Generative AI Applications:

Travel insurance can often feel like a one-size-fits-all product, leaving travellers unsure if they're adequately covered. Generative AI can revolutionise the travel insurance experience by creating personalised policies tailored to specific trip details and individual needs. Here's how:

‍

1. Dynamic Policy Generation: Imagine an AI system that analyses flight itineraries, accommodation bookings and activity plans submitted by a traveller. Using this data, the AI can generate a bespoke insurance policy that covers potential risks specific to the chosen destination, activities and travel duration.

‍

2. Risk-Based Pricing: Generative AI can go beyond basic demographics and analyse a traveller's medical history, adventure travel preferences (e.g. skiing, trekking) and even weather forecasts at the chosen destination. This comprehensive analysis allows for risk-based pricing, ensuring travellers get the right coverage without paying for unnecessary extras.

‍

3. Customised Exclusions: Through generative AI, travel insurance policies can become more transparent and user-friendly. AI can generate clear explanations of exclusions based on the traveller's individual profile. For instance, a policy for a skydiving enthusiast might explicitly exclude coverage for injuries sustained during the jump, while offering comprehensive medical coverage for other potential mishaps.

‍

4. Interactive Policy Exploration: Generative AI can create interactive tools allowing travellers to explore different policy options and their corresponding coverage levels. Imagine a chatbot that asks travellers about their risk tolerance and then generates different policy drafts with varying coverage options and costs. This empowers travellers to make informed decisions about their travel insurance needs.

‍

These are just a few examples and, as generative AI technology continues to develop, we can expect even more innovative ways to personalise travel insurance, making it a more relevant and valuable product for travellers seeking peace of mind on their adventures.