Vast Majority of Travel Insurance claims are not declined

According to a KPMG study sponsored by the Travel Health Insurance Association of Canada (THiA), the vast majority of Canadians (95.3 per cent) who submitted a claim to their insurer, had their claim approved and paid. Will this study dispel the myth that most claims are denied? To review the press release, please click here.

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Canadian Traveller’s Insurance Guide

The Travel Health Insurance Association of Canada (THiA) has created a handy guide for Canadian consumers to help them select the right travel insurance product. This checklist should be required reading before travelling outside one’s province of residence. For a copy of the Guide, please click here.

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Advanced analytics in insurance a possible game changer

In the future, the creative sourcing of data (both internal and external sources) and the distinctiveness of analytics methods will be much greater sources of competitive advantage in insurance than simply relying on scale and on underwriting prowess. For more information, please click here.

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Student opportunities

We often think about travel insurance in strictly “outbound” terms for Canadians. However, there is a growing market in the student/visitor areas as well. Roughly 75 per cent of the Toronto District School Board’s international students come from China (see Globe & Mail, August 22, 2014). Please click on the link to read WSJ article.

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(Travel) Claims Management

A terrific paper from PWC on the claims process and the importance of technology and customer experience. The “customer experience” dimension entails minimizing the number of touch points that customers need. It can also refer to providing clients the tools to better understand the claims process (tips and tools on what to do in the …

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American travel spending reaches record high

According to the Vacation Confidence Index, Americans will spend a record $100 billion on summer vacations, about 20 percent higher than in 2013. Furthermore, 1 in 3 respondents indicated that they have already purchased travel insurance for the trip. Please click here for additional information.

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Turning Customer Satisfaction into a better bottomline

Some interesting insights about customer satisfaction and loyalty. Customers may promote more than one credit card product. You need to give customers a reason to use your card more (or first, last and always). Reward/Cash Back will be the primary driver followed by features and benefits. Please view article here

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Too many options, too difficult to sell, to difficult to choose

The article make a compelling argument that there are too many credit card options to choose from, making it difficult for both staff and customers.  My experience has been that “the field” (ie.: branch staff) provide feedback outlining product and service gaps that need to be filled. Please see article here

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Helping Snowbirds

Members of both houses of Congress are trying to make it easier for Canadian Snowbirds to spend more time in the US. However, several of these initiatives have stalled as they are buried in “immigration reform” bills. Please click here for the article.

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