TravelPulse Goes 1 on 1 With Allianz Global Assistance’s Richard Aquino

Travel insurance is vital to travelers and travel agents.

We recently spoke with Richard Aquino, Vice President Sales USA at Allianz Global Assistance on the travel world today, the importance of having insurance, the new ‘Smart Benefits’ program and more.

Mark Murphy: Can you take me through a 50,000-foot view of what's going on right now in the world of travel from a travel insurance perspective?

Richard Aquino: You always have human nature and mother nature that battle travelers around the world. This leads to where they need assistance or a helping hand, potentially. We can bring more value to the traveler's journey and it really it goes from the beginning of the planning session all the way through their trip. That planning process is mostly done by travel agents, as the model for getting the word out about the importance of travel insurance.

There's nothing better than an advisor putting a trip together and telling the story of a product that consumers ten years ago didn't know too much about; travel insurance. It can be confusing and I think a travel advisor really brings experience and knowledge to the traveler in making that choice.

MM: How does an agent or advisor make sure they get the completeness of coverage for their client, which is something that also protects them as a business owner?

RA: When you walk somebody through a planning process you're learning about what they want from that experience. I think from that you can position the right product. It’s important for that advisor to get to know two or three products really well and recommend those that have strong coverage levels.

MM: Do you think that what's going on in the world today, and has been going on for several years, has been a big driver on the insurance side of travel?

RA: I think it's huge. You’ve got mechanical delays, hurricanes, ice storms and then sometimes, you know, bad people do bad things, as in terrorism, which we cover in our policies. I also believe that people are taking trips that they would not have taken before.

I mean, maybe somebody went to the beach every week like my dad did. We went to the beach every week and stayed in the same place every time. Now my kids are going to Cancun and Paris. So, I think that people know travel insurance for trip cancellation, but there’s so much more it does for you. Whether you're sick, lost luggage or when your flight is delayed. In the case of a flight delay, you can get $100 paid to you automatically and even direct deposited while you’re at the gate.

MM: That’s part of your ‘Smart Benefits’ program, correct? Why is that a game changer for Allianz Global Assistance?

RA: Allianz Global Assistance wants to see how can we make the advisors/traveler’s lives easier. For instance, we track your flight, and if it’s been delayed beyond a certain time, we know it and send you a text with an automatic payment of $100. You can give us your banking info, all via the APP, and we can direct deposit it while you sit there…or send you a check that’s there when you get home.

So we're taking those inconveniences that happen and trying to put a little, I won't say sunshine because it's not sunshine, but a little something that makes a bad experience a little better.

For instance, instead of filling out forms, you can use the APP to take a picture of a receipt and submit it.

MM: How different is that approach today versus the past claim process?

RA: The process five years ago would have meant mailing or faxing it in. For straightforward claims, like lost baggage, we try to make it simple to simply make the claim and avoid the paperwork. The same with larger claims. For instance, instead of some doctor doing a physician’s statement to complete the claim, we base the claim on the billing and figure it out from there. This saves a lot of time and back and forth, removing the friction that happens in those cases. We know this information and what is going on and we don't want to be another layer on top.

MM: To wrap up, what would be important for agents to emphasize in recommending Allianz Global Assistance?

RA: A key thing that an advisor should emphasize would be something like this: ‘As your travel advisor/agent, this is just another service that I provide with my partnerships. They are a company that has a global footprint and has been in the space for many, many years.