#ForYourInformation with Charles
Moonshot Insurance launches its #ForYourInformation !
Regularly, an expert will take the floor to take you with us to the moonshot.
How does tomorrow’s insurance work ? What is contextual insurance ? How to improve the insurer-insured relationship ? How can distributors offer new enriched customer experiences ?
Our astronauts will answer all these questions through their various sectors from e-commerce, travel, mobility, payment, events… and even more.So, ready for take-off ?
Can you remind us of some of the contextual insurance solutions available in the travel line at Moonshot Insurance and what makes them different from others ?
So far we’ve developed a range of parametric insurance products for travel i.e we are connected to external databases that are able to track data points in order to allow us to automatically trigger compensation for the client.
We are currently bundling travel insurance guarantees sticking to customer usage : late departure, late arrival, missed connection, flight cancelation (by the airlines) and luggage damage protection.
We are notified in real-time and inform the client proactively as soon as he reaches the airport and that a flight issue occurs.
The idea is to be able to cover the customer’s pain points throughout his journey with instant benefit : financial compensation or premium service.
We are already seeing changes in the way consumers consume insurance when they travel. 3 things to learn from the crisis for distributors ?
On one hand, we noticed that customer concerns for travel protection are growing. According to the consultancy Simon-Kucher, 61% of European travelers intend to spend as much or more on their travels for 2021 as they did before the pandemic. And those who travel are mainly worried about flexibility in their trip (last-minute cancellation, assistance, denied boarding etc.) and want to be reassured about the travel conditions at arrival (tests, quarantines, curfews etc.)
Nevertheless, the information is scattered and not standardised across Europe when it comes to quarantine restrictions and other specific measures. Due to those large uncertainties some market players are building on that and offer covid related guarantees that are difficult to understand and comports many exclusions.
On the other hand, customers are concerned about European airline cancellation which has been suffered a drop of more than 70%* compared to 2019. Not to mention recent border restrictions.
In France roughly 60%** of consumers are concerned about the lack of transparency and visibility when it comes to travel insurance.
At Moonshot Insurance, we believe that enabling the customer with transparent information and a seamless journey along his insurance experience is the key aspect to relieve the stress throughout his journey.
We now know that a well-managed customer experience during such a crisis becomes crucial for the future. Where can we anticipate the trends in the travel market in terms of social, economic and environmental issues?
First reassurance is currently one of the main drivers for pushing consumers to travel. In this perspective, the tourism industry has taken specific measures: rapid testing, compulsory PCR, and masks … in compliance with local authorities and governments in an unstable and rapidly evolving business environment.
Second, there is a growing concern for sustainable development accelerated by the crisis, customers are looking for eco-friendly solutions (carbon footprint reduction & carbon offsetting) that are in line with distributors and government strategies.
Third, the pandemic has spurred the apparition of generalised home-office which are shifting customer work and travel habits (last-minute bookings, staycation & local travels).
Therefore at Moonshot Insurance we are also exploring smart mobility solutions in order to capitalise on agility and our ability to quickly come up with a product tailor-made for our distributors in line with their customer needs.
To do so we believe that new-age travel insurance is part of the solution, for that we are proposing to co-construct products and ancillary services with leading industry players (OTAs, TMC, Airlines) in order to help them generate additional revenues and increase customer satisfaction.
Supporting distributors while protecting their customers will be the key, in every sector.
For more information on our solutions, please visit Moonshot Insurance.
About Moonshot Insurance
Moonshot Insurance is an Insurtech, leader of contextual insurance that provides Insurance-As-A-Service products to empower the e-commerce industry, mobility providers, along with financial services and so much more.
From underwriting to claim process, Moonshot Insurance innovates at every stage of the insurance value chain. Our value proposition combines innovative insurance coverage with a fully digital experience to enrich the customer experience and meet new consumer behaviours.Moonshot Insurance operates innovative white-labeled contextual insurance products thanks to its cutting-edge technologies and its API architecture. Since its creation in 2017 within Société Générale Assurances, Moonshot Insurance has been recognized as one of the major fintech firms in Europe by “Emerging 50 fintechs” by KPMG, “TOP 100 Insurtechs” by The DIA Community, “TOP 100 Insurtechs” by Fintech Global…
*How flying will change in 2021
**Travel 2021: What Travel Companies Need To Do Now For More Bookings
