Pattern, a leading InsurTech innovator specializing in customized embedded insurance and non-insurance products, introduces FlexIt, a service designed to offer enhanced cancellation flexibility for non-refundable bookings.
How, where and why embedded insurance is an innovation for our industry
FlexIt smoothly integrates into the booking process of Online Travel Agencies, event booking companies, and businesses dealing with non-refundable reservations, effectively making them refundable. This new service simplifies the customer experience by eliminating the need for complex claim forms or restrictive reasons for cancellations.
Joyce Segall, Global Head of Insurance Innovation and Strategy at Pattern, states: "Today's consumers are looking for flexibility in refund options, with the convenience of canceling without the hassle of filling out claim forms or navigating a list of covered reasons. FlexIt allows consumers to book with confidence, knowing they can cancel their booking for any reason without questions."
FlexIt's coverage extends across all regions where Pattern operates, ensuring a global reach. Existing Pattern customers can easily access FlexIt through Pattern's embedded protections platform. Additionally, the service is available as a standalone option for prospective online retailers seeking cancellation flexibility or as part of a more comprehensive protection package.
Ido Hertz, Head of Product Management, explains, "Cancellation products like CFAR have traditionally come with limitations and are not universally available with every purchase, causing confusion and frustration for many customers. This is not your typical CFAR insurance. We have reimagined this product based on market needs. It can be easily configured and integrated into any business, booking, or customer journey within minutes. Using machine learning, it caters to every flexibility requirement, offering a personalized cancellation service."
