New Opportunities: How to Grow Your Insurance Business with Travel Insurance

February 13, 2020

For many, traveling internationally is a huge goal and a large investment, it only stands to reason that travelers want to protect those investments. This opens up an exciting opportunity for those in the insurance business—travel insurance. 

Travel Insurance falls into two main categories, travel medical insurance, which covers health care costs for international travelers while they are abroad, and trip insurance, which covers non-refundable costs like flights and hotels if the traveler is forced to cancel their trip. These forms of insurance can be exciting and lucrative additions to an insurance professional’s portfolio. 

Who Can Sell Travel Insurance?

Most insurance industry professionals are already qualified and licensed to sell travel insurance. If you sell main-stream insurance plans including home, vehicle, health and life insurance, you are likely already certified to sell travel insurance as well. 

If you already have an online presence, selling travel insurance is even easier. Travel insurance can be marketed and sold in person, on the phone, online or a combination of all three. 

Why Travel Insurance?

Unlike other consumer-driven insurance products like life, home and auto insurance which require a lengthy approval process, travel insurance is very transactional and works like many other e-commerce products. A travel insurance policy can be purchased in under five minutes with no need for lengthy paperwork or follow-up. Travel insurance also has much better economic returns, earning brokers up to 10 times as much per policy sold.

Although travel insurance is not new, it is a fast-growing industry that is getting more press and awareness. This is in large part due to the 24-hour news cycle that advertises disasters and makes consumers more aware of the risks of travel. The rise of social media and the decrease of travel costs also ensures that there are more people than ever before embarking on international trips where they will potentially need travel insurance. 

The United Nations World Tourism Organization (UNWTO) estimates that there were 1.4 billion international airplane arrivals 2018. This presents insurance professionals with an unprecedented opportunity. Every time a person travels outside of their home country, there is an opportunity to sell them travel insurance. Together, we can be there to sell them the coverage they need to stay safe.

Why Now?

You may have noticed that in traditional insurance sales, hunting down leads and following up with potential buyers can take up a great amount of time. Also, as digital sales continue to grow, more and more insurance companies are working to sell directly to their customers, rather than go through a third party like a broker. Technology and the digital world are key to maximizing your sales and revenue.

Travel Insurance is unique because a broker can sell it to people anywhere in the world, at any time of the day or night, if they are willing to leverage the power of the internet.  

Furthermore, the rise of social media is making international travel more desirable than ever. When people see pictures of exotic locations, especially places their friends are visiting, they get inspired to take trips of their own. Today, more than 70 percent of people want to travel the world, and travel insurance can help them stay safe while they accomplish their dreams. 

When travelers do not have medical insurance in a foreign country and have an accident, injury or other health emergencies, the financial burden of the care can fall to the host country. As a result, more and more countries are considering making travel insurance a requirement before entering the country. Countries like Russia, the U.S. and E.U. already require proof of travel medical insurance to obtain certain visas and more countries are seriously considering making it mandatory for all visitors. 

How is it Sold?

Today, the people who have the best online presence are the ones who make the most money. Utilizing online platforms, travel insurance can be sold from anywhere to anyone in the world with an internet connection. We are able to help set up websites and online selling platforms that are low-cost but give you a high-presence on the web. 

In most cases, there is no cost for brokers. TMQuotes functions as an MGA (Managing General Agent) and can enable brokers to optimize their revenue by opening up the world of online travel insurance sales. If you are interested in more details, please reach out to us and our agents will be happy to answer all of your questions. 

Want to Learn More?

Does this sound interesting to you? Would you like to know more about selling travel insurance or TMQuotes? Email us at info@tmquotes.com to learn more.


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