The future of travel insurance

Our VP Strategic Partnerships – Travel, Peter Smith, was featured as a guest on the Insurtech Insider Podcast. In this episode, Peter discusses how the pandemic has changed the needs and expectations of customers when it comes to travel, specifically the need to include relevant COVID-19 protection products for our customers. He emphasizes the importance of working on new products in collaboration with partners to suit customer demand.

Ranked as the #1 fastest-growing company in APAC by the Financial Times, Cover Genius is the embedded insurance company that protects the global customers of the world’s largest digital companies including Booking Holdings, Intuit, eBay and Shopee.

Key Highlights

0:30 Introduction to Cover Genius and Peter Smith

2:36 What was the CG Experience during the pandemic, specifically in Travel?

4:30 Did you have to change your relationship with your clients, considering you’re a B2B company?

6:55 What have you seen across the industry more broadly? Do you think it’ll encourage other industries to move faster?

9:20 What does the future of travel insurance look like?

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Australian Resident policies are sold by Cover Genius Pty Ltd (Australian Business Number 43 159 983 598) in its capacity as an AFS Licensee, No 490058 and underwritten by Assetinsure Pty Limited (ABN 65 066 463 803, AFSL 488 403) or Pacific International Insurance Pty Limited (ABN 83 169 311 193). Cover Genius does not act as your agent: this advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire the product, please read the PDS & FSG contained in your quote. If you purchase a policy from Cover Genius, the company receives a commission which is a percentage of your premium – ask us for details. Cover Genius is bound by the General Insurance Code of Practice and Family Violence Policy.

American insurance policies are sold by Cover Genius Insurance Services, LLC, a Delaware limited liability company, 27 E 28th Street, New York, NY 10016. Its license information is available here. Cover Genius Insurance Services, LLC receives compensation from its underwriting partners. Coverages may vary and not all coverage is available in all jurisdictions. Insurance coverages are subject to the terms, limitations and exclusions in the applicable policy.

American warranty products are sold by Cover Genius Warranty Services, LLC, a Delaware limited liability company, 27 E 28th Street, New York, NY 10016.

Cover Genius Ltd. is authorised and regulated by the Financial Conduct Authority. Firm No. 750711, Registered Office: 4 Ravey Street, London EC2A 4QP, United Kingdom, incorporated in England & Wales. Company Registration Number: 09408621.

Cover Genius Europe, B.V. is authorised and regulated by the Dutch Authority for the Financial Markets [Autoriteit Financiële Markten] as an insurance intermediary, licence number 12046177. KvK number 73237426. This website uses cookies. By continuing to use this website you are giving consent to cookies being used. For information on cookies and how you can disable them visit our Privacy Policy.

† Cost savings are based on a comparison of all Cover Genius shipping protection versus published carrier rates for Fedex, UPS, DHL, USPS, UPS, Old Dominion, DHL, XPO Logistics, Estes Express Lines, YRC and TForce Freight as at June 27, 2022. Time savings are based on average resolution times (i.e. the duration from initial filing to completed payment) for all XCover shipping protection claims as at May 31, 2022 (sample size = 868) compared with the industry average time including payment settlement (min. 6 days) and period to acknowledge a filed claim.

‡ The score includes any type of claim and claim outcome across our partner network except for those partners with less than 30 claims and those not assessed by Cover Genius. Inquiry statistics are derived from an internal analysis of 1,355 random XCover support inquiries from December 2022, of which 1,258 (93%) had not activated their XCover account and 97 (7%) had.

‡ Conversion statistics are from a wide-ranging digital retail study conducted by an XCover partner that measured XCover’s impact on core conversion rates using a randomized split test of +70,000 visits over 20 days and finding an 8% increase in core conversions, and are further supported by the experience of an XCover ticketing and travel partner who reported a 20% increase in core conversion.