Travel Insurance Sales Could Be Supercharged Once Vacationers Return

Travel insurance was a product or upsell that only a minority of vacationers bought in most countries before the pandemic. But many insurers — and the travel brands that resell their high-margin products — are hoping to see travel insurance sales boom once vacationers return to booking trips in large numbers. So many insurers are racing to make their policies more flexible in an attempt to court the potential demand in a market that could hit $45 billion in six years. "Insurance has traditionally been way behind with respect to digital innovation and customer experience," said Jeremy Murchland, president of Seven Corners. "This crisis gave insurers and resellers time to pause and reassess how they're selling travel insurance and to improve their digital games." Exhibit A: When TUI Group recently launched marketing campaigns to woo travelers, the Germany-based tour operator collided with the latest twist in the pandemic, which threatened fresh lockdowns in France and other popular destinations. So TUI put faith in more comprehensive travel insurance policies as a lure for bookings. All TUI and airtours trips have "Covid Protect" insurance included for trips booked by the end of February 2021 will receive coverage for costs during holidays in connection with Corona, such as a virtual doctor's visit, Covid test, return flight guarantee ,as well as hotel and treatment costs. TUI offers travel insurance is underwritten by AXA, Europe's largest provider of travel insurance. TUI Germany introduced in late January a new "new Flex Tariff" for many of its hotel-only and flight package book