Technavio Reveals Cost Saving Opportunities for the Travel Insurance Market

By a News Reporter-Staff News Editor at Insurance Weekly News -- According to the latest procurement market intelligence report from Technavio, the travel insurance market is expected to grow at a CAGR of 9% over the next five years due to the availability of bundled travel insurance policies.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170529005284/en/ Technavio has published a new report on the global travel insurance market from 2017-2021. The research report titled 'Global Travel Insurance Market: Procurement Market Intelligence Report 2017-2021' provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.

"The global travel insurance market is registering growth in the demand for comprehensive travel insurance policies and the use of innovative technologies such as sensors to track baggage and fitness bands to track the health of travelers," says lead Technavio procurement specialist Angad Singh for category spend intelligence. "The supply market primarily consists of regional players that dominate the market and has a few global players. Suppliers are using the latest technology such as data analytics to understand customer behavior and requirements related to travel insurance coverage," added Angad. Looking for more information on this market? Request a free sample report Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Cost Saving Opportunities in the Travel Insurance Market The adoption of bundling of services and value-added services helps travel insurance suppliers to retain their customer base and increase their market share. However, the adoption depends on the nature of the business between buyers and suppliers, as well as past the engagement history and maturity of the category.

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