By: Kathleen A. De Riso, Vice President, Travel Services, Crum & Forster
People used to travel to relax. As a tour operator, you see the current trend: now, it’s all about the experience. Travelers want adventure, to learn, to go somewhere where they can immerse themselves in a new culture. In response, you’ve adapted your products to include elements like customizable packages, flexible itineraries, and new activities.
65% of consumers are more interested in adventure-style trips in 2024 than in previous years.1
While these new offerings elevate consumers’ travel experiences and create more opportunities for you as an operator, they also introduce new challenges. Increased risks and greater complexity require tailored travel protection plans that provide robust coverage—whether your customers are lounging beachside in Vietnam or conquering Andean peaks.
“While off-the-shelf travel insurance plans may work for some forms of travel, they may not be the best fit for more customized tours,” says Susan Silfen, Executive Vice President of the Accident & Health Specialty Business Unit at Crum & Forster. “In many cases, they either fail to offer the right coverage for these unique locations and activities, or they have such broad coverage that operators and travelers often end up with more coverage than needed.”
Is your tour-operator travel protection plan keeping up with the needs of today’s travelers?
Working with an experienced travel insurer who has a flexible approach to underwriting can help you address this gap by providing tailored travel protection plans that help meet your needs and your customers’ needs. This approach can lead to greater cost efficiency and improved customer experiences.
Below we break down some of the most significant benefits of partnering with an experienced and flexible travel insurance underwriter.
Gain a competitive edge with coverage that meets your customers’ expectations
At a time when consumer expectations are ever-rising, and a single negative experience can impact brand reputations, tour operators should consider the importance of a quality travel protection plan. By investing in dependable insurance solutions, you can strengthen your reputation as a trustworthy and responsible operator and help give your customers the peace of mind they need to fully enjoy their travel experience.
Moreover, by highlighting robust insurance coverage, you can appeal to discerning customers who prioritize security, and educate those who may not be fully aware of its importance.
For example, a young couple wants to book a last-minute Antarctica cruise but may not have considered medical emergencies in that remote location could require expensive airlift evacuation. However, upon understanding the risks and learning that you offer coverage for them, they may be more inclined to book with you for added peace of mind.
Leverage travel industry expertise for custom insurance coverage
Striking the right balance in your insurance coverage can be crucial for maintaining competitive pricing while safeguarding against potential risks.
Consider the risk profiles of an Amazon River cruise tour versus a luxury tour of the Tuscan countryside. In both cases, a one-size-fits-all approach may not fit the unique needs of each traveler. Luxury tour coverage is likely to be insufficient for the specific health and wildlife risks of the Amazon. Likewise, coverage designed for an Amazon River cruise may be excessive for a relaxing trip around the Italian countryside.
Choose a travel insurance carrier that takes the time to understand the unique risks associated with your business – such as, your specific tour locations, and activities, traveler demographics, and business models. With protection plans designed around your operations and customer base, you can help to ensure adequate coverage and help travelers manage their risks.
Help ensure your protection plan stays relevant with ongoing reviews and guidance
Underwriters play a critical role in continually assessing the effectiveness of your insurance coverage. They monitor industry trends and periodically review coverage details to ensure your coverage stays relevant and aligned with your business as your products and services evolve.
“We’ve seen operators keep the same travel protection plans for years,” shares Mary Quill, Vice President, Specialty Products at Crum & Forster. “As underwriters, the key to our relationship is sitting down together throughout the year to share the experience of their protection plan while refreshing our understanding of their business, new or updated tours, their metrics, their clientele, to make sure they’re all still aligned. At the same time, we review our client servicing to make sure it is continuing to meet their expectations.”
During these assessments, insurers may also provide valuable insights into trends to help identify any necessary plan adjustments.
Unique travel experiences demand equally unique coverage
In a world where unique travel experiences are redefining the industry, as a tour operator, you may need insurance that’s as distinctive as your offerings. Whether you’re adding new tours to your portfolio or looking for ideal coverage for existing ones, partnering with an insurance provider with extensive experience in crafting custom protection plans can help you confidently address the specific needs and risks of your travel products, and protect your business and your customers.
Crum & Forster offers flexible group travel insurance options tailored to cover even the most one-of-a-kind travel experiences. Contact us to learn how we can help you protect your business and your customers.
1 American Express Travel Global Trend Reports 2024 Survey, 2024 Global Travel Trends Report (americanexpress.com)
About the Author
Kathleen A. De Riso is the Vice President of Travel Services at C&F where she enjoys creating custom travel insurance offerings to meet the unique needs of her clients. With a career spanning several decades in Travel Insurance, Kathleen has held prominent leadership roles in Underwriting, Operations, Account Management and Claims. Her experience has provided her with a holistic understanding of Travel Insurance —and what makes it function seamlessly for tour operators, Third Party Administrators, and travelers alike. For more information about this article or to connect with Kathy, please send her an email. She’d love to hear from you.
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