“Are you covered by your health insurance policy when you leave the country?” posits entrepreneur and international traveler Ryan Skoog.
“We found that about 80% of policies don’t provide coverage outside the US while about 80% of people think theirs does. This paradox presents a big problem.”
Together with Terry Boynton, the two were traveling in Nepal on a mission trip when they realized just how fortunate their lives are. Travel is essential to understanding more than just a geography — but to mankind as a whole.
“See the world, change the world,” Skoog says, of his underlying motive behind starting Yonder, a new website for curating, comparing, and selecting travel insurance from the world’s leading providers.
“Some policies are better for individuals, others for families. Some are designed for adventure travel and others for business trips. Traveling internationally can actually be a statistically dangerous time relative to the norm of someones life. We’re making this industry very custom and transparent so travelers can go beyond with peace of mind.”
Yonder’s aggregate marketplace model has been proven out time over time in a number of verticals and could be aptly be described as ‘the Kayak of travel insurance’. Since going live in February, sales are already tricking in, though he admits there’s a long ways to go.
“We’re firing bullets today and cannonballs tomorrow,” he quips on their go to market strategy, while noting the travel insurance industry is roughly $5b annually in the US, even with the minority of those who actually do currently obtain it.
“I know we’re on to something and see a chance to move this insurance product from an afterthought to a fore thought, to grow that pie even bigger.”
As an added bonus for those who end up purchasing travel insurance via Yonder, Skoog and Boynton integrated a social cause that scales with success: for every policy sold, they donate a percentage to provide a hungry child from across the world with what could be their only meal of the day.