MAPFRE
Madrid 2,228 EUR 0,03 (+1,55 %)
Madrid 2,228 EUR 0,03 (+1,55 %)

INSURANCE| 03.19.2024

The Potential of Tourism in Latin America and the Revolution of the Travel Insurance Experience

Rafael Pedelaborde

Rafael Pedelaborde

Regional Manager for MAWDY in LATAM

 

Latin America is one of the world’s prime regions for tourism growth, with a rich tapestry of natural and cultural attractions, boosted by global economic and leisure trends. At the same time, the realm of travel assistance is evolving through the possibilities offered by digitalization, spearheaded by companies like MAWDY, MAPFRE’s assistance unit. This digital shift promises to elevate customer service quality in Latin America, a market on the rise.

There is a consensus in the tourism sector regarding Latin America’s vast potential, a sentiment corroborated by data. The World Tourism Organization anticipates surpassing pre-pandemic international visitor numbers this year, while foreign investment is once again robust, underscoring confidence in the region.

Global factors such as a favorable economic environment for strong currencies (euro, dollar) and geopolitical tensions in other regions will influence Latin American tourism compared to other destinations. Additionally, trends like sustainable tourism with authentic local experiences are particularly advantageous for Latin America. These trends also extend to travel insurance, which, like the region, is looking for customers who are shying away from low-cost options and focused on quality.

So, we find ourselves in an opportune moment to introduce the latest advancements in the sector in Latin America. At MAWDY, we are able to offer a distinctive service to our partners and clients across the 23 countries where we operate, with 16 of them located in Latin America.

Building upon our global experience spanning four decades and millions of cases successfully resolved, we have recently undergone a comprehensive digital transformation across our entire spectrum of services. This evolution has redefined our value proposition, a shift that is encapsulated in the launch of our new brand, MAWDY.

This digital transformation enables us to be increasingly integrated into the customer experience. Among the latest innovations in this area are on-site medical prescriptions, coupled with video consultations, which can fundamentally change how we address a traveler’s health concerns without them needing to leave their accommodation. Additionally, our parametric insurance offers immediate access to airport VIP lounges and reimbursement in the event of flight delays. Furthermore, our riskline service provides users with real-time updates on existing risks at their destination, such as anticipated conflicts or the likelihood of torrential rains.

The support we offer to travelers, drawn from our extensive experience, is especially valued in destinations like Latin America, where characteristics such as a focus on nature-based trips or limited service availability are prevalent. We can confidently state that users of these services become satisfied and loyal customers due to the unique value we provide, evident in all our indicators of perceived quality.

Among our ambitious short-term objectives, we aim to further explore the concept of traveler support, extending beyond just the duration of the trip to encompass both pre- and post-travel phases. Additionally, we are committed to transforming insurance into a permanent coverage option, a strategy already proving successful in the Business segment. We will also continue to expand our partnerships beyond traditional channels, facilitating business growth through seamless digital integration using our APIs.

The digital revolution within the travel insurance industry is something we at MAWDY are eager to facilitate in Latin America alongside our regional partners.

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