Are you an insurance executive looking to increase sales in the live entertainment industry? Look no further than embedded refund protection. According to a recent article by Cover Genius, an insurtech for embedded protection, the company has seen a 251% increase in global live entertainment sales since June 2022.

One of the reasons for this growth is the partnership between Cover Genius and AudienceView, a global leader in ticketing and e-commerce solutions for the live entertainment industry. By offering embedded Refund Protection to thousands of venues and event businesses worldwide, Cover Genius has become the chosen Refund Protection partner for some of the world’s largest ticketing platforms, events, venues, and resellers including AXS, FreshTix, Tessitura, SeatGeek, Outbox, Spektrix, and more.

Adding protection within the checkout experience has been shown to increase purchase conversion rates by 8%, according to Angus McDonald, CEO and Co-founder of Cover Genius. This increase in core conversion, or what’s called the “Protection Effect”, drives the conversion rate for AudienceView’s venue partners, leading to more ticket sales and increased loyalty.

But it’s not just about increasing sales. Live ticketholders also benefit from a seamless customer journey via XCover.com, Cover Genius’s award-winning distribution platform. XCover.com handles customers’ needs – from the initial sale through to administration and refunds – resulting in an industry-leading post-claims NPS of +65. Its award-winning service design has been shown to reduce support tickets by 7x.

As consumers return to live events after years of uncertainty, they want relevant protection that offers them a sense of security. By adding relevant protection, such as Cancel for any Reason (CFAR), to the checkout experience, customers and brands benefit. A recent survey conducted by Momentive.ai and commissioned by Cover Genius found that 54% of global ticketholders would be highly likely to buy Refund Protection for tickets for common issues like illness and injury, a number that grows by 9% if the protection is unlimited. Respondents said they’d be willing to pay 123% more for this ‘Cancel for any Reason’ (CFAR) protection, with most of them nominating convenience as the primary reason.

So, how can insurance executives implement embedded refund protection to increase sales in the live entertainment industry? Follow these five steps:

1. Partner with a ticketing and e-commerce solutions provider like AudienceView.
2. Offer embedded Refund Protection to thousands of venues and event businesses worldwide.
3. Use AI-backed optimized pricing in real-time to offer insurance and non-insurance solutions that are adapted for different markets.
4. Become the merchant of record for venues that don’t take payment upfront, and be the licensed or authorized agent where needed.
5. Provide customers with a seamless, end-to-end experience via XCover.com, which handles customers’ needs – from the initial sale through to administration and claims, resulting in an industry-leading post claims NPS of +65.

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Source: Cover Genius Welcomes AudienceView to its Growing List of Live Entertainment and Ticketing Partners