The Irish-based tech company who specialises in delivering end-to-end digital experiences from add-on insurance, conducted its second extensive EU consumer survey in partnership with world-leading data & insights company. Top of mind demands included flexible cancellation, delay cover and protection from theft.
Companjon, Europe’s leading technology venture speacialising in digital add-on insurance, today announced the findings of its Q2 2021 survey of consumer behaviours towards transportation, travel and banking services in the next 12 months.
As part of an ongoing series, ‘The Decisive Power of Add-on Insurance’ is the company’s second extensive survey that gathers data on people’s attitudes to providers over a year into the pandemic and future outlook. In partnership with world-leading data & insights company Dynata, the survey involved a large sample size from major EU markets including Germany, France, Italy, Spain and Poland.
The survey reveals that the vast majority of consumers are mostly concerned with:
- being stranded with no hotel or transportation (63%)
- the trip provider cancelling due to adverse conditions (62%)
- delays in transportation (57%) and theft of belongings (57%) when booking online travel (multi-day trips, holidays) in the next 12 months.
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The results also point to consumers’ willingness to pay a higher price for certain add-ons that bring a digital experience, where the claims process is seamless, and payouts are instant. For bookings through online travel agencies, 47% of consumers would pay a higher price if flexible cancellation was available with 71% overall likely to switch to an alternative provider if they offered an add-on insurance for flexible cancellation.
In parallel, for transport bookings such as long-haul bus and rail, 42% would pay a higher price if flexible cancellation was available with 69% overall likely to switch to an alternative provider if they offered an add-on insurance for flexible cancellation. 67% are also likely to switch if an add-on insurance that covers delays was offered.
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“With covid-19 changing how consumers live and think about future plans, consumers expect more transparency and flexibility with coverage and fulfilment, said Companjon CEO, Matthias Naumann.
“By offering consumers an end-to-end digital experience where claims are hassle-free and payouts are instant, they will be more likely to make a booking or purchase through that platform again. Transport and travel providers really need to accommodate consumers’ confidence and safety needs and assess how they can bring the best possible experience in 2021 and beyond”, said Companjon CEO, Matthias Naumann.
The need for a flexible cancellation add-on insurance was also top of mind for consumers who pay for products and services using their digital / neo bank cards, with 62% likely to switch to an alternative provider if such an add-on solution was offered. Other add-on solutions that would make this group switch to an alternative provider were if cyber insurance (63%) and an add-on that protects personal belongings (62%) were offered when making bookings / purchases.
