Travel Guard Charts New Course on Product Innovation

07/25/2017

HOUSTON – July 25, 2017 – Travel Guard is pioneering a new approach to product development that will allow travel agents and other distribution partners the flexibility to offer truly customized travel insurance packages.

Travel Guard has moved beyond the traditional “one-size-fits-all” product approach to offer partners the ability to request packages from an array of separate individual product components. “We understand that consumers want a more personalized travel experience, which is why we have worked tirelessly to get to this point where we will be able to offer agents more options to provide a better-targeted spectrum of products – and ultimately a better experience for travelers” said Jeff Rutledge, CEO, Travel Guard.

This approach, whereby numerous benefits, such as trip cancelation or security evacuation, will be available on an individual basis (including the many possible variables of coverage and limits), provides agents with an array of components to use to request packages to respond to specific customer demand and demographics, instead of the former “handful” of packages approach. It opens the door for innovative product development and expands the menu of benefits available to clients, bringing an unprecedented level of flexibility and ability to tailor segmented insurance plans for each agency’s unique customer profile.

Alongside this new package-building paradigm, Travel Guard is also innovating on the individual benefit level with cutting-edge, targeted options. Some of the new benefits, available in many states, include:

• NAME YOUR FAMILY℠: Current policies define who constitutes a family member whose death or illness may trigger coverage for a trip cancelation. Under this new policy, the traveler has the option to name whichever individuals they choose to include in this group.
• New trip cancellation benefits:
  • Due to insufficient/excessive water levels: For those travelers interested in river or ocean cruises, this new product can provide more robust coverage by reimbursing trip costs for a flood or drought that affects the area where the insured was supposed to go on a cruise.
  • Due to a wedding being canceled: This new product can cover the insured guest if a trip is canceled due to either the bride or the groom calling-off their wedding.  
• Trip curtailment due to the mechanical breakdown of an owned or rented vehicle: If the traveler’s vehicle breaks down, they can be covered for the costs of the loss of their vacation time while the vehicle is being repaired or replaced.
  
• Trip inconvenience coverage: This category includes a variety of new benefits, which are activated in a completely different manner than Travel Guard’s other travel insurance offerings. If purchased, this coverage provides a fixed benefit amount payable upon the stated inconvenient event occurring (as opposed to being limited to an expense reimbursement). Initial examples in this category include payments for: closed or shut down theme parks or other attractions; cruise/flight diversions; hotel infestations; beach closures; and runway delays. 

Travel Guard has also conducted extensive work to expand coverage benefits for the following products:

• Pet named perils: Expanded options for dog and cat owners, providing coverage if the insured’s pet is injured while traveling and needs to be taken to a veterinarian. It can also provide a benefit if the pet dies after the insurance is purchased, but before the trip is taken.
  
• Security evacuation coverage: Under this coverage, the traveler can be transported out of unsafe/unstable situations (such as political unrest or a natural disaster) and the cost can be covered up to a specified benefit level. 

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