Eager to travel, more Canadians now see insurance as a necessity

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After years of no travel, followed by travel restrictions, Canadians’ pent-up desire for travel has been unleashed – but not without a realization of the need for travel insurance

SUNSCREEN AND PASSPORTS are still important for travellers, but more and more jet-setters are making doubly sure to have insurance on hand that covers cancellations, delays, and medical emergencies. It’s only been three years, but the images of empty airports, closed hotels, and frantic travellers trying to get home are not only part of our collective memory of the pandemic’s first weeks in March 2020 but also a reminder to travellers to be prepared for the unexpected. Consumers are now more focused on their health and finances post-pandemic, which is why travel protection has taken centre stage when they’re making vacation plans.

For over 30 years, Allianz Global Assistance (Allianz) has supported travelling Canadians and visitors with travel protection solutions that simplify the travel experience and deliver peace of mind in uncertain times. Allianz’s reputation for excellence and continuous drive to adapt and innovate means that it is uniquely equipped to work with its partners and customers to support their ever-changing travel insurance needs. Whether customers need everyday customer service or extraordinary emergency help, Allianz’s customer-driven team of experts are there 24/7 with a footprint in over 75 countries. Allianz Global Assistance is a specialist brand of Allianz Partners and is a registered business name of AZGA Service Canada Inc. and AZGA Insurance Agency Canada Ltd.

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“We’re seeing travel insurance become less of a choice and more of an absolute necessity for consumers”

Chris Van Kooten, Allianz Global Assistance

“The pandemic exposed the unpredictability of travel and the peace of mind that travel protection can bring,” says Chris Van Kooten, CEO at leading travel insurance and assistance provider Allianz Global Assistance (Allianz). “As travellers look ahead with excitement and count down the days to their vacation, they are also baking in the expectation that something could go wrong – and that’s why we’re seeing travel insurance become less of a choice and more of an absolute necessity for consumers.” Ask family or friends, and they can likely tell you the tale of a workmate who caught COVID-19 while on vacation and had to quarantine for days, missing flights home. Or flights that could not be caught in the first place because of a positive COVID-19 test. Or flights cancelled or delayed because of staffing shortages. With scenes like those flooding our news feeds and screens, it’s an easier sell to make sure that travellers have the right type of comprehensive travel insurance to help them travel securely. Not wanting to end up in a travel anecdote themselves, many travellers are now more risk-aware, likely to consider what-if scenarios and see travel insurance as an essential part of the travel-planning process. Travel insurance is no longer a nice-to-have but as important to today’s travel as flip-flops are at the beach.

At the end of the day, “travel has changed,” Van Kooten says, “and though Allianz will keep changing with it, our commitment will always be the same – to deliver unparalleled customer experiences and unmatched growth for brokers, even in the face of the unexpected. “Travellers are counting on their trusted insurance brokers to help them explore the world securely. You need to be able to offer them the right protection for their unique journey – quickly, easily, and confidently.”

Travel volumes are reaching pre-pandemic levels, but consumer attitudes toward travel insurance have changed. The numbers back this up, according to Allianz’s Vacation Confidence Study, conducted by Ipsos in November 2022:

This increased awareness and critical need for travel insurance presents brokers with a unique opportunity as the travel industry springs back to life, and pent-up demand is ready to be tapped. “Our latest study revealed that Canadian households are projected to spend over $14 billion on vacations this year – that’s more than pre-pandemic vacation spending,” Allianz’s CEO says. “With rising costs, protecting your travel investment with insurance has never been more important, and travellers who once left their vacations to chance are looking for security more than ever. There’s never been a better time to expand your offering with travel insurance.” By offering full-circle protection, brokers can provide solutions for all their clients’ travel needs – an approach that can help them achieve new levels of business growth. It can also mean cross-sell opportunities for brokers when they check in with clients about their plans for a one-off vacation or a regular series of annual trips. They can give clients continued peace of mind by offering auto-renewing annual travel insurance plans, which also ensure regular insurance business going forward and build client-broker loyalty and retention. “When we talk about the future of travel insurance, we talk about making it more convenient and accessible,” says Van Kooten. “Brokers are a seamless bridge for this current gap in the market. For that reason, it’s important that you’re picking the right partner to help grow your business and make selling simpler.” Allianz can help customers discover the world, while using its global partnerships to do what every travel company should aim to do – deliver expert assistance and service while helping customers discover the world. After all, Allianz is the number one insurance brand in the world, according to the 2022 Best Global Brands Ranking.

