The new product is the first of its kind to launch in the US, shifting to a modular approach that allows travellers to pick and choose the benefits they need based on their specific travel plans.
The Discovery Travel Insurance launches just as a recent study commissioned by battleface and conducted by Opinium reports that a third of Americans (33 per cent) don’t consider purchasing travel insurance out of fear of spending money on the coverage they don’t need. Furthermore, 21 per cent of responders felt travel insurance policies were not worth the money.
The Discovery product addresses these exact concerns by giving the power to the consumer to choose the benefits that meet their needs and only purchase what is necessary. With the travel landscape in continued flux, the number of Americans who still haven’t purchased travel insurance – 44 per cent for international trips and 54 per cent for domestic trips – are at risk of major financial losses.
Growing with the travel industry
“At battleface, we pride ourselves on designing products that grow with the travel industry while remaining relevant to our clients,” said Lisa Conway, Chief Underwriting Officer at battleface. “A lot has changed over the last 10 years when it comes to travel, but not much has changed with travel insurance options. Companies continue to offer the same ‘one-size-fits-all’ packages that were designed years ago and do not always work for today’s travellers.”
Other research findings show 14 per cent of Americans are not purchasing travel insurance because it is too complicated and 10 per cent are not considering it because it was not tailored to their needs. The Discovery product allows for common add-ons like Cancel For Any Reason, Baggage coverage, Trip Interruption, or Travel Medical coverage, to unique coverage such as Pet Medical, Rental Car Damage, and beyond.
Meanwhile, a report by travel insurance comparison site Squaremouth showed that US travellers are taking additional steps to prepare rather than cancelling travel altogether.