The travel insurance industry will be seeing a steady growth in the future, both near and far. People will travel and they will want to feel safe as they travel. Insurance would be important if they are traveling alone but even if they are traveling in a group insurance would be of immense help as it will make things easier for the people traveling with them.
With the phenomenon of revenge travel post lock-down, the number of people wanting to travel has seen a spike and will remain high for a couple of years.
Then again, with the changes that the pandemic has imposed on us, the travel insurance industry has also seen unforeseen disruptions. While the pandemic might be a once-in-a-lifetime occurrence there could be other incidents which could have the same effect.
Obviously, the travel insurance industry will also have to change in response to these events. And, perhaps the best that they, or any other industry, can do is proact instead of reacting. While the industry may not be able to preempt all incidents, they can preempt most of them.
The best way to do this is to digitize their work and move to the cloud.
This is the best time to digitize the business. As more people travel, more and more of them would want to do so with travel insurance. Digitizing would not only help the industry provide their services to these travelers, but they would also be able to do so quickly and efficiently.
The pandemic forced all industries to rethink their working practices and the travel insurance industry was no different. A lot of employees would want to work in the unlock phase for one reason or another. Many of them would also want the company to change its policies to allow them to work from home at least a few days a month. This is where digitization and especially moving to cloud can help to a greater degree.
When the system is on cloud, the employees can work from home or anywhere. They just need a browser. The company can also restrict access to the system. Digitization also speeds up the entire process and when everything is on the cloud, the company does not have to invest in their own hardware. And no hardware means no maintenance. Digitization and cloud also keep the process agile so the company remains ready for the future and the effects of disruption can be minimized or eliminated altogether.
The sooner the industry adapts to digitization and cloud the more efficient and agile they become.
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