The advent of COVID-19 has brought with it a seismic shift towards remote working the world has never seen before. Since then, the rise of the digital nomad has continued. In this article, our CEO, Leor Catalan examines why 2022 could be a critical year for this community and how PC Nomads can help.
Politics, a pandemic and paradoxical trends
Last year saw Brexit limit millions in terms of their right to travel and work across nearly 30 EU countries by scuppering their freedom of movement. Then came the pandemic which forced the world into lockdown, signaling a temporary end to holidays and work travel.
Yet, while all this was happening a counterbalancing trend was growing – with the creation of a lucrative and lifestyle focused opportunity for the young and tech savvy to live abroad whilst working remotely.
The great global recovery
Today, countries are battling it out to recuperate economically from the pandemic by focusing on attracting this demographic to their territories through the introduction of special visas and tax incentives. At present, the global digital nomad community is estimated to be in the millions, and is increasing rapidly.
With a distinct focus on living life to the fullest, digital nomads present numerous benefits to the economies of the countries that they travel to and work within. These include the fact that they revive tourism, often have solid professional skills and spend much of their earnings on living, eating and enjoying themselves in the local community. And being young and generally fit and healthy, this group of people is unlikely to put a strain on the country’s public services.
So could 2022 be the year for that adventurous, free bird who, with levels of enhanced technology and connectivity, can run a business from practically any location?
It’s no secret that travel makes many people happy, and as such the opportunity to pursue a digital nomad lifestyle offers a happiness boost to those who choose to become a part of it. Added to that, this lifestyle provides an abundance of economic and social benefits like learning new languages, connecting with different cultures and generally having exciting, new experiences.
How PassportCard Nomads can help fulfill your ‘workationing’ dream
Digital nomads often have problems with getting good travel and medical insurance cover. This is frequently due to government regulations of the countries they come from.
Many digital nomads choose to buy travel insurance, in a hope that it will be enough. But most of the travel insurance covers available on the market require you to have a return ticket home or have reimbursement clauses that leave claimants out of pocket.
The key to making insurance work for the digital nomad demographic is to really understand which risks these IT literate thinkers are exposed to more frequently than static workers and other travelers.
One of our own key aims was to ensure that if anything went wrong while our digital nomads were travelling, they wouldn’t find themselves out of pocket.
So, we essentially created a fully digital insurance programme that is tailored to the nomad lifestyle – not only from an insurance benefits perspective but also, from an experience perspective. This is a huge leap from traditional insurance methods which do not fit the digital nomads lifestyle, which (among other burdensome ‘rules of the road’) require members to pay for the medical needs out-of-pocket, submit a ‘manual’ claim and then await reimbursement from their insurance company. Kind of absurd nomads are required to fund their insurers….
Bringing to market the world’s first serious long-travel and medical insurance programme, we provide our customers with an insurance debit card, which is connected to PassportCard’s bank account. Everything is facilitated through a dedicated app that takes away the hassle of different insurance forms and unexpected expenses. So, whenever a nomad needs to see a doctor, they load their insurance card for payment before they have their appointment with the medical professional.
In other words, the bill is on us!
What’s next for digital nomads?
What is abundantly clear is that for many young people, the attraction of all round beach life, cheap accommodation and a greater sense of wellbeing, combined with high-speed internet and better technology is fast becoming more attractive, particularly after two years of enforced lockdowns.
Add the inclusion of a cost-effective, pre-paid travel insurance option and…well, it makes the digital nomad lifestyle irresistible and one of the more positive aspects of the global change that has affected society in the past few years.