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Adventure Travel Insurance: Berkshire Hathaway Caters To A Growing Niche
Berkshire Hathaway Travel Protection (BHTP) recently introduced a more in-depth protection plan, called AdrenalineCare, for adventurous travelers.
What AdrenalineCare Is And Who It Serves
AdrenalineCare is a new, innovative protection plan from BHTP that appeals to travelers who live on the edge and aren’t scared of a little adventure.
Many adventure travelers are younger consumers. Their average age is 36 years old, smack in the middle of the Millennial demographic, which means they may also be interested in high-tech services and experiences. BHTP identified a gap in coverage for adventure travelers and saw opportunity to meet this audience’s needs.
To cater to prospective adventure travel policy holders, Berkshire offers a travel protection app that enables consumers to manage their insurance policies, access personalized travel assistance at any time and submit claims with their pic-and-click process all while on-the-go. A mobile app easily fits within busy travelers’ pick-up-and-go lifestyles, which shows BHTP’s commitment to meet their niche audience’s needs.
Why BHTP Introduced AdrenalineCare
Dean Sivley, BHTP President said, “Our annual State of Travel Insurance study found that adventure travel continues to be one of the most popular and fastest-growing travel types.”
Annually, adventure travelers tend to take more trips than regular road trippers, 4.87 trips compared to 3.45, respectively. “Whether they are traveling to experience a sport like motor racing, or packing expensive equipment to ski or climb, they also face greater risk,” BHTP said in a press release announcing AdrenalineCare.
This audience is not only an overlooked segment of consumers, but one that actively and regularly needs protection — for travel, plus other more “regular” needs. By appealing to Millennials who are a growing audience for other insurance policies, which BHTP may have given themselves an in.
As the travel insurance market grows, prominent companies have expanded into niche markets to meet needs while differentiating their brand from competitors and gaining market share.