Berkshire Hathaway Specialty Insurance recently introduced a new travel insurance product that is specially designed to appeal to millennial consumers. Because millennials are used to on-demand services, this company created an insurance plan that leverages technology to provide faster service.
The 'ExactCare' plan is a new travel insurance product from Berkshire Hathaway Travel Protection. Unlike other insurance plans, this specific package uses technology to bring efficiency and simplicity to millennials travelers. This means that consumers can text, tweet, call or email to connect with customer service representatives about any of their travel needs. Customers can also use their smartphone for express deposits and paying claims. All of these features are intended to appeal to millennial travelers who are used to using their smartphone to access the services they need.
The ExactCare plan from Berkshire Hathaway Travel Protection demonstrates how insurance companies can tailor their products to meet the tech-oriented needs of millennial travelers.
Key Themes Behind This Trend
- Tech-driven Service
- Insurance providers can leverage technology to create faster, more efficient service for their customers, particularly millennials.
- Simplified Insurance Packages
- Insurance companies can offer simplified and customizable insurance packages to appeal to consumers looking for simpler solutions.
- On-demand Insurance
- Insurance providers can offer on-demand insurance plans that cater to consumers' immediate needs through various communication channels.
Where This Applies
- Travel Insurance
- Travel insurance providers can create unique and tech-driven products for easier and faster service, specifically targeting millennials.
- Insurtech
- Insurance technology companies can develop innovative solutions and technology-driven products that appeal to the younger generation.
- Mobile Payments
- Mobile payment providers can partner with insurance providers to offer customers the ability to pay claims via their smartphones, streamlining the claims process.
