by Suman Gupta
Survey shows a higher proportion of customers rely on digital channels to buy travel insurance as 94% will purchase travel insurance for their trip abroad in the near future.
Mumbai, Aug 03 2022: Research by ICICI Lombard states an increase of 76 % in India’s travel insurance on international travels post-pandemic compared to 50% before pandemic, as 94 percent of those planning to travel overseas will subsequently purchase travel insurance for their trip. Additionally, digital adoption is high for travel insurance purchases, as almost 1/3rd of customers looking for travel insurance visit the insurance company websites to purchase the travel insurance, while the other 30% purchase from online aggregators and online travel platforms.
ICICI Lombard, to understand customer perceptions towards travel insurance conducted the survey to understand traveler’s purchasing behaviors The survey also helps to understand the difference in perception between leisure and business travel, willingness to purchase insurance & the importance of travel insurance in current scenarios & awareness on COVID-related coverage. The study also highlights that international travel post-pandemic is more purpose-driven, i.e., for business/work and medical reasons.
The survey points out the impetus of pandemic driving travel insurance from being just a commodity to a necessity as post-pandemic, awareness and adoption of travel insurance increased significantly. COVID coverage is the key benefit travelers seek while looking for travel insurance, not just medical coverage as more than 1/4th of customers bought travel insurance policies due to a COVID medical cover. Also, an increase in post-pandemic trips to USA/ Canada (1.6x) and Europe (1.4x) similar to Asia and Australia was observed.
Commenting on the research Mr. Sanjeev Mantri, Executive Director, ICICI Lombard said, “Our research indicates that the outbreak has raised awareness of the importance of travel insurance. Before the pandemic, only 50% of international travelers purchased travel insurance, but after the pandemic, that number has risen to 76%. Customers are increasingly cautious and seek adequate medical cover, including COVID-19 cover for overseas trips. The bulk of travel purchases always took place digitally, with the numbers now only increasing. Once perceived to be not so important, travel insurance is now a necessity. With ‘revenge travel ‘ now back in vogue, we see a huge opportunity and are delighted to note that one-third of respondents chose ICICI Lombard as the preferred partner of choice.”
About ICICI Lombard General Insurance Company Ltd.; ICICI Lombard is one of the leading general insurance companies and the leading motor insurer in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 20 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 29.3 million policies, settled 2.3 million claims and has a Gross Written Premium (GWP) of ₹185.62 billion for the year ended March 31, 2022. ICICI Lombard has 283 branches and 11,085 employees as on March 31, 2022.
ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems 100% to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan and Cal Scan on its signature insurance and wellness App – IL TakeCare, with over ~ 2 million downloads. The company has won several laurels including the ‘Emerging Company of the Year’ at ET Corporate Excellence Awards, ‘Best General Insurance Company’ at Annual Best & Emerging Insurance Company Awards, ‘ACEF Asian Leadership’ for ‘Combatting COVID 19’ initiatives, Guinness World Record for its CSR initiatives and many more. The awards are a testament to the trust reposed in the Company by its customers, partners and other stakeholders. For more details log on to http://www.icicilombard.com
