Insurtech Pattern has announced the launch of FlexIt, a service aimed at innovating cancelation flexibility for non-refundable bookings.
With a focus on empowering travel, booking, and registration retailers, FlexIt has been crafted to offer customers an immediate and hassle-free cancelation option, effectively transforming non-refundable bookings into refundable ones.
Expedia’s recent Path to Purchase report revealed that 28% of travelers actively seek out travel brands providing flexible cancelation policies or refundable rates, a demand that Pattern aims to fulfill with FlexIt.
The service seamlessly integrates into the booking process of online travel agencies, event booking companies, and businesses dealing with non-refundable reservations. By doing so, it eliminates the complexities associated with traditional claim forms or restrictive reasons for cancelations.
FlexIt’s coverage extends across all regions where Pattern operates, ensuring a global reach. For existing Pattern customers, seamless access to FlexIt is available through Pattern’s embedded protections platform. Additionally, the service is open as a standalone offer for prospective online retailers seeking cancelation flexibility or as part of a more comprehensive protection offering.
“Today’s consumers are looking for maximum flexibility around refundability with the ability to cancel without the hassle of filling out claim forms or deciphering a list of covered reasons. FlexIt allows consumers to book with confidence knowing they can cancel their booking for any reason, no questions asked,” said Joyce Segall, Pattern global head of insurance innovation and strategy.
In other recent developments for the insurtech, Pattern has also entered a partnership with Giggster, a platform for event venue and production bookings, to provide event liability insurance within the production and event booking sector.
What are your thoughts on this story? Please feel free to share your comments below.