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Growing Demand for Travel Insurance Creates Revenue Opportunities for Travel Service Providers
“Analysts put the U.S. travel insurance market at $2 billion and growing,” said McGovern. “More travelers are purchasing travel protection due to the increasingly volatile nature of travel, where political instabilities and natural disasters are impacting flights and other plans. As a result, the insurance industry has evolved and diversified its travel products significantly, offering everything from à la carte options to blanket coverage; yet, many suppliers have not updated their insurance programs in years to take advantage of these changes, and can thereby be losing potential revenue.”
McGovern observed that offering travelers the right type of protection is crucial to safeguarding them against unforeseen events and financial losses. His expertise is based on many years of experience as a plan administrator, as well as his close working relationships with travel suppliers of all sizes, including some of the most prestigious brands in the industry. Specializing in “white label” programs, he helps his clients make the right choices by continually monitoring the marketplace and negotiating the most beneficial rates and programs for them. McGovern also encourages tour operators and other travel suppliers who don’t offer a privately branded insurance program to explore this opportunity. By offering a branded program to their travel agent partners, agents can, in turn, provide a more customized insurance product to their customers.
“A new or optimized ‘white label’ insurance program can offer potentially higher commissions, build good will, and strengthen partner loyalty,” said McGovern. “It can also enhance the quality and diversity of services a travel agent provides his/her customers, ensuring their customers the best, most worry-free booking.”
With more than three decades of experience in the travel insurance industry, McGovern Associates is led by founder and president Bill McGovern, a veteran licensed insurance professional with experience exclusively in travel protection. As account manager for the first-ever Tour Operator Protection program in 1984, he was a pioneer in the “white label” travel insurance industry in the United States, where he customized programs designed exclusively for the tour operator community. Recognizing passenger protection as a new profit center for travel companies, cruise lines, OTA’s, vacation rental providers, and airlines, he offers a “one-stop shopping” solution that provides the full range of insurance services including comprehensive program reviews, RFP services, insurance plan consulting, optimization and redesign, and program management. For more information, call 516-216-4626 or visit www.mcgovern-