Leading market players are investing heavily in research and development to expand their product lines, which will help the Travel Insurance market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Travel Insurance industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Travel Insurance industry to benefit clients and increase the market sector. In recent years, the Travel Insurance industry has offered some of the most significant advantages to the peace of mind and financial security of travelers worldwide. Major players in the Travel Insurance Market, including Passport Card, Assicurazioni Generali S.P.A., Staysure, American International Group, Inc., Trailfinders Ltd., AXA, Insurefor.com, Zurich, Aviva, Just Travel Cover are attempting to increase market demand by investing in research and development operations.
American International Group, Inc. is a multi-line insurance group. It is a group that offers an insurance package of life, property (casualty), retirement products (of the self) as well as other financial services to individuals and businesses. This segment covers six discrete schemes: general liability, directors’ and officers’ liability, property, workers’ compensation, marine, aerospace, environmental, commercial automobile liability, term life, universal life, fidelity, fiduciary liability, cyber risk, as well as errors and omissions. It also belongs to the realm of political risk insurance, accident and health insurance, personal auto insurance, travel insurance as well as individual and group retirement products.
It sells its products in the market through brokers, captive and independent agents, affinity partners, retailers, and airlines allied with travel agents. AIG serves the financial institutions in the Americas, Europe, Africa, the Middle East, and Asian-Pacific regions. AIG is headquartered in New York, US. In November 2021, the insurance giant American International Group, Inc. made a partnership with Goose Insurance Services, which is among the innovative insurance technology companies, making it convenient and faster for individuals to acquire appropriate coverage through mobile apps.
This collaboration comprises the introduction of income protection and hospital cash insurance products made specifically for Canada’s fast-growing gig economy through digital carriers.
AXA is an insurance company that caters to both life and non-life insurance products. It includes life insurance and financial products that cover, among other things, individual life insurance, group life insurance, health and personal protection, and individual-based and group retirement savings. The company has a product and casualty insurance package, which comprises motor, household, property, and general liability insurance and, in addition to that, retail banking products and services. AXA targets individual and business customers using its agent network, both with individual agency staff members and with brokers, independent advisors, banks, and partners.
In addition to direct sales channels such as telephone, mail, and Internet, it is distributed through the marketing distribution channels. AXA has its headquarters in Paris, France.
