The new algorithm aims to make it easier for customers to find the right plan and help them make good decisions about travel insurance that aren’t based solely on price. The site developers have also tried to point out common misunderstandings about insurance to customers and explained in layman’s terms why insurance policies that are right for one customer may not be right for another: “Many insurance plans provide similar coverage, but their price structure varies relative to the traveller’s age and trip cost. In the other words, if Plan ‘A’ is the best choice for a 25-year-old with a trip cost of US$2,000, it does not mean it would also be the best for a 35-year-old with a trip cost of $1,500. Some plans insure children free of charge if they travel with adults. And, again, different plans have different age guidelines. Our smart algorithm takes all that into account and always picks the best choice for your travel, even when you customise the selection by using our online tools.”
The company developed an algorithm that can offer recommendations to travellers about the best travel insurance for their specific trip based on information provided by the customer. It has partnerships with insurance providers that will allow customers to create a side-by-side comparisons so they can differentiate between the products available and choose the best one for them.
So far, so standard, for travel insurance comparison sites. However, in this case, the company has pared the process down to just three steps, which should encourage customers who are put off by filling in page after page of online forms about their trip and personal information. It can also filter the results by the specific benefits a traveller is looking for, such as emergency medical, financial default, and rental car coverage – which is certainly a boon in current times, if a traveller wanted to be sure that the plans they were looking for would offer Covid-19 coverage, for instance.
ITIJ fully supports any company that encourages the simple and straightforward purchase of travel insurance, and the plain language used on the Travel Insurance Masters website is certainly great to see. Appealing to customers with an easy purchase process should also help those who could be put off by multiple pages of form-filling – another positive move by the industry.