Tourism boom in 2023, but without travel insurance

Sasha Gainullin, CEO of travel insurance provider battleface, spoke onstage today at the US Travel Insurance Association's 2023 Annual Conference in Las Vegas:  

"While many companies in the travel industry have accelerated their digitization and continue to look for new ways to transform the customer experience, the travel insurance industry is unfortunately being left behind. Many travelers are experiencing the stark difference between the check-in process travel booking now seamless and personalized, and the unchanged and inflexible world of pre-packaged travel insurance."  

"Unless we move away from the 'like it or don't like it, one size fits all' approach, conversion rates will continue to drop along with satisfaction rates from travelers frustrated at not being able to identify products that fit their needs or dissatisfied for painful claims processing processes that haven't changed in decades. 

During the panel discussion, titled "Insure Tech Trends: How Technology Improves the Customer Experience", Sasha explained that today, more than 90% of travelers reject the offer of an insurance policy on the main travel websites. travel reservations (despite the fact that many of them already include insurance).

In addition, he went on to explain how, following a disaggregated approach to insurance, in the US alone there are about 50 different modules of insurance products that can be sold individually or in combination, for example, travel medical insurance, trip cancellation, vacation rental damage, trip interruption and many other unique benefits. Using API-based technology and A/B testing, companies could continue to create policies based on travel types, destinations, activities, and the actual needs of travelers.  

The CEO of the global full-stack company went on to draw from his own track record and experience - creating highly personalized travel insurance products for sale through both direct and partner channels - to outline three steps that insurance providers Travel insurance should be implemented as soon as possible to avoid becoming irrelevant:  

1. Unbundle the entire product to offer greater flexibility and customization options, while making it relevant to the markets of distribution partners and their customers. 
2. Maintain the relevance of products and services for today's travelers. Prioritize A/B testing to determine exactly how to increase user engagement, reduce bounce rates, increase conversion, and based on the data, reinvest back into products.
3. Using technology, streamlining, connecting and improving the entire customer experience. We no longer live in a world where travelers must deal with multiple companies that do not interact with each other when purchasing a policy, filing a claim, or obtaining 24/7 emergency travel and medical assistance. of the week.