"post-pandemic Travel: How Travel Insurance Landscape Is Changing In Australia"

 "post-pandemic Travel: How Travel Insurance Landscape Is Changing In Australia" - COVID-19 has brought the tourism industry to a standstill. While recent headlines like tour bans and major event cancellations have made that progress seem a thing of the past, it's important to remember that the industry was healthy and breaking records before the pandemic.

Despite these challenges,  history has shown us that travel is one of the world's most resilient industries - and while we don't know exactly when travelers will be back in power, we can be sure they will.

"post-pandemic Travel: How Travel Insurance Landscape Is Changing In Australia"

The travel and hospitality industry has faced many catastrophic events, such as 9/11 and the Great Recession, and each time, travel has always bounced back and thrived, said Sooho Choi, global head of travel and hospitality at Publicis Sapient. "What makes COVID-19 unique is that there is no clear endpoint or economic model to predict how long the virus will pose a risk," he added.

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For example, after the Gulf War, Marriott Corporation, which survived the financially challenging event, split into two companies: Marriott International and Host Hotels. This pioneered the asset-light franchise model, which has been widely adopted by the hotel industry worldwide.

Before the September 11 terrorist attacks, airport security was largely handled by private companies. After 9/11, security management shifted to the Transportation Security Administration (TSA) and became part of every day customer expectations throughout the airport journey. This evolved into public-private partnerships, and these partnerships have developed programs such as TSA PreCheck today.

After the 2008 financial crisis, many consumers had to find new ways to find work. This contributed to the rise and rapid growth of the gig and sharing economies and companies such as Uber and Airbnb, which were founded during this period of economic uncertainty.

How will travel and hospitality evolve post-Covid-19? Here are four actions travel brands can take to prepare for the future.

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While many travel companies cut budgets to save money, they may forget that marketing is more important than ever. Travel companies are vital parts of their local communities and must find ways to actively participate in the COVID-19 response. Delta, for example, flies medical volunteers for free, the Four Seasons in New York City offers free rooms for healthcare workers, and Carnival has offered to use their ships as offshore medical facilities.

Travel brands can learn from companies that invested in and prioritized marketing during the last recession. Researchers have found that building brand equity and awareness during a recession can accelerate post-recession recovery. One example of a destination currently putting this into practice is Visit Last Vegas with its #JustForYou campaign. The video showcases an empty Las Vegas strip and serves as a reminder that the city will be there when people start visiting again.

As guests from around the world transfer and cancel their trips, company contact centers are facing unprecedented volumes. The research team at digital business transformation company Publicis Sapient found that in the third week of March 2020, the average waiting time for customers was more than two hours. For one particular airline, about 50 percent of its customer calls went unanswered.

Companies can reduce call center volume by streamlining digital touchpoints to make it easier for customers to cancel and rebook through digital channels. Leading companies are blending their digital and call center teams, automating the use of natural language processing tools to analyze calls and optimize customer requests across channels.

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"Travel brands should use this slowdown to streamline operations and diversify their businesses by re-evaluating customer service, building empathy, earning customer trust and improving inventory and products when demand returns," said Khurram Farooqui, Group Vice President, Publicis Sapient. .

The economic impact of COVID-19 is inevitable. Many regional airlines, small to medium-sized hotels and independent travel agencies will face financial difficulties and bankruptcy. The recovery will not be homogeneous as different parts of the world battle to control the spread of the virus over different periods. Domestic travel is likely to recover faster than international travel, and some countries will open for business before others.

This means brands need to reassess what the competitive landscape might look like post-recovery. Although the timing is difficult to predict, companies looking to do so must act now to gain market share, enter new markets and offer new products.

Entering new markets requires understanding and attracting new customers, and there is a wealth of data that allows companies to analyze customer behavior, identify the right prospects, and look for signals to recognize when the journey is resuming.

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After identifying this market, companies can streamline their marketing technology and processes to get the right messages to the right customers at the right time. Setting up dynamic segmentation and aligning the right offers and promotions will help brands return more quickly.

The changing competitive landscape will make it even more necessary for brands to invest in direct-to-consumer digital channels. Cruise lines, for example, have the opportunity to sell directly to consumers, as most small cruise-focused travel agents may not recover. Direct hospitality bookings are also likely to strengthen as some travelers seek greater quality assurance and flexibility in their rebooking and cancellation options, shying away from booking through online travel agencies or staying at Airbnb properties.

Health and wellness practices may no longer be a good thing in a post-COVID-19 world. All travelers will expect higher standards to ensure their well-being, and digital tools will enable and expand the available “touchless” options.

For example, mobile-first technologies such as contactless payments have been in the market for several years with limited adoption. However, recent trends show an increase in adoption as consumers become more comfortable with their behavior and reconsider who and what they physically connect with. For travelers and visitors, mobile usage will increase throughout the journey, from passports and boarding passes to keyless hotel check-in and digital check-in at hotels.

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Hotels will need to accelerate their investments in “touchless” technologies such as biometrics, gesture controls and automation to personalize digital interactions while enabling social distancing. A prime example of this can be found at Chengdu Shuangliu Airport in China, where travelers already have kiosks that use facial recognition to check their flight status and find their gate.

"The travel industry is at a point of disruption and the future will be bright, but different from what we've seen in the past," said David Taylor, head of strategy and consulting at Publicis Sapient. "Considering the economic consequences combined with the explosion of new technologies, from 5G to artificial intelligence, I'm excited to see how companies respond and evolve, and how the startup community emerges from this event." Read on for a S$1 purchase trial. Subscription for S$1 for 4 weeks will charge you S$95 per month when the trial ends

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We use cookies and other data for a number of reasons, such as keeping sites reliable and secure, personalizing content and ads, providing social media features, and analyzing how our sites are used. Masks, distance, dividers and price hikes: Industry insiders predict what could be the long-term impact of the coronavirus on the way we travel

Unlike many great tragedies in history, the coronavirus pandemic never surprised us with a single catastrophic event. Instead, the deadly problem spread silently around the world, killing millions since it first emerged in November as it grew into a global health crisis.

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As we close borders, cancel events, and self-quarantine at home on a large scale, travel

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