“Travel has changed, and though Allianz will keep changing with it, our commitment will always be the same – to deliver unparalleled customer experiences and unmatched growth for brokers, even in the face of the unexpected”

Chris Van Kooten, Allianz Global Assistance

Allianz is reimagining its products, processes, and technology to provide a more intuitively simple experience for brokers and their businesses. “Digital solutions are a vital part of what Allianz offers to our partners, creating the features, functionalities, and applications that brokers need to stay competitive in the market and expand sales opportunities,” Van Kooten explains. “The combination of digital innovation and insurance expertise brings unbeatable ease to the selling process.” The big news on the technology side is the recent launch of Allianz’s new sales platform and fully refreshed outbound product suite – a complete, end-to-end solution designed to give brokers flexibility and a seamless

The big news on the technology side is the recent launch of Allianz’s new sales platform and fully refreshed outbound product suite – a complete, end-to-end solution designed to give brokers flexibility and a seamless experience, while saving them time. The company is making it easier for brokers to sell travel insurance in a way that accommodates their business operations. Of particular importance, Allianz is excited about the API connection capabilities it is bringing to the market. It is also focusing on streamlining its processes through digitization, automation, and integration. Allianz provides easy training to enhance brokers' travel insurance knowledge and maximize their sales potential, along with a dedicated business development team to help them grow their businesses. Partner with Allianz and meet travellers’ evolving needs with relevant travel insurance solutions. Contact Allianz today.

Allianz Global Assistance Vacation Confidence Study

Opportunities for brokers

Allianz Global Assistance Vacation Confidence Study

Opportunities for brokers

Published 26 May 2023

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Primary vacation destinations for Canadians in 2023

35%

Outside my home province but within Canada

24%

Mexico/Caribbean

24%

Other international destination

17%

United States

Source: Allianz Global Assistance Vacation Confidence Study (November 2022)

89 % of Canadians who intend to travel also intend to be covered by travel insurance for their next trip 74% of Canadians say travel insurance is equally or more important post-pandemic. Of that number, 32% say it's more important now than before the pandemic 6 in 10 Canadian travellers remain worried about the possibility of COVID-19 impacting their travel plans. Travellers aged 55+ are the most concerned 6 in 10 Canadian travellers were confident that they would take a vacation in the next 12 months. Of that number, 70% were millennials, 64% were Generation Z. In fact, millennials were found to be responsible travellers who proactively plan to obtain travel insurance before they take a trip ~$14.3 billion is the amount Canadian households are projected to spend overall on vacations this year, more than recorded in Allianz’s 2019 annual survey 75% of millennials say that an annual vacation is important to them – compared to 68% of Gen Zers and 57% of boomers 39% of Generation Z find travel to be more important post-pandemic (that number is 32% overall) 1/2 of all travelling Canadians say they are taking part in revenge travelling this year, making up for lost travel time during the pandemic

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Source: Allianz Global Assistance Vacation Confidence Study (November 2022)

32%

Family vacation

13%

With a friend or group of friends

39%

With a partner

14%

Solo travel

How are Canadians travelling this year?

For work with colleagues

experience, while saving them time. The company is making it easier for brokers to sell travel insurance in a way that accommodates their business operations. Of particular importance, Allianz is excited about the API connection capabilities it is bringing to the market. It is also focusing on streamlining its processes through digitization, automation, and integration. Allianz provides easy training to enhance brokers' travel insurance knowledge and maximize their sales potential, along with a dedicated business development team to help them grow their businesses. Partner with Allianz and meet travellers’ evolving needs with relevant travel insurance solutions. Contact Allianz today.

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