New York, NY (PRWEB) July 05, 2013
According to the results of a recent survey published on UPI.com, only 21 percent of travelers purchase travel insurance. If the math is correct, that means that 79 percent of travelers have no insurance whatsoever. The survey, conducted by ThePointsGuy.com, a travel news and advice website, found that 37 percent of people thought travel insurance would be worth the purchase but even a huge portion of those people didn’t actually buy. Belman Insurance Advisor believes that there could be a huge untapped market for the insurance industry in travel insurance.
The main reasons consumers who purchase travel insurance do so are for cancellation protection and medical coverage. The onus falls on the insurance industry to educate clients as to the full extent of the coverage – what it can and cannot do, and that it is a sound financial decision. For example, most, if not all policies, will not cover a typographical error on travel documents and visas but may cover lost international cell phones. "Travel insurance is intended more for unforeseen circumstances such as medical emergencies and natural disasters," Brian Kelly, the founder of ThePointsGuy.com, said.
Belman Insurance Advisor believes that travel insurance is an excellent opportunity for the insurance industry. Because it is an “event” insurance like wedding insurance, it could potentially be something clients would purchase several times, unlike someone with funeral insurance for example. With travel insurance being purchased frequently by some, it is an opportunity to learn more about clients; what their needs are and what their goals are. Moreover, it is an opportunity to capitalize on a long term relationship. And that is priceless.
Belman Insurance Advisor finds that most Americans who travel do not purchase travel insurance and finds a tremendous opportunity for insurance professionals to tap into a new market.
About Belman Insurance Advisor:
BelmanInsuranceAdvisor.com offers advice and insight into ways the insurance industry can maintain a profitable long-term stance.