Bajaj Allianz General Insurance recently launched the Bharat Bhraman domestic travel insurance plan, covering all modes of transport. T A Ramalingam, senior president and chief distribution officer, Bajaj Allianz General Insurance, highlights the uniqueness of this new plan
What is the USP of Bharat Bhraman travel insurance plan?
Key USPs of Bharat Bhraman domestic travel insurance plan are – it covers all modes of transportation such as flights, trains, bus, taxis, private vehicle as well as cab service provided by e-commerce aggregators; flexibility to choose the tenure of the plan from – single trip, single or multiple number of days or an annual cover; offers 17 optional covers such as adventure sports, emergency medical evacuation, home burglary insurance, trip cancellation, missed connection and loss of baggage etc. There is no age limit, the policy can be availed by anyone.
What are your growth expectations from the domestic travel insurance segment?
With the advent of backpacker’s culture in India, the number of tourists exploring unique experiences by travelling to offbeat destinations and trying road trips or adventure sports, etc., has increased. This coupled with increased awareness amongst customers is driving growth in domestic travel market and we are expecting 35-40 per cent growth in this segment.
What are your other key travel insurance plans and what kind of traction you have seen in the last few years?
Our other key travel products for international travel are Travel Prime and Travel Elite. In recent years, we have observed 10 per cent growth in our travel insurance portfolio.
Your focus on engagement with travel agents and OTAs?
We are focusing on increased engagement with travel agents and OTAs. As number of domestic travellers increase, the Bharat Bhraman product is helping OTAs and travel agents to offer value add packages for travellers which not only offers great holiday destinations but also cover domestic travellers against any exigencies.
Have you observed any interesting trends in terms of traveller profile/ buying patterns?
We have observed that 70 per cent of travellers purchasing travel insurance belong to an age group of 25 to 40 years. Moreover majority of policies, about 53 per cent, were issued for solo travellers. The most preferred sum insured is of US$ 50,000 followed by US$ 2,00,000. Also we have registered 8 per cent increase in travel insurance being issued for travel to countries where insurance is not mandatory. The US, Australia and UK are the top destinations for which travel policies are availed.