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How Artificial Intelligence Is Changing The Way You Buy Travel Insurance
27.04.2024 - 16:19 / forbes.com
Artificial intelligence is transforming the way you buy travel insurance. From shopping for a policy to filing a claim, there's no part that hasn't been touched by AI.
"AI is revolutionizing travel insurance," says Greg Jung, chief growth officer for Seven Corners. "It's making it more efficient and tailored to individual needs."
Words like "efficient" and "tailored" are rare in the one-size-fits-all, bureaucratic travel insurance industry. For years, consumers had limited choices. And when they filed a claim, it took close to forever to get an answer, much less get paid.
Not anymore.
Jung says AI is doing away with that. The benefits to travelers include:
Behind the scenes, travel insurance companies are also using AI to conduct better risk management. And there are parts of the business where travel insurance companies won't talk about how they use AI, such as in efforts to sell policies on their sites. Travel insurance companies are also hush-hush about how they are analyzing data to set rates and identify patterns in fraudulent claims data.
This story is a long time coming. Travel insurance companies have been generally slow to adopt AI. You can see artificial intelligence in action in a few places, but in the places that matter to you — such as finding the best policy — there are still some gaps. AI won't fix everything in travel insurance, but it promises to make many things better.
Why has AI been slow to catch on in the travel insurance industry? Well, it has — and it hasn't. I wrote about how Allianz was using machine learning to improve its products five years ago.
But across the industry, change has been gradual.
"Travel Insurance is highly regulated," explains Tim Dodge, vice president of marketing at Arch RoamRight. "There are strict policy definitions, communications guidelines and adjudication rules to which we must adhere. For AI to be successful in our industry, it has to be implemented carefully; improving the customer experience while maintaining regulatory compliance."
If you file a travel insurance claim and get frustrated with the time it takes to be settled, it's because of the way travel insurance is set up. There's a lot of required documentation to review in support of the claim.
Dodge says AI can potentially facilitate and speed up the claims handling process and reduce claimants' frustrations, and that's what travel insurance companies are now doing.
Travel insurance companies are not waiting for the future.
Arch RoamRight’s AI chatbot has been integrated into every aspect of its customer experience, from its phone system to its website and travel agent portal. It's even used as a training tool for new hires, according to Dodge.
At Generali Global Assistance, a carefully
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