Online bookings, travel, education and insurance are all becoming increasingly more complex and competitive. Meanwhile, consumers expect easier, faster and more personalized products and services in today’s mobile world. How can organizations keep up to ensure they’re getting what their customers need? We highlight seven capabilities to expect from your travel or specialty insurance partner and explain the benefits that lead to long-term profitability and customer loyalty.
Specialty insurance products must satisfy specific consumer needs or eliminate pain points to add compelling value. Whether it’s a spring break getaway or a music festival, we analyze the customer’s entire journey to map out potential high and low points in their experiences. We look for ways to sustain the highs, and if their plans are disrupted, we offer exceptional care and assistance. Insurance needs to constantly evolve to fill the gaps, providing 24/7 global assistance, convenient online claims filing and instant electronic reimbursements.
Many travel companies are lured by insurance providers touting large commissions on insurance sales. But some insurance firms lack the technological and marketing sophistication to support increased product sales volume, a critical driver of sustainable bottom-line revenue gains.
Continuous rapid testing with optimization of offer content and dynamic product offers can significantly increase your conversion rates, driving up revenue per customer/transaction. Training, product education and marketing support for agents can yield higher sales. Choosing the highest commission with lower sales volume can be less profitable than optimizing conversions to gain significant revenue growth year after year.
Many companies’ IT staff dread potential headaches and delays that plague some technical system integrations. Look for technical experts that provide flexible, scalable and secure platforms with multiple APIs to simplify the process. An experienced provider who continuously manages integrations will ask the right questions, customize the plan and resources to meet your needs, and anticipate problems before they occur. Ask if your provider can go live within four to six weeks and whether they provide turnkey management of product offer optimization after the integration.
Rapid adoption of mobile technologies, along with increased risks of travel disruptions and college student withdrawals, requires insurance and assistance providers to stay nimble. They must adapt to the ever-changing behaviors, needs and risks for consumers. Products and touchpoints should continually improve through customer feedback and innovation to keep pace with consumer expectations. This allows benefits to work smarter in protecting your customers’ health and financial wellbeing, which in turn grows loyalty.
Many people feel safer traveling into unknown territory wielding their smartphones in case of an emergency. Travel insurance providers are rushing to add real-time travel security and self-service features to their mobile apps. Designed to be a global safety companion, our award-winning TravelSmart™ app comes with built-in flight status updates, geo-located medical facilities, and one-touch calls for 24/7 global assistance, local emergency services and U.S. embassies in countries all over the globe. Expect your provider’s technology to stay on the leading edge of mobile capabilities and consumer trends.
You only have a few seconds during checkout to convince customers of the value of protecting their event, education or travel experience. A state-of-the-art ancillary revenue optimization platform like Fusion CORE can utilize ongoing multi-variate testing, machine learning and sophisticated segmentation to boost conversions. These capabilities ensure the ideal protection benefits are customized to each booking and customer profile. Consumer trends, customer data analysis and offer testing can provide insights to drive significant increases in ancillary sales and revenue growth each year.
As your business expands, you want a partner whose products, capabilities and technology platforms will scale globally to support your new markets. You want a trusted advisor who can help you grow faster and more predictably by leveraging their industry proficiency and regulatory knowledge in international markets. Global technology platforms and single-entry payment solutions can help streamline transactions as you expand product offerings to a growing customer base around the world.
In our decades of experience partnering with many of the world’s largest brands in travel and event ticketing, we believe these seven factors are critical now for your customer experience and bottom line revenue.
It’s OK to expect more from your specialty insurance partner.
To learn more about how Allianz Partners can add value to your partnership, drop us an email.
Terms, conditions and exclusions apply.
Insurance benefits underwritten by BCS Insurance Company or Jefferson Insurance Company, depending on your state of residence. Plan(s) only available to U.S. residents and may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Non-insurance benefits/products are provided and serviced by AGA Service Company. Consumer is responsible for charges incurred from outside vendors for assistance or concierge services. Contact AGA Service Company at 800-284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or firstname.lastname@example.org.
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