While digital transformation has massively reshaped most industries, travel insurance remains one of the last frontiers for disruption. Insurteam, a forward-thinking insurtech company, is stepping up to the challenge by leveraging AI to streamline claims processing, reduce costs, and enhance customer experience.
We spoke with Saverio Patimo, co-founder of Insurteam, a seasoned entrepreneur with a track record of building successful tech companies and securing multi-million fundraising rounds. His vision? To redefine how travelers interact with insurance through automation and AI-driven decision-making.
The problem: outdated travel insurance models
The travel insurance industry has struggled to keep pace with the digital era. And still is. Traditionally, purchasing a policy meant navigating complex contracts, and filing a claim often involved lengthy paperwork and frustrating delays. On average, it can take up to six weeks for a traveler to receive reimbursement for a lost bag, an inefficiency that drives nearly 25% of claimants to never return to the same insurer.
Adding to the challenge, 70% of travel bookings now happen online, yet most insurers still rely on legacy systems designed for physical agencies. The disconnect between digital consumer expectations and traditional insurance processes has created an opportunity for innovation.
The Insurteam solution: AI-powered instant claims
Insurteam’s AI-driven platform transforms the claims experience by integrating directly with travel platforms and messaging apps like WhatsApp and Facebook Messenger. Travelers can report a lost bag or delayed flight in real time, instantly verify coverage, and receive a reimbursement decision within minutes.
We knew from the start that forcing users to download a dedicated app would be a mistake. No one installs a travel insurance app for a trip. Instead, we meet customers where they already are—on WhatsApp.
Saverio Patimo
By automating 100% of travel claims processing, Insurteam eliminates the need for manual intervention, reducing administrative overhead and improving efficiency. This not only enhances customer satisfaction but also generates substantial cost savings.
80% cost reduction: how it works
One of the most compelling aspects of Insurteam’s model is its ability to cut claims processing costs by 80%. This is achieved through a combination of AI-driven decision-making, automated document processing, and reduced reliance on call centers. Here’s how. The system cross-checks policy details, travel itineraries, and external databases in real time to determine claim eligibility instantly. This eliminates the need for manual verification and speeds up the entire process. Additionally, users can upload supporting documents directly through WhatsApp, where the AI scans and verifies them immediately, removing the inefficiencies of traditional paperwork. By minimizing unnecessary customer service interactions, insurers significantly reduce operational costs, making the entire claims process more efficient and cost-effective.
Travel insurance companies spend up to 80% of their budget on claims management. Shockingly, 40% of that is spent purely on administrative costs, often exceeding the actual payout amount. Our system flips this model by making claims processing fast, seamless, and cost-effective.
Saverio Patimo
Interesting data, which contradict the common assumption that faster reimbursements work against a travel insurer’s financial interests. However, streamlining claims management reduces costs while leading to improved customer satisfaction and retention, creating a more sustainable and customer-friendly insurance model.
A 30-billion euros industry poised for growth
The travel insurance market is already valued at 30 billion euros globally, claims the co-founder, and is projected to double to 60 billion euros by 2030. This growth is fueled by rising middle-class populations in Southeast Asia and Africa, where more people are traveling internationally but lack adequate insurance coverage.
Furthermore, recent regulatory changes, such as mandatory travel insurance for Schengen visa applicants, are fueling adoption. “Many travelers in Western countries don’t think about travel insurance. But for an Indian traveler taking their first international trip, for example, it’s essential. Understanding these market nuances is key to Insurteam’s strategy.”, notes Saverio. Besides, post-Covid, the percentage of European travelers purchasing insurance has increased from 25-30% to 35-40%, further expanding the market.
Customization & Localization
Unlike U.S.-based competitors who offer one-size-fits-all policies, Insurteam focuses on hyper-personalization. The Swiss company, with Italian roots, understands these European nuances, the cultural particularities that shape each country’s travel market profiles. Saverio points out that failing to consider specific preferences—such as the French desire for swimming pools in hotels, along with their concerns about open, ungated pools due to child safety risks, which insurers must explicitly address, or the Polish need for insurance covering alcohol-related incidents—would be a significant error. Ultimately, a product’s ability to successfully expand beyond its national borders determines its scalability.
The platform tailors coverage based on trip type, destination, and traveler profile, ensuring that customers only pay for what they actually need. Localization is another differentiator. Hence why Insurteam provides policies in multiple languages and displays coverage details in the local currency of the user, creating a seamless experience. “An American insurer might send a policy in English with USD pricing—even to a French or Indian traveler. That’s not how we operate. Our system adapts to the user’s language and currency, making travel insurance truly accessible.”, details Saverio.
Scaling up: Europe, Asia & beyond
Currently, Europe accounts for 60% of the global travel insurance market, making it a key focus for Insurteam’s expansion. With operations in Italy and a newly secured MGA (Managing General Agent) license in Dublin, the company is poised to scale rapidly across the continent.
The next phase? Southeast Asia, where a booming travel market presents immense opportunities. his will likely involve further fundraising to support expansion and AI development in partnership with the University of Fribourg.
