Allianz Partners recently held an event with the theme ‘Uncharted’, reflecting the emerging opportunities and uncertainties facing the insurance and assistance sector. The event featured leaders in the travel industry and other sectors, including Jeff Rosenblum, CEO of Questus advertising agency, and Tyler Brûlé, President and Editorial Director of Monocle.
The volume of travel is continuing to grow, and consumer interest in travel insurance is well above pre-pandemic levels. In Spain, travel insurance purchases increased by 50% in the first quarter of the year compared to the same period in 2022. Allianz Partners’ travel insurance division reported a global year-on-year increase of 80% and the best performance within the company’s lines of business.
There is a significant increase in customers’ expectations, including faster claims handling and quicker response times. The event also explored the need for greater efficiency and unique experiences, as well as technical innovations that provide more protection and benefits through the digital platform for travelers, Allyz.
While digital platforms are vital for the insurance industry, it is equally important to offer highly individualized services in complex and delicate situations, particularly in medical emergencies. Consumers are increasingly focused on sustainability, which goes beyond climate change. Despite the impact of the pandemic and recent changes in the global economy, sustainability remains a key priority for many travelers.
Joe Mason, Director of Marketing for Allianz Partners’ Travel Insurance division, highlighted that travelers want peace of mind to explore new destinations, activities, and services offered by their insurers. He underlined the importance of offering traditional insurance products and enhanced services to make travelers feel safer and protected.
Andrés Sánchez-Cid, Travel Product and Innovation Manager of Allianz Partners in Spain, stated that “the results of the latest Global Travel Summit have served as a thermometer to know what the Travel sector has in store for us this year. We can no longer think in terms of long-term trends because changes are happening right now,» highlighting the importance of sustainability and reducing the cost of travel.
In conclusion, Sánchez-Cid suggested that the industry must continue to meet the needs of customers while focusing on a sustainable commitment to driving the Travel sector forward.
