Last month, Greig Holbrook, founder of Oban International spoke at The Travel Insurance Industry Conference (TIIC).
The annual event brings together leading members of the travel insurance industry to debate the challenges facing the sector.
The theme of the day was ‘mountains to climb’, speakers were asked to look at how a range of challenges are being tackled and how, for example, digital acquisition will help these mountains to be climbed. The UK was compared with a number of mainland European markets.
Greig focused on 3 core areas: UK versus international paid media landscape; UK versus international SEO landscape; and the same process was explored for content marketing too.
“From our research at Oban we found that there are many different opportunities in countries like Germany, France and the Netherlands compared to the UK. For example, in Germany there are 8 times more searches for the German equivalent of ‘travel medical insurance’ than the UK; and 6 times more searches in Germany for ‘holiday cancellation insurance’. A similar trend occurs in France for ‘repatriation insurance”.
In the same research conducted by Oban when looking at CPCs’ between markets, it was found that although some markets were prohibitively expensive there were other clear opportunities. For example, Germany is just over £1 a click for “European travel insurance” with high search demand compared to the UK and much lower CPC’s.
When we focus on SEO the UK travel insurance market is very competitive and hugely fragmented with at least 7 suppliers vying for organic space on “travel insurance” alone. However, for Ireland or France, it was clear that there are less optimised players in virtually every case, often by 50%.
The TIIC was moderated by Steve King from personal accident insurers Crispin Speers & Partners. The event also included sessions on regulatory developments, medical screening, the impact of terrorism on the travel industry, and the medical risks of extreme destinations and altitude.