PriyaPatel
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TLDR:
- About a third of Asian travellers purchase insurance only days before a trip
- Milleinnials and GenZs are seeking insurance that goes beyond traditional safety coverage
In a recent study conducted by Klook Protect, it was found that many tech-savvy travellers, particularly in Singapore, Hong Kong, Malaysia, and the Philippines, are purchasing insurance just days before their trips. These travellers are looking for insurance that offers more than traditional safety coverage, with a preference for easy-to-claim policies that are enjoyable and seamless.
The study also revealed that many travellers, especially those under 35, prefer adventure travel and take leisure trips frequently, often opting for budget travel that may involve lower safety standards. Emerging risks like ride-share scams and misrepresented accommodations are also driving demand for better protection.
Key factors discouraging the purchase of travel insurance include difficulties in making claims, unclear coverage, and overly complex processes. To meet the evolving needs of modern travellers, Klook Protect aims to offer smarter, experience-centric insurance solutions.
Overall, the insurance industry has an opportunity to innovate and simplify travel insurance to cater to the needs of tech-savvy travellers, especially millennials and GenZs who are seeking more than traditional safety coverage.
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