Insurance to take priority now....
The travel protection landscape is going to see a positive change once we settle in a post-COVID world, says Dev Karvat, Founder & CEO – India & Emerging Markets, TrawellTag Cover-More. Backed by innovation, the demand for travel protection will surge as
QHow will the travel insurance landscape change afterCOVID-19?
The travel protection landscape is going to see a positive change once we settle in a postCOVID world. Travellers will be more aware of the risks involved while travelling and will surely recognise the significance of buying travel protection. We truly believe that travel assistance that includes evacuation facilities and provides real-time information about emerging situations across the world, coupled with a highly relevant travel protection product will make the difference.
QDoyouplantodevelopa productspecificforCOVID-19? We are working alongside our underwriters to explore the possibility of designing products that will be relevant in a postCOVID world. We have sharpened our focus towards travel assistance services tailored to support travellers during such stressful situations. We plan to bring to the trade niche travel assistance products combined with smarter technology. The idea is to enable the industry, as a whole, to instil confidence back in travel and emerge stronger together.
For now, we continue to provide medical hospitalisation and cancellation benefits to our customers whose travel bookings were undertaken prior to the issuance of Government of India’s advisory. We are constantly analysing the situation and are in discussion with underwriters to design products that instil confidence among travellers.
QDidyoureceivealotof cancellationsorrefundrequests Due to the fear this outbreak has generated, we have been receiving cancellation requests on a regular basis. People have cancelled not only current bookings, but also trips planned three to six months down the line. This has surely led to a surge in the number of cancellation requests. Post the lockdown, the trend may come down.
QWhendoyouexpecttravel torestart? We are anticipating that domestic travel will recover faster than international travel. With most of the airlines grounded, the travel industry will at least take another four to five months to get back on its feet post a phased lifting of curbs. Though things should start improving by September 2020, we expect the regular flow of travellers to resume only by the beginning of next year.
QDoyoucontinuetoeducate thetradeaboutyourproducts? Travel trade is highly peopledriven and the best way to utilise this time is to drive upskilling and cross-skilling sessions enabled by technology. I believe it is not always about how quickly one can rise from a fall, but how strong one emerges. Therefore, we are conducting regular online training sessions on innovations in products and customer service excellence, along with motivational sessions to keep our employees mentally agile in the face of such uncertainty.