The face of India is changing. As the per capita income is increasing and the internet is making the globe shrink; we are witnessing an exponential increase in travel around the globe. The rise is not only for travel within the country but also abroad.
Simultaneously, the potential problems and the dangers that any traveler faces have also undergone tremendous change. The changing needs have also changed the face of the travel insurance. Even though travel insurance has been around for over fifty; it has evolved to be completely different from what it was in its inception. Here, we take a look at some of the major changes that have revamped travel insurance.
- Predominance of technology
You simply cannot talk of travel insurance today and eliminate technology out of the picture. Gone are the days when a brick and mortar shop was required and you could buy travel insurance only from insurance agents, travel agents, and airport. The massive adoption of smartphones, entry of digital natives amongst the masses and widespread use of the internet and online booking medium have made insurance accessible to many. Today, everything can be done in the comforts of your home and at any time that is convenient for you. The time-consuming, cumbersome, and paper-intensive process has been expedited, made paperless and completely hassle-free.
With technology, awareness has grown tremendously. People are comparing Travel Insurance Policies from various insurers and then taking an educated decision. The process of procuring a policy, filing a claim, renewing a policy, etc. have become far more seamless and easier.
- Value-added services
Technology has been used in various more innovative ways by most insurance providers to offer value-added services to its policyholders. Not only the benefits and coverage have gained importance but the emphasis on customer satisfaction, exemplary services, commendable helpline, etc. have also risen in sharp focus. For instance, even when you are purchasing any travel insurance; you might find suggestions cropping up to make your travel insurance more ironclad or even suggesting possible hotel bookings, ticket bookings for various activities and tourist spots, etc.
- Innovative covers
Perhaps the biggest change that has changed the face of travel insurance is the several innovative covers that have been launched and the scope of customization to an individual’s unique needs. Such a possibility was completely absent a couple of decades earlier.
The present era is rampant with acts of terrorism, war, natural calamities, etc. Given that, most travel insurance providers have started offering it in their base plan. It might be noted that it was on the exclusions list of most old travel insurance plans.
Likewise, a rising trend of passion for adventure sports is being witnessed. This has made travel insurance providers offer it as an add-on cover to interested parties. This satiates the thirst of the millennials to try something new, unique and adventurous while remaining safe and financially secured. You even have covers for climbers desiring to reach the peak of Mount. Everest.
Even though pre-existing medical conditions were not considered strictly earlier; it is far easier to get them covered today, albeit with a higher premium charge. You even have the maternity benefits, situations of medical evacuation, lost baggage, lost documents and passports, flight delays and cancellations, mid-way trip return, trip cancellation, and all other possible situations covered.
While flight cancellations and unexpected events are covered in most base travel plans; you find events like being held hostage for ransom cover also available as a sperate add-on. Today, a traveler can buy an insurance policy for a single trip or even for multiple trips in case he/she is a frequent traveler for business or personal reasons.
Never before a travel insurance plan was made as comprehensive as it is today. The number of add-ons that any individual can add to their base travel insurance is almost staggering but it has given the option to an individual to get completely protected from just about anything. The scope of customization has also expanded. Today, all travelers have complete freedom to chalk out a travel insurance plan that best meets their needs.
Wrapping up
The mindset of a modern traveler has changed completely. They are far more aware of the importance of travel insurance and pay particular attention to the terms and conditions of their travel insurance. This has minimized scams to a large extent. The modern travel insurance has become an impeccable tool that any traveler must take advantage of.
