A survey by Thomas Cook India and SOTC Travel indicates heightened importance of Travel Insurance post pandemic
Strong requirement: 86% respondents showcased travel insurance as a necessity continues Covid 19 coverage is essential for 69% of the respondents Insurance preference: international destinations (60%); both domestic and international destinations 38% Crucial factors while considering travel insurance
- Strong requirement: 86% respondents showcased travel insurance as a necessity continues
- Covid 19 coverage is essential for 69% of the respondents
- Insurance preference: international destinations (60%); both domestic and international destinations 38%
- Crucial factors while considering travel insurance – coverage features, pricing and insurance company
Mumbai, November 28, 2022: Thomas Cook (India) Limited – India’s leading omnichannel travel services company and its Group Company, SOTC Travel’s recent survey reveals significant customer requirement for travel insurance for both international and domestic destinations. The survey covered over 1000 consumers spread across India’s top metros and prime cities like Mumbai, Delhi, Bangaluru, Kolkata, Pune, Ahmedabad, Lucknow, Jaipur, Chennai, Hyderabad, Surat, Indore, Bhopal, Patna, Tiruchirappalli, Madurai, Nagpur, Bhubaneswar, Chandigarh, Mysuru, Coimbatore, Visakhapatnam, Guwahati, etc. While the pandemic created increased need for travel insurance, the continued demand reflects the growing maturity of the Indian market.
The data analysis has revealed valuable insights on customer requirements related to travel insurance:
· Strong requirement: 86% respondents showcased travel insurance as a necessity in the post pandemic era as compared to 75% respondents highlighting Health & Safety as the primary concern from the First Holiday Readiness Travel Report (May 2020); while 80% are keen on availing travel insurance for themselves/their family even if it was not mandatory during their travel or while obtaining visas
· Covid 19 coverage: Covid 19 related coverage including hospitalisation, treatment, quarantine is essential for 69% of the respondents while planning their travel
· Insurance preference: Significant share of insurance preference is for international destinations (60%) while 38% respondents are interested in taking travel insurance for both domestic and international destinations; from less than 1% pre pandemic to approx 20% currently for domestic destinations
· Crucial factors while selecting travel insurance:
o Features – insurance coverage features such as cancellation, delay, pre-existing medical conditions, Covid 19 cover, hotel quarantine, emergency hotel extensions continue to be a top priority for over 50% of the respondents while considering travel insurance
o Coverage costs – expenses play a major role while considering travel insurance as 20% indicated that the insurance pricing should be reasonable
o Sum insured – it is essential too as highlighted by 7% of the respondents
o Insurance company – the name of the insurance company or reputation in the market is considered important by 18%
o Additional factors – claim settlement percentage, cashless hospitalisation, flight/trip cancellation, hassle free reimbursement, delay, lost luggage/theft and reliability are also important factors
“The pandemic changed several norms in the travel industry with health and protection gaining importance. The fact that customers continue to see value in comprehensive travel insurance is to my mind, less an indicator of continuing concerns about the pandemic and more to do with a more mature customer mindset. This is more akin to customers in mature economies, where travel insurance is seen as a “must have” and not just a “good to have”.
Given India’s rapidly maturing economy – our customers understandably, are seeing value (beyond the pandemic) in comprehensive travel insurance to ensure their safety and security while travelling.”Mr. Abraham Alapatt, President & Group Head – Marketing, Service Quality, Value Added Services & Innovation, Thomas Cook (India) and SOTC Travel
About Thomas Cook (India) Limited:
Set up in 1881, Thomas Cook India) Limited. (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied TPro, Australian Tours Management, Desert Adventures, Luxe Asia, Travel Circle International Limited (TCI 勝景), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa
As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 28 countries across 5 continents
TCIL has been felicitated with IAMAI India Digital Awards 2022, CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2022 & 2021, CIO100 Award for digital innovation 2022, ‘Innovation in Omni-experience’ Award at International Data Corporation’s (IDC) Industry Innovation Awards 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2019 & 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019-2021, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; Best Outbound Tour Operator at the SATTE Awards 2019, The French Ambassador’s Award for Exemplary Achievements in Visa Issuance 5 years in a row and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.
CRISIL has reaffirmed the rating on debt programmes and bank facilities of Thomas Cook (India) Limited – ‘CRISIL A+/Negative on the long-term bank facilities of TCIL and CRISIL A1 rating on the short-term bank facilities and short- term debt of the Company.
For more information, please visit www.thomascook.in
Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited promotes TCIL by holding 72.34% of its paid-up capital and is responsible for the execution of acquisition and investment opportunities.
About SOTC Travel:
SOTC Travel Limited (Formerly SOTC Travel Pvt. Ltd.) is a step-down subsidiary of Fairfax Financial Holdings Group; held through its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL). SOTC India is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel. SOTC was established in 1949. Since then, it has escorted lakhs of travellers across the globe for more than 70 years to various destinations around the world. A new age innovative holidaymaker, SOTC strives to make holidays a priority for every Indian. ‘We are for holidays’ and we want Indians to prioritize their holidays.