In the world of insurance, Third-Party Administrators (TPAs) act as behind-the-scenes superheroes, handling crucial tasks for insurers and self-funded plans. The insurance industry, particularly Third-Party Administrators (TPAs) who handle a large volume of claims processing, is ripe for a revolution. This revolution is being driven by Artificial Intelligence (AI), a powerful technology that is transforming …
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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.
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.
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.
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.
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.
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.
Traditionally, insurance has been regarded as a separate, and complementary or add-on purchase to a core product or experience that was already purchased. It’s been perceived as being sold “in your face.”
Where emerging industries and businesses become part of shared economies, we see an increasing shift from competition to collaboration in the strategies adopted by businesses to adapt and grow their revenue sources.
As travel is here to stay and we are still in COVID times, consumers would want to reduce as much uncertainty and as many risks as possible to optimize their travel experience by leveraging upon flexibility in travel bookings and insurance to recoup as much losses and expenses if the unexpected happens.
Tourism players have been on the edge since the travel sector has been stalled by the endemic. How are they spurring innovation, in the regard of technology solutions and revenue models, to lift tourism out of COVID-19 and beyond?
From traditional insurers to insurtech upstarts, Big Tech firms are buddying up to crack the insurance market.
