6 Digital Leaders in Travel Insurance, and how they boost outcomes using AI
Updated: Jan 18
Artificial Intelligence is transforming every industry on the planet.
From your local pizzeria delivering on AI-optimized routes to factories using predictive maintenance to reduce carbon emissions, AI is the century’s most revolutionary technology.
However, AI’s most important contributions may be in th healthcare and travel industries.
The use of AI in the travel industry can optimize routes for airlines and travel agencies, personalize recommendations for travelers, and even improve travel insurance claims processing.
AI can also plays plays an increasing role in travel health. AI-powered tools already assist with identifying potential health risks for travelers, help in the diagnosis and treatment of illnesses, and even monitor travelers' health during their trip.
Remote doctors are assisted as much as travelers who may wish to self-diagnose and selfttreat.
A study by the Journal of Travel Medicine found that the use of AI in travel medicine can lead to a 20% reduction in travel-related illnesses.
The World Health Organization found that the use of AI in healthcare can lead to a 15% reduction in misdiagnosis and a 30% increase in treatment efficiency.
In terms of financial benefits for travel insurance, Consulting firm Accenture researched that the use of AI in claims processing lead to a 30% reduction in costs and a 15% increase in customer satisfaction. Pretty impressive, especially in times where member journey and client satisfaction is considered the leading KPI in the insurance world, Another study by the Journal of Travel Medicine found that the use of AI in travel insurance can lead to a 25% reduction in claims denials.
Below a non exhaustive list of digitally leading companies that are currently utilizing AI in the travel insurance industry:
Allianz Partners, headqutered in Paris, France - offers AI-powered travel insurance solutions that can personalize coverage based on an individual's travel itinerary and medical history.
Canadian Cost Containment specialist, Global Excel - have developed a symptom checker to direct members into the right level of care globally
The Sydney based company, Cover Genius - offers an AI-powered travel insurance platform that can automatically generate quotes and provide coverage for travelers.
The company, Insurtech firm, Trov - uses AI technology to offer an on-demand insurance platform that can automatically adjust coverage based on a traveler's location and activities.
German company Medigo - provides an AI-powered platform that can match patients with the best healthcare providers for their needs, regardless of location.
HongKong founded Medix.global - AI improves medical case mangement by linking the worlds medical knowledge
Overall, the benefits of AI in the travel insurance industry are numerous and can greatly improve the overall experience for customers, including improved patient outcomes and greater convenience and savings.