In 2023, Colonnade's overall Gross Premium Written (GPW) in travel insurance increased by 7 million EUR compared to the previous year. The most popular destinations for travel insurance services were Croatia, Italy, and Austria. Due to the transformed sales methods, there was a significant 8.65% improvement in the conversion ratio, showcasing enhanced efficiency. According to the higher number of sold policies, there was an 8% increase in travel claims processed by our claims adjusters.
In the evolving landscape of travel insurance, Colonnade has surged ahead with a unique initiative of establishing the Travel Community. This international working group brings together enthusiastic experts from all Colonnade branches located in Central-Eastern Europe, working hard to improve and standardize travel insurance practices in the region.
One of the most important achievements of this working model is the adoption of a unified technological system, allowing centralized management and precise data analysis within the travel insurance business of the 6 counties. This innovative infrastructure equips selected partners across all Colonnade countries with powerful tools, facilitating seamless integration of products and knowledge. Such integration not only enhances efficiency but also provides a significant advantage with internationally based partners.
Since its inception, the Travel Community has witnessed substantial growth, with over 200 new partners onboarded. They are efficiently using the new technology for more effective and flexible travel insurance offerings for their customers. In a short time, through the new system, our partners insured over 100,000 clients, showing the trust of the users.
The statistics speak volumes: the overall travel insurance volume of Colonnade increased by 7 million EUR in 2023 compared to the previous year. This increase describes the success of the new system and underscores its tangible impact on the market.
The goal of the Travel Community is not just to unify technological processes but also to share knowledge and create a centralized control point for travel business based on intelligent data analysis.
With these achievements, we can expect further innovations and improvements in travel insurance, benefiting clients, partners, and the entire market.