GlobalData surveying has found that the least popular method of purchase for Canadians buying annual travel insurance is through online aggregators. Meanwhile, travel insurance comparison site InsureMyTrip has expanded its product offerings in Canada to include comprehensive travel coverage specifically for younger travellers.
GlobalData’s 2023 Financial Services Consumer Survey found that online aggregators are the least popular method of purchase for annual travel insurance in Canada, with only 5.4% of consumers choosing this option. Moreover, the proportion of Canadian consumers using online aggregators for travel insurance is decreasing, falling by 4.4 percentage points compared to 2022. This trend highlights a shift in consumer preferences away from online aggregators, possibly due to concerns about the comprehensiveness of coverage or the perceived reliability of aggregators. It suggests that insurers may need to rethink their strategies for engaging customers through these platforms, ensuring that they offer competitive and attractive products to regain consumer interest.
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Meanwhile, travel insurance aggregator InsureMyTrip has announced the launch of the TIPS Youth Premier Plan, specifically tailored for travellers up to 29 years old. This new plan, underwritten by Old Republic Insurance Company of Canada, offers extensive benefits including cover for trip cancellations and interruptions, emergency medical/evacuation, and baggage loss/delay. With high coverage limits and a focus on emergency medical coverage, the TIPS Youth Premier Plan ensures that young travellers are well-protected during their adventures.
Despite the challenges posed by the declining popularity of online aggregators, InsureMyTrip may find success with the TIPS Youth Premier Plan by targeting a younger demographic that is increasingly seeking personalized and reliable coverage options. Younger consumers, who are often more tech-savvy and open to exploring new products, may appreciate the tailored benefits and competitive pricing offered by the product. By focusing on this niche market, InsureMyTrip can differentiate itself from other providers and potentially overcome the broader trend of declining aggregator usage. Going forward, InsureMyTrip’s strategic focus on the younger demographic with the TIPS Youth Premier Plan positions it well to capitalize on the evolving travel insurance market. By addressing the specific needs of young travellers and offering comprehensive coverage, InsureMyTrip can carve out a significant niche despite the broader challenges faced by online aggregators. This targeted approach is likely to enhance its appeal and drive growth in a competitive industry.
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