6th March

How Coronavirus is shaking up travel insurance.

Whilst Coronavirus cases continue to escalate all around the world, trips are being cancelled, travel destinations are being restricted and an increased level of travel insurance claims are being made. 

Insurance firms are at the forefront of businesses expected to endure losses from the virus, which poses an important question – can they survive if thousands of people have to claim?

Experts in the industry have started expressing their concerns, suggesting insurance companies have a long road to go before they are capable of handling these unexpected outbreaks. A proactive approach is deemed necessary, and the key is to exploit predictive data. Predictive and historical data can analyse the chances of future disturbance as well as review the most recent updates from reliable health sources. The data innovation service ‘Onest’ created a dashboard which visualises the latest virus data, consolidated from multiple verified data sources. Benjamin Zammit, CEO of Onest claims “Each day, a new risk presents itself. Wouldn’t it be great if we could be prepared for them? This is what predictive data is all about” 

Debbie Mangion, general manager of pharmacy chain ‘Remedies’ demonstrates how the proactive approach also applies to other industries. “If we had been able to predict the spread of this outbreak, pharmacies could have better prepared for the sudden rise in sales of masks, disinfectants and other virus related products”. 

Using the right technologies leads to smarter solutions when difficult situations arise. Could your business have been more prepared? 

View Onest’s live visualisation of the outbreak here.

Author
Benji Borg
CEO
Fact: Im an avid windsurfer

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