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By Jeremy Mercheland
Guest columnist
Generations of generations have described travel, inventing and renewing trends, great destinations, attractions, and more. We’ve seen how human adventure has improved in so many ways, from ancient family travel to solo travel and international travelers to road trip enthusiasts.
Internally, we have also witnessed the change for travel insurance providers. This is largely due to the rapid development of technology around the world, as well as the diversity of product offerings and attention to consumer awareness. The Travel Insurance Market Considering the increase in consumer spending from $ 1.3 billion in 2006 to $ 3.8 billion in 2019, the overall growth in the industry is expected to continue in the same direction.
Little did we know, then, that the implications of the coming epidemic would be both challenging and encouraging.
As I reflect on these countless changes, I am moved to consider a number of “whatever” issues that, as we know, can disrupt or damage the travel industry. There were a lot of questions I asked myself; However, I understand that the four key factors are beyond my comprehension, as their impact will particularly affect the travel industry.
What if the outbreak does not occur?
This “if only” was devastating because the plague had affected the world in so many ways. In terms of travel conditions, the whole industry has come to a standstill, and consumers and sellers have found themselves in different financial states. As a result of the epidemic, consumers lost very little money to travel plans.
The risk of disruption was always high and affected some travelers, but many did not anticipate the cancellation, changes, and interruptions. Now, travelers ask, “What if I get sick or injured while traveling?” They are finding themselves in that situation. And be aware of the dangers of being in that situation without proper coverage. There was a section of travelers who did not even realize the existence of travel medical coverage; However, the outbreak has raised awareness that it does not provide consumer awareness and, in particular, coverage for those in need of local health insurance.
Over the past two years, I have met many people who have come to me for guidance on their next trip, as they have never purchased travel insurance before. These contacts were made with one of my friends, relatives, and one of my daughter’s teachers. Individuals who have lived and been in contact with an executive for years in this industry have finally realized the importance of this coverage.
Without the outbreak, this increase in consumer awareness would not have been possible in a short period of time.
On the plus side, what if something similar and / or unexpected happens?
Although the epidemic may seem far-fetched, it is important to consider how the industry will react to the new trend. Kovid-19 has been gaining traction in every generation, especially for younger generations. Current travel tips and suggestions for the industry may remain together for years to come.
In the case of Seven Corners, we have seen a huge increase in purchases of Baby Boomer and Millennium, mainly due to the need for travel medical insurance and termination or cancellation coverage. Regardless of the time of the trip, I think it will have a huge impact on the future of the trip for consumers who are aware of the cost of investing.
In terms of company operations, the epidemic has forced companies across the industry to build strong preparedness and disaster response plans. We experienced the first shock and confusion about drastic change; Therefore, our future answers to our problems will be based on what we have learned from this experience.
What if we are on the brink of recession?
Inflation severely affects travel insurance, which in turn affects both dominoes and consumers. Travel protection products are priced based on travel costs; So as travel costs increase, so does the cost of insurance for consumers.
In addition, insurance providers must increase the compensation of assets in their company from sales to customer service claims, which increases the cost. This permeates all the industries associated with travel. For example, hospitals and medical providers that provide insurance to those who qualify are now charging more, increasing the cost of claims and causing balanced changes.
No company is free from the effects of global inflation, and the travel industry is a concern. This is one of the many reasons why companies like Seven Corners are focusing on improving processes and incorporating advanced technology, as they increase efficiency and help offset some travel costs.
For now, we are closely monitoring macroeconomic trends and preparing long-term forecasts for sales.
What if we could completely correct the difference between the consumer and the travel insurance provider?
Companies need to implement broader improvements as they prioritize their relationships with customers. Increased flexibility, the expansion of “non-insurance services” and the improvement of travel insurance products are just beginning.
Many travelers are now buying insurance, and insurers need to compensate for that increase by investing in technology and support teams to lead the best customer experience after each sale. Closing the gap and prioritizing customer engagement means making consumers more user-centered by educating consumers on supply and simplifying policy language.
Paper movement also needs to be addressed during the claim process because complex language and excessive number of forms customer complaints must be handled in time-consuming human interactions. Improving the claim process provides a more positive experience and maintains a loyal customer base that you have worked hard to build.
Investments have been made in seven corners, additional support and customer support staff. We have invested heavily in technology that encourages multi-channel communication with our customers. This includes our well-rounded mobile app, SMS / Text, WhatsApp and Sven, our chatbot 24/7 policy questions and support.
These are just a few of the many internal and external changes we have made, and I am in a unique position to work on future thinking and seek skills that will enhance travel experience. With each new trend or obstacle coming our way, our main focus remains the same – connecting with the customer and providing the best possible service.
A.D. In 2018, Jeremy Murkland was appointed vice president of sales for seven corners in January 2020. Here, he is responsible for leading the implementation of the Seven Corners strategic plan and managing day-to-day operations.
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