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Insurance Article

Prospects of Travel insurance

May 08 2012

globalization people are travelling much frequently for some or the other reason. Businessman, students, professionals, musicians, artists, actors, sports person are among those who travel more frequently compared to the rest of the population. They are the prospective targets for the insurance provider companies as they dominate the contribution towards their revenue by 80%. Let’s understand these prospects and their needs in detail.

Students: Thousands of students opt for higher education overseas. Destination for most of them is western countries where they can pursue their careers and aspirations in higher education. Students can opt for travel insurance and can avail assistance for different situations which includes illness or bad health, personal accident, loss of passport, loss of luggage or other study interruption. For students it’s although more important as they are already spending lacs of rupees on studies. Any out of pocket expenses will do no more good but to increase burden on pockets and eat up saving accounts. Same can be purchased online with minimal paperwork. It can be extended to comprehensive coverage where many more parameters can be covered by paying extra premium.

Businessman: Businessman for whom frequency of travel in on higher end are HNI customers for insurance provider companies. For such frequent travelers it’s important because it takes care of the cancellation of trips, events like schedule change, flight miss, winding trip early and of course medical expenses and urgent medical landing issues. Because of early frequency travelling companies treat them differently by offering discounts and add-on services for within same premium payment.

Business Professionals: Professionals on higher posts are the most lucrative target for companies. Such trips are majorly sponsored by the employers so travel insurance is also being provided by employers only. For such travelers companies prefer to sign up a deal or agreement with companies as representatives get the coverage through respective companies. In case of a business deal for exploring new markets professionals have to travel back to back to difference locations, countries via different modes. It increases the probability of unwanted incidence, their employers are abided to get them insured under travel insurance policy for compensating. Any such insurance ends up with the separation of employee with the organization.

Tourists: Travel insurance for tourists is not popular in current scenario but its growing rapidly with the advertisements and marketing awareness done by the provider companies. While taking a tour package one can see the options for travel insurance as travel planner and insurance providers companies have agreement for same. If you are planning a family vacation than travel insurance must be the first step to be taken. As sound and safe stay of family is the utmost thing and can never be equalized with the money. While travelling with family chances for events like loss of luggage, medical conditions, trip cancellation are pretty common events as children are big responsibility while such tours and they are more prone to diseases because of change of climate. Because of their mischievous nature kids attract difficulties easily in comparison with the adults.

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