Using innovation to win back the trust of travelers
The travel industry is no stranger to volatility. From volcanic eruptions to political upheavals, global change can happen in the blink of an eye and leave travel companies scrambling to adjust to new realities. During these times of crises, consumer confidence erodes quickly. As risks associated with travel become headline news and nightmare customer experience stories get shared online, travelers become naturally skittish.
The recent COVID-19 pandemic has shown us that the bookings that do occur during times of crises are seldom without the presence of protection products. Travel companies that are able to offer peace of mind through insurance have seen a huge increase in attach rates as customers are on the lookout for protection that can cover them in all possible situations. The ability to provide safety through customized insurance products has become integral in capturing bookings and rebuilding consumer trust.
At Cover Genius, we recognize the key role that innovation has to play in the recovery of the travel industry. Customers are no longer considering travel unless the risk is removed through custom protection for any and all of their concerns. They require tailored policies for a wide range of scenarios and the ability to pick and choose what suits them. This is where insurtech can make a breakthrough in customer loyalty. We’ve mobilized to engineer a product set for our partners that addresses concerns their customers have while at the same time removing obstacles from their purchase pathway.
One way we’ve done this is through increasing the convenience of medical access. The prospect of trying to find a healthcare professional to provide swift prognosis in a foreign country is far from an ideal thought. With this in mind, we built Global Doctor; a service that gives travelers 24/7 instant access to a medical professional in their native language. Travelers have the benefit of easily accessed medical advice to help alleviate their concerns of booking a trip to a country where they don’t speak the language or the lay of the land.
Another area of focus for us has been creating a completely frictionless claims system. Delays are an undeniable risk of flying and can cause unimaginable stress. A flight delay can turn a trip from a highly anticipated holiday to a logistical nightmare. Smart Delay aims to solve this by automating claims using flight tracking technology. As soon as a customer’s flight changes to delayed, a claim is instantly made and paid out, without the need to manually submit a claim and wait for processing.
With uncertainty looming over the travel industry and warnings of airlines at risk of going under in global news, travel seems like a risky investment at the minute. Our first to market Airline Collapse Cover offers reassurance that should an airline carrier declare bankruptcy, customers won’t be left in the dark. We ensure that a customer can receive a refund for their booking, even if the airline no longer exists. This level of protection is instrumental in addressing some of the biggest concerns travelers face today and swaying them towards associating travel with safety again.
Insurtechs such as Cover Genius are innovating to deliver products that create a seamless experience and build trust. By partnering with us, you will gain the capability to respond quickly to challenges and continually adapt to what customers need to feel peace of mind.