Ancileo’s 2022 Travel Insurance Outlook

Fermion’s associate company, Ancileo with research partner Swiss Re conducted a global study on 4,800 travellers across 12 countries to understand traveller sentiments towards travel insurance.

The study uncovered 6 key global trends for travel insurance:

1. Consumers’ willingness to travel is strong globally despite COVID-19 concerns
2. Travel insurance is now top of mind for regional and international travel
3. The top factor for purchase decision is price
4. Top 3 key benefits buyers are looking for are trip cancellation, emergency and medical expenses and COVID-19 coverage
5. Preferred distribution channels are insurer direct and travel players
6. Travelers open to purchasing personal accident insurance from travel players

Data shows that as enthusiasm for international travel rebounds following a lull in 2021, non-domestic travellers are showing a greater willingness to take out insurance.

Policy price was the main consideration driving purchase decisions in most markets, followed by the amount of coverage and ease of online claims processes.

Most valued complementary services included things like COVID-19 formalities, flight delay airport lounge access, and 24×7 telemedicine.

The survey also showed that consumers associate travel insurance with their banks and credit cards.

Asked whether they’d buy ‘embedded’ travel insurance when presented as a one-click purchase with their booking – a lower percentage of respondents in the UK said they would, compared with Thailand, Indonesia, UAE, Singapore and Japan.

As Asia’s leading SaaS insurance provider, Fermion provides companies like Ancileo with strategic support to build and integrate insurance ecosystems into their own customer journeys, enabling them to grow faster and be more effective in giving customers the protection they want, when they want it and how they want it.

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