Addressing the rise of senior travelers priced out of traditional cover, there is growing recognition that one size fits all policies are no longer viable. Bespoke deconstructed adventures with multiple destinations, hotels, and activities replacing package holidays present another problem; costly ‘bolt-ons’ catering for this can be unfit for purpose. The problem is not breaking down policies into bite-size pieces easy for travelers to swallow, but rather traditional systems and policies are not designed with bespoke travel plans in mind.
“Traditional packaged cover is no longer always appropriate for increasing numbers of the traveling public,” said Aquarium Software Director, Mark Colonnese. “The average customer now looks at multiple websites before confirming travel plans. Traditional packaged trips are giving way to much more bespoke arrangements. As holidays and holidaymakers evolve, insurance must evolve and innovate at least the same pace. We are looking at geo location-based tracking so we can offer appropriate bolt-on services in real time – from winter cover to automated claims monitoring and handling, to medical screening. This trip specific tech engagement with consumers provides a real service differentiator for insurers,” said Mark.
Personal travel profiles can be based on things the individual always needs, such as medical cover, but for dangerous sports, or travel off the beaten track, the cover must be comprehensive, specific and robust. “Too many travelers are sacrificing value for convenience with current travel insurance add-ons. These sometimes make sense for cash, delay, medical expenses and baggage,” added Colonnese. “However, the industry could be better at explaining all the potential pitfalls of specific trips and activities, offering specific cover up front. That’s where technology is really coming into its own and we’re at the forefront of that revolution,” concluded Mark.
Aquarium Software is used by a number of travel insurers; pet insurers; and other consumer service providers and affinity partners in the UK, Europe, USA, and Canada. For further information contact Aquarium Software.