Pikl, an insurtech specialising in vacation rentals, has announced a new product that will allow operators to offer cancellation terms similar to those enjoyed by hotel customers.
Traditionally, vacation rentals have had less appealing cancellation terms compared to hotels, which often allow cancellations without charge up to 24 hours before arrival.
The new product from Pikl seeks to level the playing field by offering vacation rental operators the ability to provide cancellation policies that are as flexible as those of hotels, according to CEO and founder Louise Birritteri.
Commenting on the new offering, Birritteri highlighted the growth of the vacation rental market over the past decade and its establishment as a mainstream accommodation option. She also noted that the sector’s cancellation policies have not kept pace with hotels, placing vacation rentals at a competitive disadvantage.
“Our flexible cancellation product taps into that customer expectation and will take away the disadvantage allowing vacation rentals managers to gain from a new revenue stream with higher booking conversions,” said Birritteri.
“We are really excited about this launch as these are the first Pikl products that are available to clients globally. Not only should it create new markets and partnerships for us but it will genuinely help to grow the vacation rentals market. We have been working in collaboration with a number of industry partners and large insurance providers to bring them to market.”
An emailed release from Pikl said the new product was designed to ensure that the risk of increased cancellations is not borne by the vacation rental agencies but is instead transferred within a regulated framework.
Additionally, the insurtech is introducing a small damage deposit product, which serves as an alternative to the traditional refundable deposits that can deter some customers.
This new option can be included at the point of booking or chosen by guests, according to the release, creating another potential revenue stream for vacation rental managers.
Both products will be available on Pikl’s website starting May 1. Further details will be showcased at the upcoming Short Stay Summit on 24 April, where Pikl will be present at Stand 28 to answer inquiries.
What are your thoughts on this story? Feel free to comment below.
