Innovation within add-on products to introduce ‘real-time’ claims experience for clients is important for customer retention and navigating regulatory issues, according to real-time travel insurance solution provider PassportCard.
According to PassportCard’s research, 73% of UK brokers think that bringing innovation by new products is an opportunity for increased communication with clients. The survey involved 233 national, regional, and provincial travel insurance brokers, and it also found that 29% of brokers assume that their clients are not satisfied by their current travel claims service experience.
Brokers believe that products using advanced technology to streamline the customer journey will allow customers to settle claims within minutes and reduce customer complaints. A third of respondents think that innovative technology can reach high net worth clients and can function as an upsell to their travel product portfolio.
Sharon Haran, CEO of PassportCard said: “PassportCard, with the support of its UK underwriting partner, is dedicated to working closely with the UK broking community and we commissioned this research in order to better understand its needs. What is clear is from this is that the travel insurance market has stagnated and is in dire need of rejuvenation.
“Terms like ‘innovation’ and ‘disruptor’ will become even more major topics for discussion in the insurance profession and technology is being integrated into all classes of businesses. With the results of our research in mind, we feel there is an opportunity to work with UK brokers to help them find ways to satisfy and retain clients, gain more commission plus navigate the various regulatory pressures that can impinge brokers’ growth potential.”