Transfer Travel’s seamless salvage offering

Claims inflation is consistently rising, putting pressure on insurers to explore technology-led innovations to recover costs. How can Transfer Travel’s unique offering and experience help relieve the pressure?

With 20–30% of standard travel insurance claims and 100% of US market TripCan policy claims tied to the cancellation of non-refundable travel arrangements, reclaiming salvage rights on eligible transferable travel presents a major opportunity for travel insurers. It helps reduce costs, contain premiums, and provides good consumer outcomes.

Traditionally, when a travel insurance customer makes a cancellation, TripCan or CFAR claim, they receive payment from the travel insurer but the travel company simply go on to re-sell the same booking with no return to the insurer. Unlike the motor industry, where insurers recover salvage when a car is written off, travel insurers have missed out on salvage from cancellations – until now – thanks to Transfer Travel.

Transfer Travel is unique in its ability to work with travel insurers, delivering a seamless salvage and recovery solution with easy implementation into business and claims processes. As an international, online peer-topeer marketplace, Transfer Travel facilitates the easy resale of non-refundable travel arrangements, allowing insurers to claim salvage rights. With around 80% of travel arrangements transferable, insurers benefit from the resale of packages, flights, accommodation, cruises, vouchers, and more.

What trends have you seen in the UK’s travel market that have focused your attention on cancellation claims as a potential avenue for improved cost recovery?

Travel insurers must innovate to keep up as market pressures increase and customer expectations are changing, or they risk being left behind. This is why many are adopting new technologies to improve rates and service while controlling claims costs. For the past 30 years, travel insurers have struggled and failed to obtain salvage from cancellation claims due to a lack of technology, process, and mobile adoption. Most importantly, they lacked Transfer Travel’s ‘peer-to-peer’ marketplace of ready buyers awaiting discounted, transferable travel. This sustainable practice recycles travel arrangements, much like clothing resale.

Since 2016, Transfer Travel has successfully transferred over £10m in travel arrangements. With the support of CSC Global Partners, we’re now helping travel insurers and their customers too, and we’re excited to launch with our first UK insurer soon and more to follow, with positive ongoing discussions with the US TripCan marketplace.

How does the process integrate with a cancellation claim and the claims handler?

The integration into the cancellation claims process is quick and straightforward with minor adjustments to claim forms and procedures. Transfer Travel provides a full onboarding process and offers various integration options based on volume and technology. We are also working to integrate with leading claims platforms for a seamless experience for customers, insurers, and claims handlers.

In some cases, to incentivise the customer, travel insurers are exploring waiving the deductible/excess if the customer agrees to have Transfer Travel list and resell their travel arrangement. Others are looking at making it a policy claims condition that transferable arrangements must be assigned.

We provide a process and checklist to identify the 80% of eligible travel arrangements for resale. TransferTravel.com is promoted to both insurers and customers to incentivise participation. Our team checks and lists the inventory on our marketplace, optimising discounts to maximise sales before expiration. We handle all checks, name changes, promotion of listings and the full sales process, delivering salvage income back to the insurer.

Are there any other benefits that TransferTravel can provide to the insurance industry?

Yes several – this can be offered as a goodwill gesture for ineligible or declined cancellation claims, as the insurer can direct customers to Transfer Travel to resell their travel and help recoup their costs. Additionally, offering Transfer Travel discount codes as a perk can help policyholders save money and encourage them to purchase listed inventory.