The millennial generation has been said to have many life preferences differing from preceding generations, and, as such, has created new trends that the business world has frantically tried to keep pace with.
Among these trends is a preference for investing in meaningful and memorable experiences over material items. Travel, art, and culture are taking up a bigger portion of discretional spending in younger people, and it appears the trend will continue.
Today, millennials are investing their time and money in games (or experiences) with greater dividends and longer-lasting rewards. Research has found that 3 in 4 millennials (78%) would choose to spend their money on a desirable experience or event rather than a desirable item.
As people direct a greater portion of their savings to buying important experiences, travel and tourism operators have an opportunity to provide additional peace of mind by protecting these investments from unforeseen circumstances.
RocketRez is happy to announce that our new partnership with Protecht insurance will allow all operators on our platform to provide their customers with peace of mind with industry-leading ticket protection technology called TourShield.
What it is
TourShield is an online-based ticket insurance product, administered by RocketRez, which allows customers to purchase affordable insurance to protect against something that might come up, preventing the traveler from making use of the ticket. Experiences that customers purchase can be exposed to risks such as weather, travel restrictions, illness, or even being called to military service or jury duty.
TourShield assesses the risk of cancellation based on several factors including location, event date, event type, and others. Their algorithm combines many factors to give an on-the-spot insurance price, directly within your online checkout, to provide a guarantee that their investment is safe against unforeseen circumstances.
How it’s used
TourShield has been thoughtfully designed to be offered to your customers at the exact moment that many will find themselves on the fence about a large investment in your experience. It appears naturally as a widget within your online checkout process. It has also been designed to stay customizable to your brand attributes. The combination of these factors increases the chances of conversion.
Should a customer need to make a claim, they use a simplified online portal provided in their confirmation email, within 30 days of their cancellation, and can expect a full refund within 5 business days.
Adding TourShield to your online ticket sales process provides several benefits to operators. It all but eliminates the back-and-forth and customer service headaches and significant costs that come with cancellations. It reduces the need to have tight and sometimes confrontational policies and discussions around refunds.
Operators will then be keeping more revenue from their advanced online purchases and will not have to account for any chargebacks for customers that have insured their tickets.
Should customers make claims on a canceled ticket, operators will be notified in advance and can resell the open tickets, reducing needless open spots and overhead and giving you more sales power in the process.
Most importantly, operators can expect increased customer confidence when booking further in advance and specifically with higher-priced ticket packages, which is a win-win situation.