Shannon Lofdahl, CEO of Travelex Insurance Services.


Travelex



As the threat of Covid-19 lingers, and with a new omicron variant on the horizon, travel experts like Shannon Lofdahl see a bumpy road ahead. She's the president and CEO of Travelex Insurance Services, and keeps close tabs on emerging travel trends. Here are her travel predictions for 2022.

This omicron variant has stirred up more uncertainty for travelers in the last few days. Have you seen an uptick in claims?

We don’t typically see claims as immediately as we see an increase in questions from travelers relating to the plan coverage and requests to transfer their policies to new travel dates if they have made the tough decision to postpone their travels considering this new variant. Lots of "what ifs and "how tos." 


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Do you expect to see more claims because of the variant? 

It is too soon to make a confident assessment on the overall impact of omicron. Our medical directors are looking to late December for more information to be available to assess the future impacts. 

How about travel insurance sales?

We have absolutely seen an increase in consumer awareness of travel insurance and travelers choosing to be protected throughout the Covid pandemic. It has been brought to the forefront of traveler’s minds, and omicron has certainly pressed this again. 

Do you think we're out of the woods yet on Covid-19, as it relates to travel? Or at least getting there?

The Covid case count does provide perspective, but it may not be the ultimate measure. The consumers' perceived risk truly is the barometer we need to measure to define being "out of the woods" as it relates to travel. Also, the risk isn’t simply related to the contraction of Covid. It’s also the risks related to the changing logistics of travel resulting from testing requirements, labor capacity, and availability of travel products. 

A lot of experts believe 2022 is going to be the first normal year for travel since the pandemic — or at least they did until the omicron variant came along. What do you think?

"Normal" is a very fluid word these days. I don’t think we can or should compare the future of travel to anything in the past to look for the comforts of normalcy. 

The new normal is being created now, and it looks quite different from any experience I have had. And it may make travelers feel uncomfortable for a bit longer. 

All things being said, I am quite optimistic for travel in 2022.  Many travelers including myself are simply ready and willing to put in the extra work to make their next trip happen. 

You've been dealing with a lot of changes as the world reopens to travel. What's the biggest one for you? 

The largest change is the consumer demand and desire for deeper understanding of the travel insurance coverages. The landscape of travel has changed, and consumers want to feel protected, both physically and financially. It is personal to the consumer, and we have had to translate our coverages to become more meaningful to this new and evolving travel experience and to the travelers’ unique needs.

So how do you do that?

We continue to educate, explain and empathize…one customer call at a time. We listen to their unique situations and fears, outline the protections they can get in our plans, and do our part in advocating for travel to continue. 

How will travel insurance change in the post-Covid era — if we can call it that yet?

From an insurance perspective, change was immediate. We created a domestic-focused plan and made immediate changes to respond to consumers at the onset of Covid. We are now ensuring that we fulfill those promises and assist our travelers to navigate in this new space. We will continue to evolve in the post-Covid era, in our culture of care, services we provide and education of the newly empowered traveler.

What's the biggest mistake travelers have made during the pandemic, when it comes to travel insurance?

There really are no mistakes as that assumes a misunderstanding. Travelers really had no way of predicting the impacts of the pandemic. We all had to learn together, and as insurers we had to ensure the traveling community felt protected and in the know. Planning, education and awareness are now more important than ever for the traveler as the landscape of travel has changed dramatically.

I've seen a lot of stories, particularly during the pandemic, that say your credit card, car insurance or health insurance is enough to cover you when you travel. Why is that wrong?

There are a lot of gaps in coverages provided on your credit cards, car or health insurance. Quite simply they are just not the same in the types of benefits and levels they offer, and their ability to customize for a traveler’s unique trip needs. Common features related to cost for mandatory quarantine at destination and coverage for your trip costs are not normally found in these plans. 

Is there one thing about the travel insurance business that surprised you during the ongoing Covid pandemic?

No surprises, rather reassurance of our value. Traveler protection is our responsibility, and we have been able to fulfill that obligation and support both the travelers and our travel industry. I am quite proud of our travel community’s strength, perseverance and traveler advocacy. 

Any advice for travelers planning a holiday trip, and dealing with the possibility of an omicron surge — besides buying travel insurance, of course?

Be aware of changes in your destination as it relates to potential bans and quarantines, follow all public health measures. And be prepared to be flexible.

Source: Forbes

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