Interview: Andy Mirams, Head of Products and Insights at nib Travel
Michelle Royle spoke with Andy Mirams, Head of Products and Insights at nib Travel, about global industry challenges and what’s next for the business
You have been with nib Travel for over four years, but Head of Products and Insights for almost a year. Tell us what your role involves.
My primary responsibility is to oversee our travel insurance products, from global underwriting agreements to product design, pricing, actuarial services, and customer research. It’s a multifaceted role that requires a blend of leadership, analytical rigour, commercial acumen, and creative problem-solving skills, all of which I find deeply fulfilling.
One of the things I love most about this role is the constant learning and adaptation it demands. The travel industry is incredibly fast-paced – it’s a continual race to stay ahead, and I find that invigorating.
Another rewarding aspect is seeing the real difference our products make in people’s lives. Travel insurance exists to enable people to do something they love: travel safely and make memorable moments. Our travellers end up in all manner of situations – from a lost passport to decompression sickness, to a cardiac episode on a cruise ship – absolutely anything can happen, anywhere. We provide support and peace of mind 24/7 and it’s very satisfying to see that impact firsthand.
I feel incredibly grateful that my role allows me to pursue my passions of travel and actuarial science while making such a meaningful impact. I’ve worked in several types of insurance during my career and I can say without doubt that travel insurance is my favourite.
What are the biggest challenges you think the industry has had to face over the last few years?
The Covid-19 pandemic was probably the biggest challenge the industry has ever had to face. In Australia, international borders closed completely for an extended time and even internal borders were closed at times. Every aspect of our industry was impacted as we scaled down and then up again with the rebound in travel.
At nib Travel we worked hard to come out of the pandemic in a strong position. In my area, we focused on ensuring our products were fit for purpose, given the increased awareness and demand for travel insurance. We were proud to be one of the first insurers to launch specific Covid-19 cover, which we were able to maintain even during major infection peaks.
Another ongoing challenge is keeping up with rapidly changing consumer and regulatory expectations. Customers demand more personalised and flexible coverage options that cater to their specific travel needs and preferences. They also expect seamless digital experiences, quick claim processing, and transparent communication. Regulators are increasingly focusing on consumer protection through fair and transparent products. Additionally, there’s a growing emphasis on sustainability and social responsibility within the industry. Insurers continually have to adapt though innovative products and services.
The use of machine learning and artificial intelligence (AI) has become increasingly important for the industry. How are nib, and your sister companies, using it to benefit customers and your own business?
The transformative potential of AI across all sectors, including ours, is undeniable. These technologies are pivotal in enhancing both customer experiences and our own business operations – we really are at a turning point. While we are in the early stages of adoption, the potential applications are vast and promising.
One where we have seen success is fraud detection, with algorithms that analyse patterns and anomalies to identify suspicious activities. There are numerous other applications, ranging from enhanced risk-rating in pricing, to personalised product choice, website optimisation, tailored marketing content and anticipating traveller destinations and times. Whatever the use, it is critical to ensure that models and outcomes are free of bias and do not discriminate.
As we continue to explore and harness the power of AI, we anticipate further advancements that will drive innovation and efficiency, benefiting both our customers and our business operations.
With the rise of digital nomads and expats, how have your policies had to adapt?
Our products provide cover that caters to the needs of digital nomads, recognising the changing needs of our customers who often blend business and leisure – I’ve undertaken several ‘bleisure’ trips recently myself.
We understand that everyone’s plans are different and offer flexible coverage that can be tailored to the individual. Recognising the importance of digital devices, we provide coverage for gadgets and electronics, including laptops, smartphones, cameras, and other vital equipment crucial for communication and work – some of our products even cover drones!
We also know that travel plans can change and many of our products offer on-trip purchase so you don’t need to know your whole itinerary before travelling. Of course, 24/7 emergency assistance is available, offering support for medical emergencies and navigating foreign healthcare systems, whether for work or leisure.
You have customers all over the world. How difficult is it to operate so successfully globally?
Operating globally presents both challenges and opportunities – our customers come from many countries and can travel almost anywhere. We have a presence in the US, Ireland, and the UK, and our culture is one of collaboration to keep up with regional trends and preferences. Our teams also work across multiple regions, allowing us to cross-pollinate ideas and tailor our product, marketing and services by region.
Continuous analysis of global data helps us identify changes in behaviours, anticipate traveller needs and adapt. We also collaborate with leading underwriters across the globe to ensure that we offer best-in-class coverage that leverages local expertise and insights.
Lastly, personal travel experience plays a crucial role in understanding traveller needs firsthand. Many of our team – myself included – are avid travellers and love to experience new cultures. By continually living the experience of our customers, we can design products that resonate, regardless of location. While there are regional differences in travel insurance, the product always exists to improve the travel experience and offer peace of mind – that’s something that is universal.
How have the geopolitical challenges of recent years, such
as the Covid-19 pandemic and conflict around the world, affected how you operate – if at all?
The challenges of recent years, notably the pandemic and global conflicts, have impacted our industry significantly. The competitive landscape has shifted; some competitors have exited the market while others are starting to enter or expand their geographies.
The pandemic altered global underwriting appetite, requiring adjustments to coverage and pricing. Inflationary pressures have been another challenge, particularly in global medical costs such as air ambulance services, where prices are significantly higher than before Covid-19.
These factors underscore the need for agility and innovation – you can’t sit still while these things happen around you; you have to adapt with digital solutions. There is a silver lining, though – increasing global uncertainty also serves to create increased awareness of the need for travel insurance. I think this is front of mind for many of our travellers and we have seen record demand for our products.
What’s next for nib?
I’m excited about the future at nib; we’ve got no shortage of initiatives to improve our traveller experiences. Our focus is on delivering best-in-class products and digital experiences, from pre-purchase through to claim time, ensuring seamless customer journeys. We have ambitious plans to expand two of our key brands, nib and World Nomads, tapping into new segments within our key markets.
We see big potential in leveraging capabilities that the nib Group is developing to move from being a payer of claims to a true partner in health and wellbeing. As well as offering comprehensive protection when something goes wrong, we want to be able to enhance wellbeing throughout the travel experience, including before any mishap. Challenging the status quo is in our DNA at nib; I’m excited about what the future has to offer.