“the Evolution Of Travel Insurance Coverage Across Europe”

“the Evolution Of Travel Insurance Coverage Across Europe” – In many ways, the digital revolution taking place in the insurance world mirrors the banking revolution of the late 1990s, when I was working as part of the online banking team at a major bank. At the time, it was unusual for new customers to pay someone digitally, check inventory, and communicate with companies via email and online messaging. Instead, we’ll use the phone to make a call or schedule a bank visit to do these things. Today, using online banking to access the same services – and many more – is as common as brushing your teeth in the morning.

While financial institutions are at the forefront of technology integration development, the same trend in the insurance industry is moving slowly. After the advent of mobile phones in the mid-2000s, it is now clear that there are “apps for it” in almost every sector of business. However, when it comes to international health and travel insurance, the process of choosing and purchasing a policy, the responsiveness, the long process, the unlimited number of features and benefits that consumers often perceive as a step back in time.

“the Evolution Of Travel Insurance Coverage Across Europe”

In 2021, we will see the insurance industry integrate efficient systems and fax machines for consumers who use their devices as trusted assistants. “The real challenge is bridging the gap between consumers/insureds and insurers/providers. The insurtech model is a natural marketing model that provides quick and efficient access to insurance products,” said Alan Koski, president and chief innovation officer of Nomads Insurance. and services from anywhere – or remotely. Especially when those products and services are brought into the environment. As they are enabled through advanced tools such as artificial intelligence, geolocation, APIs (API), instant messaging and user interface, the digital network has become.”

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In this instance, resources such as geographic location become a risk mitigation tool for policyholders, enabling, for example, better assistance and better service in the event of an accident, accident or medical emergency. These resources can also optimize additional offers and improve if the customer’s geographic location changes. In a data-driven world, wearable technology can provide location and behavioral information to help streamline the claims process – a welcome change for consumers and regulators alike. Likewise, AI-based fraud control and cost containment are increasingly seen as important uses of technology by insurance companies at the forefront of this movement.

Additionally, advances in low-code or no-code technology bring the ability to introduce new features and integrations. Two examples of technology companies in the insurance space that are helping operators with digital transformation are Kasko (Europe and North America) led by Nick Sühr and Covergo (Asia) led by Tomas Holub. As Thomas said recently: “Insurtechs can greatly contribute to product innovation and distribution, which helps insurers find new business and customers interested in products and services. In our case, we are helping insurance companies We provide solutions to automate and customize our products and processes.As an insurtech software company.

When this integration happens, it’s important to focus on the benefits, not the technology itself. At the Juvo Innovation Lab, run by Nomad Insured, at the center of redesigning and delivering benefits to mobile companies around the world, I often point to a focus on technology like talking about car tires, not the car itself. . Tires are an important part of getting the car to its destination and are useless if they are not used alone. Technology is an important part of the process, just like the tires on a car. But it’s the combination of engines, transmissions, instrumentation and fuel that creates the magnetism.

As part of this evolution, our customers have also shown us that they expect more from insurance than financial support in the event of illness or injury. So it makes sense to offer a range of non-insured items that can be expanded to meet the needs of other insureds. This can range from easy access to policy documents, information on visa, tax, customs and security sites, to geo-IP tracking for on-site response, protection, telemedicine and welfare – working both online and offline. he does.

Schengen Travel Insurance

New employees have already faced the lack of life limits for common insurance plans, but the benefits have been limited. That is until the current pandemic shook the world, which made things like fast and smooth refunds, reliable online shopping, good customer service, and quick refund and payment methods standard elements in the service industry. Connecting legitimate cardholders with recovery tools is easy to find, convenient to their new location, and can be done without delay (compared to sending a paper check to their home address from then on) is a change that all insurers hope to see. are its implementation.

I strongly believe that people make decisions about the people they interact with based on three things: understanding, appreciation and trust.

In the technology insurance sector, it takes a lot of effort to adapt the system to provide the people base, confidence and reliability of technical know-how for our clients. As Nikolaus Suhr said at Kasko well: “Insurance is a little different from other financial products. It’s about trust and appreciating how hard people work to earn that trust. That’s why we see many insurers moving away from the model. B2B2X or insurance integration will follow as part of their proposition as they use their existing trust to provide cost-effective services.This is enough considering the market growth to US$ 3 million by 2030.

Although our customers are researching and making decisions that are no longer based solely on the advice of business experts, but on product performance and design, they often think the benefits will be easy to access. As with any industry, there will be providers who cater to the status quo, as well as providers who are leading the way, offering services that may be more desirable. Let’s move forward beyond PDF (first used in 1993), fax (used since 1955), and beyond mobile phones (2008) to new systems to better serve patients. We offer travelers and foreigners. As an industry that invests in the well-being of its customers, it’s time to move a few steps ahead of our customers, invest in innovation properly.

Travel Insurance: Cost Is Important, But It’s Only One Part Of The Equation

Andrew Jernigan is the CEO of Insured Nomads, an international insurance and benefits company. As a leader in global health and safety protection, he has led the way in integrating insurance design and the technical programs that can become members of it. Andrew is passionate about protecting people who cross borders as a way of life. Weather is often a factor that determines many of our choices. When it comes to travel insurance, there are other important factors to consider. First, the relaxation you need while on vacation with your loved ones is something we take for granted. For this reason, for travel insurance, your travel needs and insurance details should be more than the price.

Here are some things to look out for when buying travel insurance, as well as professional advice on how to make sure you and your loved ones are best protected against unexpected travel losses.

Traveling is fun and excitement, whether with friends or loved ones. But that will change if you get sick on the trip, and that’s not normal.

For reasons such as jet lag, food or air travel, you may get sick while traveling. It is unlikely that you will be in a worse situation such as having an accident, being bitten by a poisonous insect, or accidentally landing a fish in Sammy. Not only will you spend your trip to the hospital, but you will also incur more medical expenses, especially if you are abroad.

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That’s why one of the reasons to buy travel insurance is to protect yourself from bad situations like this, such as missing a vacation and paying unnecessary medical bills.

Top tip: Always check if your travel insurance covers overseas expenses. Some travel insurance policies allow you to claim for medical expenses incurred shortly after returning to Singapore.

Starting November 6, 2021, new TravelerShield Plus customers (including your unvaccinated children) will automatically be protected against COVID-19.