INNOVATE THIS 2024 Unwrapped – Travel industry partnerships in the digital age

Moderator: Peter Altmann
Panellists: Joyce Segall, Pattern; Kishore Suppiah, Malaysia Airlines; Russell Corbould-Warren, Cover Genius

According to a 2023 study by Accenture, when asked how they planned to spend their money, consumers ranked travel as their top priority – suggesting an industry that’s not just recovering but growing.

Following this opener, the fireside chat quickly moved into a lively discussion about the future of travel insurance, exploring how data, digital innovation, and rising expectations for personalisation are reshaping the space. Despite ongoing economic pressures, the resilience of the travel industry provides a strong platform for insurance providers to innovate.

While travellers are willing to spend time researching flights and accommodation, when it comes to insurance, they expect a simple, seamless experience. Too many choices at checkout can create friction, so trust, clarity, and integration are key to building confidence and driving conversions.

As travellers expect more flexible coverage tailored to their needs, the focus is shifting toward offerings like location-based prompts or modular insurance for activities like skiing. But for these options to be effective, insurers need to build strong data-sharing partnerships. This allows both distributors and insurers to collaborate while ensuring the customer experience remains seamless.

The future of travel insurance, then, lies in leveraging data to provide highly personalised insurance products. By understanding a traveller’s history, preferences, and real-time trip details, insurers can move beyond a one-size-fits-all approach to offering tailored coverage that meets individual needs, from winter sports insurance to business-to-leisure extensions.

The panel stressed that the future of travel insurance also lies in in creating products that integrate seamlessly into the traveller’s journey, offering not just protection but peace of mind.

Selling travel insurance should focus on creating an emotional connection with customers. Instead of just highlighting potential risks, insurance should be framed as a way to provide peace of mind and enhance the travel experience, especially for leisure trips. The goal is to tap into the emotions travellers feel before embarking on a long-awaited and costly trip, making them feel secure and protected throughout their journey.