 2022, as powered by partnerships along with a range of other factors. In 2022, a majority (73.1%) of 156 airlines surveyed offered travel insurance in-path, compared to 55.8% of 138 airlines surveyed in 2021.
• Top regions with in-path: Europe and Asia logged the highest percentage of airlines with in-path integration at 92.0% and 75.0% respectively.
• Opt-in integration: Due to regulations, the majority of travel insurance integration for airlines was also opt-in, where the insurance needs to be selected by the customer in order to be purchased with the flight ticket. This is in contrast to opt-out, where travel insurance is automatically selected during purchase. While the latter naturally creates higher conversion, opt-out markets are only a select few and regulations in markets such as Russia shifted the market towards opt-in in 2021.
• Highest conversion in-path: Most in-path travel insurance was placed on the Add-Ons and Payments page, where the latter is driving the highest conversion. Personalising key messages, with visuals and images, play a key role in conversion.
• Insurers’ reach via airline partnerships: In their global reach based on airline website traffic, Allianz dominated this year with its 29 airline partnership deals, followed by Chubb with 22 airline deals, AIG with 15 airline deals, and AXA with 11 airline deals.

Olivier Michel, Ancileo CEO and Founder, said: “Intermediaries represent 73.5% of travel insurance distribution globally. Airlines have been a key distributor way before the hype around embedded insurance, yet there is still a lot of untapped potential linked to personalisation, product innovation and insurance ecosystem building.”

“We first released the airlines travel insurance benchmark in 2021 to help inform insurers and travel players of trends and best practices that will enable them to better reach and convert travellers. We received positive responses and as such refreshed the benchmark this year, with improved and refined data.”

Ancileo supports insurers with their travel insurance distribution and claims through its expertise, technology and global relationship network that helps grow its partners’ portfolio. It delivers customized digital solutions that complement existing insurer legacy systems, empowering them to partner with any distribution ecosystem and tap into entirely new growth opportunities.

Access the report here.

 

About Ancileo
Ancileo is a software as a service platform for the insurance ecosystem, offering a comprehensive range of technology solutions to enable Travel Insurance partnerships between insurers and their distribution partners. Live in 19 countries with 15 partners across the travel ecosystem, Ancileo offers core capabilities including API solution, white label, agent portal management, claims automation, policy management and localized payment solutions for insurance premium collection. Helping insurers partner with any digital travel platform and ecosystem and industry players navigate industry trends and movements, Ancileo has also produced the annual Travel Outlook and World Travel Insurance Benchmark for Airlines reports since 2021. For more information, visit www.ancileo.com.

Ancileo Communications Group
contact@ancileo.com | www.ancileo.com