Global insurtech MGA Pattern Insurance has announced the launch of its latest weather protection insurance product, the first of its kind for the U.S. travel market.
‘Weather protection’ can help increase the number of bookings while giving peace of mind to travelers worried about rainy days ruining their vacation. If the weather forecast shows torrential rain days before departure, the traveler can cancel their trip and receive a full refund, or rebook for a later date. Alongside this, travelers who purchase weather protection can book their trips much longer in advance without having to worry about unpredictable climate, helping improve conversion rates for distributors.
Utilizing real-time weather data enables the insurance to be parametric, meaning that a claims trigger is electronically verified, simplifying the claims process. In the case of bad weather, consumers are contacted directly via SMS and, should they decide to cancel their trip, compensation is then delivered electronically via Paypal or their credit card.
Pattern’s platform can integrate with any existing online booking system, allowing the travel distributors to add insurance into their offering. The pricing model for weather protection insurance is done in real-time, taking into account the specific location and time of year. This accurately predicts the conditions, trigger of loss and the amount of compensation, providing consumers with complete transparency, while ensuring they are getting a fair price for their policy.
Pattern’s Head of Underwriting Joyce Segall says, “Travelers aren’t looking for complicated insurance—they want simple, clear covers that protect them from relevant risks and make them feel safe. Like the guarantee their vacation won’t be ruined by bad weather.
“We are thrilled Pattern is launching this innovative new product for the U.S. travel market. We are helping travelers protect their eagerly anticipated trips and helping travel distributors who integrate weather protection into their buying journey to enjoy higher conversion rates, increased revenue and happier customers.”
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