Speaking onstage this week at the 2023 United States Travel Insurance Association (USTIA) Annual Conference in Las Vegas, Sasha Gainullin, chief executive of travel insurance provider battleface, told the audience:
“While many companies in the travel industry have accelerated their digitization and continue to seek new ways to transform the customer experience, unfortunately the travel insurance industry has not received this memo and is lagging behind.
“Many travelers experience the stark difference between the now transparent and personalized travel booking process, and the unchanged and inflexible world of pre-packaged travel insurance.
“Unless we abandon the ‘like-it-or-lump-it’, one-size-fits-all approach, conversion rates will continue to drop, as will satisfaction ratings from travelers frustrated at not being able to identify products relevant to their needs or dissatisfied with painful claims have been experiencing unchanged processes for decades.
During the panel discussion – which was titled “Securing Tech Trends: How Technology Improves Customer Experience” – Gainullin went on to explain that currently more than 90% of travelers decline the offer. of an insurance policy on major travel booking websites (despite many players having built-in insurance at this stage).
In the United States alone, there are approximately 50 different modules of insurance products that can be sold individually or combined, for example Travel Medical, Trip Cancellation, Vacation Rental Damage, Trip Interruption and many other unique benefits. Using API-driven technology and A/B testing, companies could continue to craft policies based on travelers’ travel types, destinations, activities, and actual needs.
At the event, Gainullin spoke from his own background and experience – on creating highly personalized travel insurance products to sell in direct and partner channels – to outline the three steps that travel insurance providers should implement as soon as possible to avoid becoming unnecessary:
Unbundle the entire product to provide greater flexibility and customization options, while making it relevant to Channel Partner markets and their customers.
Keep products and services relevant to today’s travelers. Prioritize A/B testing to determine exactly how to increase user engagement, reduce bounce rates, increase conversion and, based on data, reinvest in products.
Use technology to streamline, connect and improve the entire customer experience.
We no longer live in a world where travelers have to deal with multiple companies that don’t interact with each other when buying a policy, trying to file a claim, or getting insurance. 24/7 emergency medical and travel assistance.