As an insurance executive in the live entertainment industry, you know that customer loyalty is key to success. But how do you increase loyalty and ticket sales in a post-pandemic world where customers are more cautious than ever? The answer is embedded refund protection.

Cover Genius, the insurtech for embedded protection, has partnered with AudienceView, a global leader in ticketing and e-commerce solutions for the live entertainment industry, to offer embedded Refund Protection to thousands of venues and event businesses worldwide. This partnership follows a period of significant growth for the insurtech as it has seen a 251% increase in global live entertainment sales since June 2022.

Here’s how you can increase ticket sales and loyalty with embedded refund protection:

Step 1: Partner with Cover Genius

Cover Genius is 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. Its award-winning distribution platform, XCover, offers a number of unique capabilities including AI-backed optimized pricing in real-time and insurance and non-insurance solutions that are adapted for different markets.

Step 2: Add Protection to the Checkout Experience

Data shows that adding protection within the checkout experience increases purchase conversion rates by 8%‡. 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.

Step 3: Offer Relevant Protection

As consumers return to live events after years of uncertainty, data shows that they want relevant protection that offers them a sense of security and differs from the “one-size-fits-all” approach that has traditionally been offered in the space. By adding relevant protection, such as CFAR, to the checkout experience, customers and brands benefit.

A Refund Protection Survey, conducted by Momentive.ai and commissioned by Cover Genius, found 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.

Step 4: Benefit from a Seamless Customer Journey

Live ticketholders also benefit from a seamless customer journey via XCover.com. 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.‡

Step 5: Get in Touch with Riskwolf

With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modeling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. Get in touch with Riskwolf to develop parametric insurance for your live entertainment business.

In conclusion, embedded refund protection is a powerful tool for increasing ticket sales and loyalty in the live entertainment industry. By partnering with Cover Genius, adding protection to the checkout experience, offering relevant protection, benefiting from a seamless customer journey, and getting in touch with Riskwolf, you can take your live entertainment business to the next level.

Read more about Cover Genius' partnership with AudienceView here.