Key Challenges Facing the Travel Insurance Industry | An Overview by Experts at SpendEdge
SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the procurement challenges facing the travel insurance industry.
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The rise in spend on business travel by corporate buyers has increased the spend momentum of the travel insurance industry. Increasing popularity of online booking channels is creating demand for travel insurance policies and contributing to revenue growth of the industry. However, amid increasing spend momentum, companies must prepare themselves for ever-changing government regulations, relative prices, and market dynamics.
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At SpendEdge, we understand the fundamental transformation that can influence the travel insurance industry. Therefore, we have highlighted the key challenges facing the travel insurance industry.
Challenges in the Travel Insurance Industry
Changing regulatory norms
Increasing scrutiny by the administration is forcing companies to enter into regulatory settlement agreements with different Departments of Insurance. Regulatory bodies such as NAIC have a new model law known as the "Travel Insurance Model Act." The At defines the legal framework within which Travel Insurance may be sold in the state. Such legal frameworks will require companies to study the entire scope of travel insurance line of business.
Want to know how you can address compliance requirements and ensure sustainability? Reach out to our experts for industry-specific insights.
Procuring insurance data
The travel insurance industry lacks uniformity in how data elements are captured. It doesn't have any structure or established reporting requirements. This reduces the visibility into market size and performance. The exposure is also not pre-defined among travel insurance providers and varies among coverages. This creates challenges for insurers analyzing travel insurance data for coverages.
Procuring insurance data is crucial for companies to estimate the market size. Request a free demo to access our web-based procurement platform and obtain specific supply market insights.
Classification of risks
Since most criteria used to classify risks for travel insurance differ by the coverage they offer, it becomes imperative for insurers to identify the most common risk classification criteria. Risks can vary depending upon the length of the trip, destination, and departure time. Identifying the potential for correlation between risk characteristics become vital for companies to minimize exposure to loss.
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