{"id":26528,"date":"2023-04-04T16:06:10","date_gmt":"2023-04-04T16:06:10","guid":{"rendered":"https:\/\/www2.battleface.com\/media\/2023-travel-boom-could-ironically-finally-reveal-travel-insurances-failure-to-adapt\/"},"modified":"2023-04-04T16:06:10","modified_gmt":"2023-04-04T16:06:10","slug":"2023-travel-boom-could-ironically-finally-reveal-travel-insurances-failure-to-adapt","status":"publish","type":"press-releases","link":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/media\/2023-travel-boom-could-ironically-finally-reveal-travel-insurances-failure-to-adapt\/","title":{"rendered":"2023 Travel boom could, ironically, finally reveal travel insurance\u00e2\u20ac\u2122s failure to\u00e2\u20ac\u00afadapt\u00e2\u20ac\u00af"},"content":{"rendered":"

The travel insurance industry must catch-up with the frictionless, hyper-personalized travel booking trends or risk becoming irrelevant<\/strong><\/p>\n

Speaking today on stage at the United States Travel Insurance Association (USTIA) 2023 annual conference in Las Vegas, Sasha\u00e2\u20ac\u00afGainullin, the CEO of travel insurance provider\u00e2\u20ac\u00afbattleface, told the audience:<\/p>\n

\u00e2\u20ac\u0153While many companies in the travel industry have accelerated their digitalization and continue to\u00e2\u20ac\u00aflook at new ways to transform the customer experience, sadly the travel insurance industry did not get that memo and are lagging behind. Many travelers are experiencing the glaring difference between the now\u00e2\u20ac\u00afseamless and customized travel booking process, and the unchanged, inflexible world of pre-packaged travel insurance.\u00e2\u20ac\u00af\u00e2\u20ac\u00af\u00e2\u20ac\u00af<\/em><\/p>\n

\u00e2\u20ac\u0153Unless we abandon the \u00e2\u20ac\u02dclike-it-or-lump-it\u00e2\u20ac\u2122, one-size-fits-all approach, conversion rates will continue to fall along with\u00e2\u20ac\u00afsatisfaction rates \u00e2\u20ac\u00affrom travelers frustrated at not being able to identify product that are relevant to their needs or unhappy at the painful claims experience processes unchanged in decades.\u00e2\u20ac\u009d\u00e2\u20ac\u00af\u00e2\u20ac\u00af<\/em><\/p>\n

During the panel \u00e2\u20ac\u201c which was titled \u00e2\u20ac\u02dcInsure Tech Trends: How Technology Enhances the Customer Experience\u00e2\u20ac\u2122 – Sasha went on to explain that right now over 90% of travelers turn down the offer of an insurance policy within the major travel booking reservation websites (despite many players having insurance embedded at that point).<\/p>\n

Additionally, he went on to explain how by following an unbundled approach to insurance, in the US alone, there are around 50 different modules of insurance product that can be sold individually or combined, for example Travel Medical, Trip Cancellation, Vacation Rental Damage, Trip Interruption\u00e2\u20ac\u00afand many other unique benefits. Using API-led tech and A\/B testing, companies could continue to build policies based on travelers trip types, destinations, activities and actual needs.<\/p>\n

The CEO\u00e2\u20ac\u00afof the full-stack global company went on to speak about his own background and experience \u00e2\u20ac\u201c\u00e2\u20ac\u00afon building highly personalized travel insurance products for sale in both direct and partner channels \u00e2\u20ac\u201c \u00e2\u20ac\u00afto outline three steps travel insurance providers must implement ASAP to avoid becoming irrelevant:<\/strong><\/p>\n

    \n
  1. Unbundle\u00e2\u20ac\u00afthe entire product to provide greater flexibility and choice to customizing,\u00e2\u20ac\u00afwhile making it relevant to distribution partner marketplaces\u00e2\u20ac\u00afand their customers.<\/li>\n
  2. Keep products and services relevant for today\u00e2\u20ac\u2122s travelers. Prioritse A\/B testing to determine exactly how to increase user engagement, reduce bounce rates, increase conversion and based on data, reinvest back into products.<\/li>\n
  3. Use tech, streamline, connect and improve the entire customer experience. We no longer live in\u00e2\u20ac\u00afa\u00e2\u20ac\u00afworld where travelers should be dealing with multiple companies which don\u00e2\u20ac\u2122t interact with one another when purchasing a policy, trying to file a claim or getting 24\/7 emergency travel and medical assistance help.<\/li>\n<\/ol>\n","protected":false},"featured_media":0,"parent":0,"menu_order":0,"template":"","press-release-category":[],"press-release-tag":[180],"class_list":["post-26528","press-releases","type-press-releases","status-publish","hentry","press-release-tag-180"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/press-releases\/26528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/press-releases"}],"about":[{"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/types\/press-releases"}],"wp:attachment":[{"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/media?parent=26528"}],"wp:term":[{"taxonomy":"press-release-category","embeddable":true,"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/press-release-category?post=26528"},{"taxonomy":"press-release-tag","embeddable":true,"href":"https:\/\/rebrand2.bfstagesite.com\/en-gb\/wp-json\/wp\/v2\/press-release-tag?post=26528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}