According to the Univdatos Market Insights analysis, increasing travel activity, rising awareness and education, and regulatory support from the government will drive the scenario of the Indian travel insurance market. As per their “India Travel Insurance Market” report, the market was valued at ~USD XX million in 2023, growing at a CAGR of about 13.7% during the forecast period from 2024-2032 to reach USD XX million by 2032.
The alliances remain pivotal in the development of the travel insurance industry in India because they spread products and services, increase clients’ reach, and drive innovation. Here are some key aspects of how these partnerships contribute to market growth:
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1. COLLABORATION WITH TRAVEL AGENCIES AND ONLINE TRAVEL PORTALS:
Online travel portals such as Make My Trip, Yatra, Cleartrip and others provide an interface wherein people can buy travel insurance along with travel products. This integration helps to boost the penetration, by encouraging travelers to buy insurance as they plan their trips. Travel insurance may be offered as an addition to flight and hotel bookings, where the agencies make it look like the customers cannot travel without it, which is a way of encouraging sales.
2. ALLIANCES WITH AIRLINES:
Some of the travel insurance providers include domestic airlines like IndiGo and Air India, which jointly come with insurance players to sell travel insurance as a value-added service while traveling. This makes it favorable for passengers to take coverage at the point of sale. This type of insurance arrangement may mean that certain promotions result in the traveler receiving a discount or benefit if they purchase insurance through the airline’s online channel.
3. PARTNERSHIPS WITH FINANCIAL INSTITUTIONS:
Most credit card companies’ partner with insurance companies whereby the card holders are covered under travelers’ insurance when they use the credit card to purchase tickets. For example, HDFC and ICICI have travel insurance products that are also provided as more added features for premium credit cards. Travel insurance can be offered together with personal loans and/or travel loans to ensure customers have everything they need for their journey.
4. COLLABORATION WITH TOUR OPERATORS:
Insurance providers helped tour operators design product insurance that would specifically correspond to tour package types and proposed activities. This specialization can also pull in more customers who have confidence in the fact that they have been covered. They also add value to the overall service delivery because tour operators help clients with information regarding insurance claims on the trip.
5. DIGITAL PARTNERSHIPS WITH FINTECH COMPANIES:
Several insurance firms have entered the market and have brought new kinds of insurance along with easier ways of buying them. Operators have partnered with companies such as Policybazaar, Coverfox, or other similar companies that make the buying experience a bit more appealing to the millennial and tech-savvy traveler. To increase customer engagement, there is an opportunity to develop cooperation with FinTech as the use of data analysis allows the creation of new insurance plans according to the customers’ behavior, their preferences, and their traveling activity.
6. GOVERNMENT AND REGULATION COOPERATION:
Working together with government ministries will help increase citizens’ understanding of the necessity of buying travel insurance, especially at times when the risks are rising, such as at the time of COVID-19. Strategic partnerships with tourism departments can make insurance products known to tourists who are visiting India, and the range of insurance they are afforded while in the country.
7. SUPPORT FROM HEALTHCARE PROVIDERS:
Medical care for travelers is provided by partnerships with hospitals and clinics which guarantee the quality of services. There is always an advantage to the insurers where they get to develop networks of providers with facilities that are cashless this is likely to build the customer’s confidence in purchasing insurance. Interconnections may also increase the prospects of emergency help and focus on quick help to tourists with medical issues.
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Recent developments in the market:
• In July 2024, Karnataka Bank announced its strategic partnership with ICICI Lombard General Insurance Company. Through this tie-up, Karnataka Bank customers will have access to a wide range of comprehensive insurance products and services provided by ICICI Lombard. These offerings include health insurance, motor insurance, travel insurance, home insurance, and more, catering to the diverse insurance needs of individuals and businesses alike.
• In June 2024, INSILLION, a leading Insurtech SaaS platform, announced a significant partnership that will transform the way travel insurance is delivered. Royal Sundaram General Insurance (RSGI), a prominent Property & Casualty insurer based in India, has integrated with the Indian Railway Catering and Tourism Corporation (IRCTC) to enable embedded Group Personal Accident (GPA) policies to be offered alongside e-ticket purchases through INSILLION's API platform.
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Industry majors’ plans to ink strategic partnerships are thus crucial in the development of this market since they improve product distribution channels, customer knowledge, and the quality of the offered services in India. These partnerships are likely to remain central to constructing the subsequent course of travel insurance as a key component of the travel market in India.
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