HDFC ERGO General Insurance had observed a strong growth of 32 per cent in FY 2016-2017 in its retail travel business, and the company is optimistic about the potential in the coming year as well. Highlighting the company’s engagement with the travel agent community and the OTAs, Anurag Rastogi, head – retail underwriting & claims, HDFC ERGO General Insurance, said, “We engage with all the stakeholders who have a stake in safe travel for passengers and have very healthy business relationship with them.”
There have been quite a few interesting trends in the last few years in terms of traveller profile/ buying patterns. Rastogi mentioned that as a mandatory requirement by universities abroad for granting admission to Indian students, there is a significant increase in students opting for student travellers policy. Further, with cheaper air fares and increased air capacity, an increase has been observed in opting for travel insurance among customers within Asia. “There is an increase in customers opting for travel insurance through the online platform. There is also a growing trends among travel agents, airlines and OTAs selling travel insurance as an attachment product,” he added.
Elaborating on the USP of HDFC ERGO travel insurance plans, Rastogi informed, “HDFC ERGO’s Travel Insurance plans cover various possibilities such as emergency medical expenses, medical evacuation, personal accident, loss of baggage and personal documents. With the range of plans, we always have a plan that will best suit different types of travellers’ protection concerns at an affordable cost.” In addition, pointed out Rastogi, the products also provide customers with benefits, which are key differentiators in the market. For instance, no medicals up to the age of 70 years; tailor made plans to suit customers’ needs; online purchase option with immediate issuance of policy; optimum coverage at low costs. There is also in-house travel claims set up, with round the clock call center and claims processing, and cashless claims processing through wide global network of hospitals and international travel assistance partner.