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  5. > Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in the USA

Finaccord’s report titled Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in the USA offers detailed and unique insights into the behaviour of US consumers in the context of travel insurance and assistance. Based on a survey of just under 2,000 consumers in the US carried out in the second quarter of 2014, the research quantifies the proportion of US consumers who undertake insurable travel and the proportion that acquire travel insurance, segmented by age and annual household income. It also investigates and quantifies the following important metrics:

- the general types of policy that consumers acquire (i.e. annual policies, single-trip policies or packaged policies such as those bundled with a travel ticket or payment card);

- the specific types of policy that consumers acquire (differentiating between standard cover and non-standard products such as policies designed especially for business travellers, gap-year or student travellers, travellers with pre-existing medical conditions etc.);

- consumer perceptions with regards to the risks covered and assistance services provided by their policy;

- and the distribution channels and interfaces that consumers use to take out travel insurance and, for those buying online, the type of device used (i.e. a laptop or desktop computer, a tablet or a mobile phone).

Finally, the report analyses claims frequency for travel insurance, including data for the types of claim submitted and for acceptance rates, and ranks major providers of insurance and assistance according to the frequency with which they are identified by consumers as the provider of their policy. Furthermore, many of the results from the latest research are compared with those of Finaccord’s previous studies, thereby showing significant trends over time.

You may be able to use this report in one or more of the following ways:

- to understand the extent to which US travellers acquire travel insurance and the types of policy that they are most likely to buy;

- to identify the most important demographic segments for travel insurance;

- to evaluate the opportunities for distributing travel insurance through channels other than the travel trade such as airlines, automotive associations, banks, insurance comparison sites, supermarkets and direct purchase from insurers (or their tied agents);

- to assess the apparent consumer awareness and utilisation of major providers of travel insurance in the US;

- to understand claims experience for travel insurance in the US, how this varies by type of policy and customer and what this might mean for the profitability of your activities in this sector.

Table Of Contents

Travel Metrics: Consumer Approaches to Travel Insurance and Assistance in the USA
Table of Contents



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

Global consumer research

Other international research reports about travel insurance and assistance

2.0 SURVEY ANALYSIS

Introduction

Underlying foreign and domestic travel markets

Frequency of travel

Segmentation by age group

Segmentation by annual household income band

Uptake of travel insurance and assistance

Proportion of travellers who are covered by travel insurance

Segmentation by age group

Segmentation by annual household income band

Types of consumers most likely to be covered by travel insurance

Characteristics of travel insurance and assistance

Number of persons covered by travel insurance

General types of travel insurance policy

Segmentation by age group

Segmentation by annual household income band

Specific types of travel insurance policy

Risks covered by travel insurance

Providers of travel insurance

Distribution of travel insurance and assistance

Distribution channels used for stand-alone travel insurance

Distribution interfaces used for stand-alone travel insurance

Cross-tabulation of distribution channels and interfaces used for stand-alone policies

Travel insurance and assistance claims

Frequency and outcome of travel insurance claims

Segmentation by age group

Segmentation by annual household income band

Segmentation by general type of policy

Segmentation by specific type of policy

Main reasons for travel insurance claims

3.0 APPENDIX

Research sample statistics

Research structure




LIST OF GRAPHICS / TABLES


% of respondents in the US undertaking significant travel during the preceding 24 months, 2014

% of respondents in the US undertaking significant travel during the preceding 24 months, segmented by type of travel and by age, 2014

% of respondents in the US undertaking significant travel during the preceding 24 months, segmented by type of travel and by annual household income, 2014

% of travellers in the US who were covered by travel insurance, 2014

% of travellers in the US who were covered by travel insurance, segmented by type of travel and by age, 2014

% of travellers in the US who were covered by travel insurance, segmented by type of travel and by annual household income, 2014

% of respondents in the US who were covered by travel insurance, segmented by age and by annual household income, 2014

% of respondents in the US who were covered by travel insurance, segmented by age and by annual household income, 2014 (table)

Number of persons covered by each travel insurance policy in the US, 2014

General types of insurance policy held by insured travellers in the US, 2014

General types of insurance policy held by insured travellers in the US, segmented by age, 2014

General types of insurance policy held by insured travellers in the US, segmented by annual household income, 2014

General types of insurance policy held by insured travellers in the US, segmented by age and by annual household income, 2014 (table)

Specific types of travel insurance policy held in the US, 2014

Risks covered by travel insurance in the US, 2014

Travel insurance providers identified by respondents in the US, 2014

Distribution channels used for stand-alone travel insurance in the US, 2014

Distribution interfaces used for stand-alone travel insurance in the US, 2014

Online sales of stand-alone travel insurance in the US, segmented by type of device used, 2014

Cross-tabulation of distribution channels and interfaces used for stand-alone travel insurance in the US, 2014

Frequency and outcome of travel insurance claims in the US, 2014

Frequency of travel insurance claims in the US, segmented by age, 2014

Frequency of travel insurance claims in the US, segmented by annual household income, 2014

Frequency of travel insurance claims in the US, segmented by general type of policy, 2014

Frequency of travel insurance claims in the US, segmented between standard and non-standard policies, 2014

Main reasons for travel insurance claims in the US, 2014

Survey sample, segmented by geographical region

Survey sample, segmented by age group and by annual household income band

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