Silicon Valley insurtech says the industry must build awareness and educate as peak spring and summer travel nears.
SANTA CLARA, CALIF. – The coronavirus (COVID-19) is causing disruptions and cancellations in the travel industry as spring break and the summer travel season near. The virus is the first respiratory pathogen capable of community transmission and stakeholders across the travel insurance industry are launching information campaigns and disseminating specialized coronavirus resources as confusion over travel insurance coverage grows.
“There are existing travel medical insurance policies that may cover coronavirus, but every policy comes with restrictions and exclusions,” says Rajeev Shrivastava, CEO and founder of VisitorsCoverage, a Silicon Valley insurtech that provides travel insurance to a global base.
“If you miss a flight or are delayed due to quarantine, your policy should cover you,” Shrivastava explains. “If you become sick from coronavirus many policies may cover your treatment and pay for repatriation. Not all travel insurance policies are the same, anyone planning to travel must review their policies carefully and ask questions specific to coronavirus and related benefits.”
“Our customer service center has seen a significant rise in call volume and the number of inbound queries relating to the coronavirus,” Shrivastava continues. “People want to know if it’s safe to travel, what travel insurance will cover, and what it won’t cover. They are hungry for accurate information and look to our industry to provide that.”
Shrivastava was surprised at the number of calls from people who had no upcoming travel plans but wanted assurance should they need to travel during the outbreak. “Mainstream media coverage of travel insurance due to coronavirus is like never before. This presents a base of new customers for the industry to build awareness with, and for gaining the trust of travelers who previously may not have known or thought about travel insurance.”
The insurance industry is known for its complex coverage language and confusion on the part of the consumer. Third-party providers such as VisitorsCoverage have harnessed the power of insurtech and focus on customer education through robust knowledge centers, news centers, up-to-the-minute blogs, and videos. Shrivastava knows that an educated customer is usually happy with the coverage they select because they’re informed about the product.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
