Pattern, a leading InsurTech innovator specializing in customized embedded insurance and non-insurance products, is thrilled to announce the launch of its groundbreaking service, FlexIt.
Designed to provide unmatched cancellation flexibility for non-refundable bookings, FlexIt empowers travel, booking, and registration retailers to offer their customers an immediate, no-questions-asked cancellation option. According to Expedia’s most recent Path to Purchase report, 28% of travelers look for travel brands that offer flexible cancellation policies or refundable rates. Pattern’s platform is meeting that need with FlexIt.
FlexIt seamlessly integrates into the booking pathway of Online Travel Agencies, event booking companies, and any business dealing with non-refundable reservations, effectively transforming them into refundable bookings. This new service redefines customer experience by eliminating the need for complex claim forms or restrictive reasons for cancellations.
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Joyce Segall, Global Head of Insurance Innovation and Strategy at Pattern, states,
“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.”
FlexIt’s coverage extends across all regions where Pattern operates, ensuring a global reach. Existing Pattern customers can seamlessly access FlexIt through Pattern’s embedded protections platform. Additionally, the service is available as a standalone offer for prospective online retailers seeking cancellation flexibility or as part of a more comprehensive protection offering.
Ido Hertz, Head of Product Management, explains, “Trip cancellation products like CFAR have always come with their fair share of limitations and are not widely available with every purchase, which has been confusing and frustrating to many of our customers. This is not your standard CFAR insurance. We’ve reimagined this product based on market needs. It is easily configured and embedded in every business, booking and customer journey in minutes, and using machine learning, it addresses every flexibility need, with a personalized cancellation service.”
Pattern, a global InsurTech MGA that empowers online travel, recreation, and events companies to design, build and distribute innovative insurance offerings seamlessly in their customer journey. Pattern protections address risks associated with a change of plans, travel disruption, inclement weather and medical assistance, amongst others, to build consumer confidence and boost revenues. Patterns parametric protections dispense customer compensation automatically when an event is triggered
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