Can the travel sector boost loyalty and revenue with insurance technology?
Insurance is not the most exciting part of booking a trip. But statistics show an increasing number of people want travel insurance products and are exploring the range of services available.
People live, work and play digitally, particularly millennials, who are now the largest buyers of insurance. Millennials expect their needs to be met in the buying journey with the same level of personalization as online shopping and entertainment.
Enter embedded insurance
Embedded insurance is the perfect solution for travel agents who want to embrace technology to offer personalized relevant real-time travel insurance products to their customers.
Embedded insurance is where insurance covers are offered alongside a travel, event product or service purchase. Customers leave the travel journey to look for insurance. They are presented with personalized offerings related to their booking.
Many travel agents and leisure sector businesses work with an external platform provider. By working with an insurtech that is a MGA (Managing General Agent), all aspects of insurance underwriting, risk analysis, pricing and exposure are managed for the travel business.
What are the benefits?
Whatever the trip is: a day out to an amusement park, buying a seasonal ski pass, taking the family away for an RV adventure or a two-week luxury cruise, each of these cases has a set of individual associated risks. Embedded insurance is uniquely flexible in that a package can be built in real-time while the consumer is building their perfect trip, with the cover options changing or updating as new experiences are added to the itinerary.
Having lived through several years of uncertainty with travel and leisure-related events often being canceled, people are now looking for greater protection against circumstances beyond their control.
Parametric protections bridge the gap between insuring against the unexpected and making the most of the latest technologies. Pattern made it easy for BookOutdoors. to offer Weather Protection on every eligible reservation made. It has been said this is a total game changer in the outdoor holiday industry.
Read the full article published Travel Daily News
About the author
Meitav Harpaz is the CEO and co-founder of Pattern Insurance.
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