How travel insurance has your clients covered

How should you position travel insurance with your clients?

“I would say travel insurance protects your journey, because it does so much more than trip cancellation,” said Richard Aquino, vice president and head of sales for Allianz Partners. “And a lot of people think that’s it. No — it’s trip cancellation, it’s medical, it’s interruption.”

In short, Aquino said, “It’s much more than travel protection.”

Aquino was a guest on a recent episode of the “Trade Secrets” podcast talking about all things travel insurance.

He also offered some perspective on travel insurance, particularly in the U.S. market, which historically has lagged behind some other markets in the purchase of travel insurance.

Travel insurance front and center

Sept. 11 was the first event that made travelers realize how important insurance could be.

“People got stuck places, cancellations, unknowns — and then of course, when people started to travel again, they wanted to know if there was another disruption, would it be covered?” Aquino said.

But the pandemic made the public’s awareness of travel insurance “crystal clear.”

Allianz recently conducted a survey and found that 78% of respondents were likely to purchase travel insurance, Aquino said. That includes buying it through an advisor, buying it online or purchasing it through a supplier.

“Travel insurance has become a must-have part of the trip,” he said.

Travelers are spending more on insurance

They’re also spending more on insurance than they have in the past. Allianz has several types of policies, and more consumers are opting for more premium policies to get higher coverage levels, according to Aquino.

Within the travel advisor community in particular, Aquino is seeing several new customers.

“They are embracing travel insurance,” he said.

For more on travel insurance, give the episode a listen. It’s the first in a two-part series, and the second part is out today.

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