From optional to essential: Asego’s Dev Karvat on India’s evolving travel insurance mindset, agent initiatives
Dev Karvat, Founder & CEO of Asego
As travel from India grows, Karvat bets on company’s customised cover, stronger appetite of Tier-II/III for innovation and other travel protection products.
As India’s outbound travel surges post-pandemic, one critical area that still lags behind global benchmarks is travel insurance. While 95% of travellers in developed economies like Australia, the UK, and the US purchase travel insurance as a non-negotiable must-have, in India, the figure hovers around a modest 11 million people annually, in a market worth approximately INR 1,100 crore, quotes Founder & CEO of Asego, one of the top travel insurance companies in India.
“We’ve just entered the phase of ‘I think you should have it’,” he said, explaining India’s slow but steady evolution. “In mature markets, travel insurance has evolved from being a visa document to a ‘must-have’. Our goal is to help the Indian travel ecosystem move from the third stage —where people understand the importance — to the fourth stage, where it becomes an absolute essential.”
Karvat categorises the maturity of the travel insurance industry into four clear stages: Visa necessity, revenue opportunity, for customer-centric awareness and the must-have mindset.
India, he notes, is currently between the third and fourth stage — a critical transition point. “The next leap depends on how quickly the travel fraternity, including agents, associations, and insurers, work together to elevate awareness and responsibility,” he added.
Empowering TA community
Recognising that front-end travel sellers play a decisive role, Asego has launched its Smart Edge Program, a certified training initiative designed for counter staff across India.
The training spans over 35 cities, with a focus on Tier-II and Tier-III markets, where, according to Karvat, “real growth is happening.” These markets have shown a stronger appetite for innovation and product adoption. Each participant undergoes an online assessment and receives a certification as an Asego Certified Travel Insurance Seller, backed by a 24x7 ‘insurance buddy’ helpline for on-the-job support.
“We’re training them not just to sell, but to understand the customer’s travel purpose and recommend the right cover,” Karvat added.
One of Asego’s most significant recent innovations is a Travel Agent Liability Cover, a first-of-its-kind product designed to safeguard travel agencies themselves. Karvat explains that the travel industry faces significant uncertainty, putting travel agents at considerable risk. In response to this challenging environment and high demand from travel agents, his company has developed a comprehensive travel agent liability insurance product over the past 12 months. This coverage addresses three critical areas: service deficiencies by travel agents or third-party providers, cyber security risks that have become increasingly prevalent, and insolvency risks that could impact travel businesses.
Karvat positions this coverage as essential business protection, comparing it to life and health insurance, and shares that Asego has partnered with leading firms to ensure the product provides reliable coverage and support when problems arise. The goal is to give travel agents the financial security they need to continue operating despite the various risks they face in today's uncertain market.
Beyond Insurance
Asego has also been at the forefront of innovating non-insurance travel protection products. The company’s new offering, Asego Bolt, addresses two of the most common travel stress points: delayed flights and lost baggage. With Bolt, if a traveller’s bag doesn’t arrive, they can upload their baggage report online, after which Asego promises to track it globally or compensate up to INR 66,000 per bag, no questions asked.
Similarly, for flight delays, Asego has automated a real-time alert system — the moment a flight is delayed by 60 minutes, the traveller receives a WhatsApp message with a QR code for instant lounge access, without any claim filing or manual intervention. “We’re trying to redefine the experience, from reactive to proactive. Our goal is to make travellers feel cared for, not just covered,” he emphasised.
Behavioural shifts, regional trends
Speaking with T3, Karvat identifies that while metro markets like Delhi, Mumbai, and Bengaluru are stabilising, Tier-II and Tier-III cities as the “hottest growth hubs.” These regions not only show rising outbound movement but also greater openness to new products.
Despite global uncertainties and geopolitical headwinds, he remains optimistic for the India market. “Only a fraction of our country’s population currently travels internationally. As Gen Z and millennials want to invest in experiences and not just possessions, the potential for future is immense.”
However, Asia remains a weak spot for travel insurance due to low awareness among travellers. “People travelling to Thailand or Indonesia often skip insurance, thinking their domestic medical policies cover them — which they don’t; this further creates a significant education gap. To address this, we are also working with DMCs to include basic travel insurance as a standard inclusion rather than an optional add-on, ensuring travellers have at least minimal coverage even if they don't fully understand its importance,” he shared, adding that encouragingly, destinations like Bali have now made travel insurance mandatory, signalling a gradual regional awakening.
Another shift Karvat highlights is the rise of customisation in travel insurance. “There’s no one-size-fits-all anymore,” he asserted. Asego now works with over 15 insurance companies globally to curate bespoke plans for cruise and adventure operators.
