Throughout 2013, travelers around the world endured multiple barriers to their travel plans. Political unrest and economic turmoil left some stuck abroad unable to return home. Many were trapped at sea due to mechanical issues onboard their vessels. Natural disasters pressed further disruptions upon travelers in the form of typhoons, earthquakes and snowstorms. However, requiring emergency medical treatment while abroad often has the most impact on Americans traveling outside the US.
The mess is normally left for travel insurance and health insurance providers to clean up.
“No form of travel is without risk.” Stresses Alan Josephs, chief marketing officer, Allianz Global Assistance USA. “Whether it's cruise ship breakdowns or large events such as fires, floods or earthquakes that may disrupt plans, no one can guarantee a trouble-free trip. In an increasingly risky world, trip insurance gives travelers the confidence to travel.”
While many travel insurance providers were happy to be of service to their members and covered individuals, the demographics of their consumers across 2013 can help them prepare for what to expect in 2014.
Forecasting Travel Insurance Trends in 2014
After taking a closer look at the average travel insurance purchaser, many travel insurance providers should consider addressing these key issues next year.
More Creative and Inexpensive Insurance Options
Insurance providers should reconsider the variety of plans they offer and how they can accommodate the demands of a new generation of travelers.
Enhanced Focus on Government Legislation or Improved Regulations
As healthcare and travel industries undergo reform worldwide, insurance providers will be key in educating their members and covered individuals about any changes that may affect their coverage.
More Robust Resources for Easier Sales
As the insurance industry embarks on an age of innovation, insurers should begin to reconsider how they provide access to policy information, prices and quotes, and other e-marketing tools for both consumers and brokers.
Increasing Value of Travel Assistance
Travel Assistance companies have become an insurers best friend. To learn more about how PayerFusion can assist your company with the provision of travel assistance click here.
The Rise of Medevac Options
Many insurers who offer travel insurance have begun to include medical evacuation services amongst their coverage. Learn how PayerFusion’s services can help incorporate these options into your current plan here.
Need to Educate Consumers About Policy Terms
The common travel insurance consumer lacks a full understanding of how travel insurance works and the options within their policy. Educating the consumer is key to ensuring a pleasurable trip for all of your members.
The Rise of Social Media for Insurance Content
Going social can help many travel insurance providers open lines of communications with their members, reposition themselves in comparison to competitors, and promote their services to a broader market.
Shifts in Length of Coverage & Costs
The travel insurance policy of yesteryear no longer meets the demands of the modern traveller. Consider shorter terms of coverage, cheaper costs, and flexible benefits that may be more attractive to travelers with unique travel plans.