The following is an excerpt from an article on Travel Weekly, published on June 5th, 2017.
Before a carrier decides to file a new product, it must first commit to an internal process of development, according to Jason Schreier, CEO of GoReady Insurance.
“You’ve got the actuarial part, the risk part, the numbers part of it, where people have to put their jobs on the line because they’re the guy who’s supposed to crunch the numbers and say, ‘Well, we’re going to win on this bet,'” Schreier said. “First, it takes that leap of faith where somebody’s going to come up with some kind of new type of if-then situation: If you go and do this on your trip and this happens, then we’ll pay you out X amount of dollars.”
Once that process is complete, the regulatory process begins.
Instead of differentiating with product, many insurers have turned to offering service and technology benefits.
For example, GoReady offers Stress Less benefits, enabling customers to reach out to the company through their channel of choice, such as Skype or texting. When possible, GoReady directly pays for most insurable events in real time.”