Adapting travel insurance to modern challenges

Sid Mouncey, CEO of Blink Parametric, shares insights on how global events bring challenges to insurers and place an onus on the industry to deliver customer support aligned with international best practices. 

Adapting to a new era in travel insurance

In recent years, the travel insurance industry has faced unprecedented challenges, highlighting the need for a significant shift in claims management. The COVID-19 pandemic was a catalyst for change, pushing the industry to enhance resilience and align with evolving customer expectations. As global events continue to shape the landscape, insurers must adapt quickly to maintain trust and deliver effective support.

The travel insurance sector has experienced a surge in high-frequency, low-value claims. Events such as extreme weather, technical failures, and global disruptions have intensified the demand for agile and responsive solutions. This environment has exposed weaknesses in traditional claims processing, underscoring the need for first-responder-style assistance and real-time management.

Embracing real-time solutions for enhanced customer support

Insurers are grappling with several challenges. They face an unpredictable travel environment, increased volumes of customer inquiries, and a dependence on overstretched claims assessors and customer service teams. These issues lead to longer wait times and increased negative feedback, harming brand loyalty and trust.

To address these challenges, insurers must prioritise strategic advantage, operational efficiency, and enhanced brand reputation. By leveraging data and mobile technology, they can offer personalized and innovative customer experiences. Automated solutions and self-service options help alleviate the burden on customer service teams and streamline claims management.

In an interconnected world, travel insurers must be prepared to handle thousands of claims per hour. Optimising customer engagement through direct and efficient access to support can improve outcomes and support a more resilient and responsive industry.

Image: Provided by Fuller Marketing.

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