Is smart technology use by travel insurers at a premium?

Is smart technology use by travel insurers at a premium?

Dec 22, 2017

Travel insurance providers need to improve their use of technology to impress today’s tech savvy Brits. That’s the conclusion reached by Aquarium Software, as online YouGov research commissioned by the travel insurance technologist reveals 56 percent of us want to see better websites and more platforms such as mobile apps, when handling our travel insurance claims.

The findings also show broad agreement across all age groups, male and female, with 23 percent of the over 55s agreeing strongly (56 percent net agree) versus just 19 percent of 18-24 year olds who strongly agree (55 percent net agree in this age group).

“The research confirms what most of us know, that all age groups have embraced smartphones and we now expect all companies, including travel insurance providers to do likewise,” said Aquarium Software Director, Mark Colonnese. “With home and car insurance bought on a mobile and the documents sent electronically, travel insurance is an obvious place where such solutions are of benefit, and it is what consumers expect.”

The latest Travel insurance apps mean policies can travel with the holidaymaker and technology allows insurers to process and authenticate claims quickly, thus acting as a powerful anti-fraud tool; while the consumer benefits from an improved customer journey; simplified small print; and lower premiums, but more importantly, instant help at their fingertips when they need it most.

“As 20 percent have never had travel insurance and 69 percent of those who have had travel insurance have never made a claim, the industry needs to demonstrate the value of the product and the latest tech allow us to do that,” added Colonnese. “Four out of five UK adults have a smartphone and apps are the future of engaging with both old and new customers. Technology is the great leveller, with ‘silver surfers’ just as responsive to technology that aids the insurance process as the iGeneration. This represents a great opportunity to deliver better value for consumers, and a better bottom line in the process,” Colonnese concluded.