TravTalk India Online Magazine
Dev Karvat, Founder and CEO, Asego, shares that launch of its all-new tech platform will ensure partners issue policies on-the-go.
Hazel Jain
What is new with Asego and how is it different from your previous business model?
The pandemic created positive disruption also, providing a plethora of opportunities spearheaded by technology and innovation. We are glad that our business, Asego, is also a part of this great revolution. We are about to launch our all-new tech platform which will allow our partners to issue policies on-the-go in just three clicks. Furthermore, we have moved to a multiple underwriter model, which will provide our partners more flexibility to customize products and services as per their needs.
Could you elaborate on your offerings and how is it helping clients?
Our bouquet of travel assistance services and new-age bundled products have always been customer favorites. Nevertheless, we realised that tailoring offerings at a micro level is the need of the hour. We are now offering an array of relevant standalone products, such as quarantine cancellations, visa refusal, flight delay/interruption covers and gadget protection pertinent to the current scenario. This will not only help our partners to design customised, relevant travel protection plans for their customers, but also give them an up-selling edge to increase revenue.
Travellers are seeking products that can help them during unforeseen situations. What is your plan of action for this?
What differentiates us from other companies is the way we work. During emergencies, we immediately bring together all stakeholders such as the affected family, the underwriter and hospital on the same platform and everyone is kept apprised on the progress and gravity of the situation. This helps us to maintain complete transparency among the stakeholders and ensure that assistance is provided with the fastest turnaround time. Apart from providing cashless claims and reimbursement facilities to the customers in need, we also provide them relevant assistance services, including doctor on call, support during baggage loss and missed flights and other
related services.
How different is the travel insurance market when compared to the Pre-COVID times?
Awareness and need for the right travel protection has increased multifold. Many countries have made it mandatory to travel with the right insurance coverage and it is no longer limited to the United States, Canada and the EU. Also, on analysing customers’ recent buying patterns, we realised that they have now grown highly product sensitive. They now seek more value, rather than just going for undervalued and inexpensive ones. Travellers are looking for products with higher sum insured and value-added services relevant to their needs. For instance, we have witnessed a 50 per cent growth in February 2022 business as compared to the pre-COVID February, not because the prices have increased, but the value of policies have grown tremendously. Today, customers are willing to pay more for their products, provided the price of the product justifies the value they offer.
Your learnings from the pandemic, if any?
For me, COVID-19 has been a great eyeopener. The pandemic did affect our travel business radically, but it also gave us an opportunity to take a step back, reassess ourselves, figure out what was missing and integrate the lessons learnt to come out stronger than ever. The pandemic related uncertainties has increased the demand for all kinds of insurance, not just travel. Our new proposition and value-added services has not only opened the revenue opportunities for our partners, but will also ensure customers’ satisfaction. I feel when we change the way we look at things, the things you look at change!
