How will parametrics support the recovery of the Travel industry in 2022?

This year, travel is coming back roaring.

In January alone, household holiday spending was 379% higher than in 2021, with flight bookings increasing year-on-year by 408%. Summer holiday bookings are already up one fifth from pre-pandemic levels too.

According to the World Travel and Tourism Council, the sector is expected to generate $8.6 trillion by the end of the year. It’s clear that consumers want to make up for lost time over the pandemic, and it’s the travel industry which bears responsibility for supporting travellers in fulfilling their long-awaited holidays plans. At CPP Group, we’ve been at the forefront of this challenge, continuously striving to make everyday life easier for customers and alleviate significant pain-points at different stages of their journeys.

That’s why following the success of our flight-disruption solution Flight Delay, we launched Smart Luggage, the world’s first parametric lost luggage product. This cutting-edge technology – which was named ‘Innovative Product of the Year’ by The Yorkshire Financial Awards – offers airline passengers “real-time”, automated support when their checked luggage is unlocatable – and all without the traditional requirement or delay resulting from claims forms.

By minimising disruption, we’re not only helping customers at their time of need, but also facilitating a seamless return to travel as the industry creeps back to its pre-pandemic traffic.

Find out more about how you can better reassure and support your customers with our parametric travel insurance products.