Embedded protection Insurtech Cover Genius has announced a partnership with Via.com to provide travellers with “Cancel For Any Reason” (CFAR) protection.
Via.com will integrate Cover Genius' XCover to introduce CFAR travel protection in Indonesia. Research by Momentive.ai, commissioned by Cover Genius, indicates a strong preference among Indonesian travellers (75%) to purchase travel insurance directly from their travel provider. This partnership is designed to offer CFAR protection at competitive price points, tailored to the specific needs of travellers
With the addition of XCover protection, travellers can secure comprehensive coverage for various aspects of their journey, such as illness, public transport disruption, and extreme weather. XCover promises a straightforward claims process, available in over 40 languages and 90 currencies, including Bahasa Indonesia and the Indonesian Rupiah. The service is noted for its high customer satisfaction, reflected in a post-claims Net Promoter Score of +65.
Barney Pierce, chief business officer for APAC and EMEA at Cover Genius, shared insights from their research, revealing that 60% of global travellers are likely to purchase airfare if CFAR protection is available. However, he noted that many consumers are not offered CFAR protection during their travel booking experiences. This new partnership aims to address this gap by providing CFAR protection to a broader range of travellers.
“Cover Genius has been a trusted partner for many travel brands globally, and we are excited to expand our reach in SEA to protect the customers of Via.com. Indonesia has one of the highest online travel market growth rates in the region and our CFAR travel products can help more Indonesians protect their travel expenses and safeguard assets. Should any travel hiccups occur, they are backed by our simple and efficient claim process with instant payments in local language and currency,” Pierce said.
Elsewhere in the Insurtech sector, Novidea has announced its expansion into the Southeast Asian market, beginning with Hong Kong and Singapore.
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