Asia Pacific is expected to be a major growth driver for the global travel and tourism industry, as the region market is estimated to be around US$7.2 billion as of 2017, with potential for further growth up to 2023.
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As the travel industry continues to evolve and transform itself, so too must the infrastructure of its related travel insurance products. Insurers need to stay on top of current trends in order to remain competitive and secure long-term success.
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With virtually every business selling in the digital world, optimal user experience has become a must-have rather than a nice-to-have. For airlines selling travel insurance products, it has become imperative to offer a good user interface – user experience (UI/UX) design to capture attention, sell and succeed in a competitive marketplace.
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For Sydney-based global TI and medical assistance provider Cover-More, differentiating its travel insurance product meant integrating a mental health benefit in the core offer. In 2017, it became one of the first providers in Australia to remove the general exclusion for mental health conditions.
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As insurers and travel players move from a product to ecosystem play, fostering partnerships becomes a science of strategy. Insurers should show early on that they are the best provider possible for airlines, with the right capabilities to serve diverse as well as local customers’ needs.
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In the travel insurance industry’s shift from siloed offerings to ecosystem solutions, in-path travel insurance – also known as embedded insurance or integrated path – offers the convenience and customer centricity that surpass those offered by white label or advertisement pop-ups.
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Opt-in travel insurance integration, strategic product positioning in-path and cross-selling to products beyond travel are some key trends in travel insurance partnerships between airlines and insurers, based on the 2022 Ancileo airline benchmark.
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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.
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Soraya Essalhi brings over 20 years of experience in the global travel insurance industry to her new role at the Singapore-based insurtech.
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Psyche of the Thai Endemic Traveler: 2022 Travel Insurance Outlook Thailand has a strong majority (92%) planning to travel in 2022 but only moderately keen to buy travel insurance for both domestic (48%) and regional/international trips (59%). Slightly more than half of those we surveyed (55%) also already have a preferred brand they buy insurance …
Continue reading “Thailand: 2022 Travel Insurance Outlook”
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Relative to Asia-Pacific counterparts, Australia makes up for the lowest percentage of travelers intending to purchase travel insurance for their domestic (44%) and regional/international trips (55%).
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In the Asia-Pacific region, Japan is one of the few who remain conservative in its border controls. However, of the Japanese travelers we have surveyed, the majority of those (91%) remain optimistic and have plans to travel in 2022.
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