Survey finds strong interest in purchasing travel insurance
A recent analysis of Allianz Partners USA customers revealed that 84 per cent of customers surveyed are likely to repurchase travel insurance in the future
The travel insurer surveyed a segment of their retail channel customer base about purchasing behaviour, travel concerns, what they look for in a travel insurance policy, as well as the most typically booked reservations when working with a travel advisor.
According to the survey, the top three travel concerns include flight cancellation, delay or missed connection (55 per cent), a pandemic like Covid-19 impacting travel plans (43 per cent) and needing medical attention during a trip (32 per cent). When asked what benefits customers would like to see in their travel insurance plan, the top responses included trip cancellation due to sick/injured family member or self (65 per cent), trip cancellation due to an epidemic (57 per cent) and medical emergency payment (42 per cent).
Customers choose travel insurance by recommendation
While 45 per cent of respondents had purchased travel insurance previously, 48 per cent of respondents were first time purchasers of travel insurance, according to the survey, which also noted that when offered travel insurance plans from multiple providers, recommendations from travel agents, friends and family proved to be the most influential reason customers chose Allianz over other insurance providers, followed by a prior positive experience, an affordable price, and robust benefits.
The survey also revealed insight into how customers would prefer to receive policy information prior to purchasing a plan in the future and what they consider to be the most important services in a travel insurance mobile app. In the future, the top format is digital, with only five per cent of respondents noting they would want print brochures. Filing a claim, viewing policy information, and locating hospitals or other assistance were the most important services customers look for in a travel insurance app.
Meanwhile, Simon Kucher and Partners shared the results of a survey that has led the company to predict an explosion in demand for travel insurance.