What a busy summer packed full of news. From exciting new partnerships, technology awards and brilliant new starters. Pattern is helping turn insurance into a ‘happy purchase’, embedding personalized, relevant protections seamlessly in the traveler experience.
Is 2022 becoming the Year of Embedded Insurance?
Noam Shapira, our president, was in demand this summer, sharing insights into why 2022 is the year of embedded insurance. Pattern helps many travel companies take advantage of the benefits of integrating insurance to brand value and the bottom line.
Our travel industry customers are taking advantage of its benefits and the steps companies need to take to get embedded right.
In his article for Insurance Edge, Noam explains what embedded insurance is, how it works and, although it’s been around for a while, why this year is the year we are seeing embedded insurance take off.
“For the insurance industry to address the existing gaps and frustrations people feel when purchasing protection, it needs to look at how best to increase customer convenience. When considering the travel industry, that means using data to create products that meet the customer’s direct needs. Embedded insurance has the potential to transform the insurance landscape truly.”
How the Travel Industry can benefit from Embedded Insurance
Writing for PhocusWire, Noam explores how the travel industry can benefit from embedded insurance. These include the positives of offering personalized cover for each individual trip, how embedded insurance results in cost savings and higher purchase rates, and how travel companies of any size can integrate insurance and feel the benefits.
“Following an extremely turbulent few years for the travel industry, people are ready to return and experience the world once more. It’s clear that embedded insurance has the potential to hugely benefit the travel industry as it builds back stronger than ever before. Customers benefit from a streamlined purchasing experience and tailored policies which offer true peace of mind. At the same time, distributors see the benefits of higher conversion rates, and fewer lost bookings and additional income channels.”
How travel companies can get it right with integrated insurance
Noam looks at the strategies travel companies can use to implement embedded insurance into their offering. He highlights how traveler behavior has changed over the past few years and how this impacts how they buy vacations and insurance. He goes on to share three key ways travel companies can implement to make embedded insurance a success.
“As the travel industry recovers from particularly turbulent times, it is more important than ever for online travel agencies to maximize their revenue opportunities. When done right, insurance integration not only creates ancillary revenue streams, it also boosts brand reputation, improves customer retention rates, and offers unlimited upselling possibilities.”
Our new partnership with Variety Cruises has set sail, and we are delighted that Seatrade Cruise News shared the story!
The partnership means Variety Cruises can offer our insurance products, including cancellation for any reason, baggage protection and weather protection to their customers.
Variety Cruises CEO, Filippos Venetopoulos, commented on the partnership, saying, ‘Working with Pattern, we have elevated the insurance experience for our cruise customers, making the offering hassle-free, personalized and relevant. As a company, we work to ensure that customers can have the trips of their dreams. Pattern helps us protect them on these voyages.’
Phocuswright Europe: Tech is turning travel insurance from a ‘grudge purchase’ to a happy one
Travolution picked up on how technological advances make travel insurance purchases much easier and more enjoyable for customers. Product Director Amnon Keiny and Global Marketing Director, Louise Robertson,jumped on the chance to highlight the growing importance of parametric insurance products. Sharing why providers embedding insurance are increasing their overall value proposition.
“Advances in technology will turn travel insurance from a “grudge purchase” to a “happy purchase” just like the buying of the actual holiday. According to specialist B2 B policy provider Pattern Insurance, travellers are looking for travel brands to provide them with more relevant and intelligent embedded insurance… Pattern Insurance is a leader in the technology that allowsinsurance to be sold as part of the holiday purchasing flow and in a more tailored way than traditional price comparison sites.”
We continue to grow and welcome new members to the team this summer. First up was our VP of Sales, Steve Utley, who will be representing us at Phocuswright in Arizona.
Next,we were excited to announce the appointment of Joyce Segall as our new Head of Underwriting. Joyce has hit the ground running and is already developing exciting new products for our platform. You can meet Joyce and our CEOMeitav Harpazat, the ITC in Vegas, this month.
Meet us This Autumn
Our team will be on the road at Innovate This (London), ITC (Vegas), TTG Luxury Travel Summit (London), International Travel & Health Insurance Conference (Athens) and Phocuswright (Arizona).
Get in touch to arrange a meeting: firstname.lastname@example.org
About the author
Meitav Harpaz |
January 24, 2023
Embedded Insurance 101
Embedded insurance isn't new, but awareness of its potential has grown in recent years. Put simply, embedded insurance is where insurance covers are bundled with existing online purchases.
Louise Robertson |
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Pattern Joins United States Tour Operators Association
Pattern starts 2023 on a high note by joining the professional trade association, the United States Tour Operators Association (USTOA).
Louise Robertson |
January 9, 2023
Fitur Madrid 2023
Fitur in Madrid is the first event on the Global Travel Trade calendar. The global meeting point for tourism professionals and the leading fair for inbound and outbound tourism for Ibero-America.
Louise Robertson |
December 28, 2022
2022 News Round Up
As the end of the year approaches, let's look back at Pattern's 2022 highlights. It's been a fantastic year with new customers, products, and platform advancements. Patterns team have enjoyed delivering embedded insurance solutions to our customers globally. Here are some of the highlights.