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Integrated, digital and event-based insurance is demanded by most travelers, according to the latest Companjon consumer report
The pan-European insurtech company that specializes in delivering fully digital experiences from integrated insurance, has conducted its fourth comprehensive survey in the EU and UK. Top performing products include cancellation for any reason (CFAR), lost baggage, and delay insurance.
DUBLIN, Dec. 21, 2022 /PRNewswire/ -- Companjon, a leading European technology company specializing in the development and underwriting of integrated insurance, today announced the key findings of its fourth comprehensive insurance and industry consumer report travel. The report uncovers changing consumer behaviors and demands towards integrated insurance when booking travel experiences.
Embedded Insurance: Driving The Travel Industry's Top And Bottom Lines is the most recent report and is part of an ongoing annual series. Companjon commissioned global data and information firm Dynata to survey more than 5,000 participants in major European markets (France, UK, Germany, Italy and Spain) in the third quarter of 2022.
Integrated travel-related insurance products prove to be an ancillary revenue opportunity for online travel companies, as consumers across the board have shown a strong appetite for coverage that offers flexibility and is triggered by events. These top performers include cancellation for any reason (90%), lost baggage insurance (85%), and delay insurance (84%).
Like last year's report, it shows that the majority of consumers, particularly those aged 25-44, would consider purchasing bundled insurance primarily because of automated claims processing, instant fixed payments, and reliability of service. It comes as no surprise that millennials are renowned for their hyper-connectivity and digital expectations when it comes to purchasing goods and services.
The reliability of integrated insurance, that it is easy to understand what is covered, and a smooth claims experience were the most compelling features for consumers to favor integrated insurance over traditional insurance.
Other knowledge relevant to the travel and activity industries:
"Customers see the relevance of digitized insurance products and demand that they be offered during the purchase process on their favorite booking platforms," said Companjon CEO Matthias Naumann.
"As our own partners see it, insurance products that are integrated and digitized throughout the user journey enable them to drive new revenue. In a world where digital is paramount, global platforms must rethink paper that integrated insurance can play to improve customer experiences, increase loyalty and drive higher revenue."
To access the full survey report, click here.
About Companjon
Companjon is a leading European insurtech specializing in integrated insurance that is fully digital and hassle-free. Recognized by Forbes as a technology-driven disruptor, Companjon is also a two-time INSURTECH100 global company. From insurance product design, creation and underwriting to technology integration and customer service management, as a B2B company, Companjon manages the entire insurance lifecycle for its partners. Companjon strives to change the way people think about insurance and partners with high-growth, high-transaction frequency companies who want to enhance their existing offerings with integrated insurance and provide seamless customer experiences when they need them most. More information at www.companjon.com.
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