When it comes to selling travel insurance of any kind (e.g. travel medical or trip cancellation), it’s vital you understand the need.

Your clients are bound to ask, “why?” or “is it worth it?”—and that’s when you come in!

The core value of travel insurance can be boiled down into three main sections:

• The What-ifs
• Healthcare Costs
• Added Value

The What ifs

For producers, the opportunity lies in your ability to educate clients on this vulnerability. That means addressing the “what if” scenarios and offering an insurance solution that will provide them protection and support during their journey.

The unpredictability of political unrest, natural disasters, medical emergencies, and more make global citizens and travelers even more vulnerable when they arrive in unfamiliar and potentially dangerous environments.

If one of the above were to happen, what would be their first step? With an IMG plan, your clients can rest assured knowing we will be there to help navigate these situations.

Healthcare Costs

Consumers who travel, work, or live internationally without the proper cover leave themselves vulnerable to paying high out-of-pocket expenses during an illness or accident.

As healthcare costs continue to rise year-over-year, out-of-pocket medical expenses will become further out of reach for some travelers and expatriates, increasing the demand for cover that shifts some of the burden from the consumer to the insurance provider.

The following data represents examples of charges received by IMG in 2016. Amounts shown have been rounded to the nearest hundred and are in USD.

Heart Attack

• Singapore–$8,500
• Beijing–$12,800
• Cancun–$21,300

Pneumonia

• Austria–$25,000
• Melbourne–$75,500
• Beijing–$94,500

Femur Fracture

• Portugal–$8,400
• Austria–$16,900
• Thailand–$44,800

Acute Appendicitis

• Bahamas–$3,800
• Costa Rica–$9,500
• Chile–$10,200

Malaria

• Liberia–$3,100
• Kenya–$4,000
• South Korea–$6,200

Gastroenteritis

• China–$1,300
• Togo–$1,600
• Thailand–$2,000

The cost of healthcare around the world is increasing for a variety of reasons: greater demand for quality healthcare from more informed consumers, a higher incidence of chronic conditions, aging and growing populations, the introduction of regional regulations, advancements in medical technology, and healthcare spending. Healthcare spending, according to the Institute for Health Metrics and Evaluation, is expected to increase at an average growth rate of 2.7% per year through 2040, which is a key factor driving medical inflation.

Added Value

In the coming years, producers will prove even more essential in addressing the rapidly changing expectations of consumers worldwide. They will be tasked with addressing the “millennial mentality” of on-demand, plus customized products and services—an evolution in the way many of these plans are currently structured and sold.

However, one of the greatest challenges for both intermediaries and producers is to actively “be there” for consumers before they even need us. It's having the ability to be in the market, providing expertise and offering the right products and services at the right cost, whenever they're needed.

Using your industry-acquired knowledge, try spreading advice and information through all your customer channels. Sharing travel tips and news on social media has the potential to open conversations. Ask questions like, “when was your last cruise?” or “when's your next trip?” Social media allows for casual conversations that help maintain your client relationships and give you a chance to boost engagement on your page. Email is another great way to stay top of mind with your clients. If your client is traveling to a destination where you have traveled, consider connecting with them by sharing your own personal tips. If you haven't visited their trip destination, you can gather their tips after the completion of their vacation to help future clients.

For all of this and more check out the white paper, The Future of International Travel!