The travel insurance landscape is undergoing a significant transformation, driven by macro changes in travel behaviour and the ongoing aftershocks of the 2020 pandemic. As consumers become more digitally savvy and risk-conscious, travel insurance companies are turning to digital advertising, especially programmatic methods, to stay competitive in this changing landscape.
The rise of digital-native travellers, coupled with the growing demand for seamless and tech-savvy solutions, has reshaped the expectations of travel insurance consumers. Younger generations like Millennials and Gen Zs have become an important and necessary segment of any insurer’s target audience. But the good news is that recent studies show that there is an upward tick in young peoples’ intention to purchase travel insurance, a demographic previously less inclined to buy such cover. Additionally, over a third of customers expressed interest in travel cancellation policies due to the impact of Covid-19, presenting a significant sales opportunity for insurers.
Recognising this shift, insurers are beginning to utilise programmatic advertising to create relevant, targeted campaigns that resonate with their evolving audience. This approach allows them to use real-time data to reach the right customers with the right message at the right time, maximising the effectiveness of their marketing efforts.
Improve relevancy for enhanced customer journeys
In an era where travel conditions can rapidly change, insurers need to embrace agility and flexibility enabled by real-time data. Technology, including machine learning, online consultations and live chat, plays a crucial role in this process. These tools not only streamline operations but also enhance the overall customer experience by providing timely and relevant assistance. Real-time data enables insurers to personalise their marketing efforts effectively. By analysing user behaviour and preferences in real time, insurers can adjust their ad placements across various digital channels. This ensures that they reach potential customers when they are most active online, maximising the impact of their marketing campaigns.
“Engaging with travellers before their flights is the answer to driving outstanding ROAS. And with Crimtan’s technology, leveraging real-time traveller data, we can serve ads in the moments that generate real results.”
Crimtan US Vice President Chad Reelfs, who has spent more than 15 years in the digital tech travel space
The integration of geo-location technologies also enables insurers to provide automated customer services, process claims efficiently, and offer targeted offerings based on the traveller’s location. Real-time data also provides valuable insights into travel trends, such as popular destinations and areas with increased insurance claims, allowing insurers to further personalise their messaging to potential customers.
Introducing real-time optimisation with data and DCO
In the world of travel insurance marketing, the key to success lies in delivering personalised messages to the right people at the right time. To make this happen, insurers can use data-driven strategies and Dynamic Creative Optimisation (DCO) solutions. These tools analyse user behaviour, preferences, and demographics to identify specific customer segments and create highly targeted campaigns that resonate with them.
One of the advantages of programmatic advertising is its real-time bidding and automation capabilities. This allows insurers to optimise their ad placements across different digital channels, ensuring they reach potential customers when they are most active online. Programmatic advertising also allows for real-time adjustments to be made to ads based on customer engagement and how users are interacting with them, ensuring a personalised approach for each user. This real-time data also means insurers can expand their reach to previously untapped markets such as younger audiences, ultimately driving growth and building a broader customer base in the competitive landscape of the digital age.
As the travel insurance landscape continues to evolve, embracing digital transformation and programmatic advertising is crucial for staying relevant and competitive. Insurers who embrace cutting-edge technologies will not only meet current customer expectations but will also be well-positioned to shape the future of the industry. The journey towards a more relevant, customer-centric and efficient travel insurance sector promises exciting opportunities for both insurers and consumers alike.
Want to find out more? Get in touch with one of our travel advertising experts today.