Travel uncertainty? Why flexible cancellation is important

This article was produced with justfly.com.

Insurance Business’ Gia Snape sat down with Ramzi Rahbani, VP of Products and Platforms at justfly.com to discuss how integrated insurance solutions create more flexibility, convenience and peace of mind. spirit for travelers in the post-pandemic era.

Over the past few years, there has been a noticeable shift in the way people think about planning their trips. Beyond booking flights, travelers are looking for a complete package that includes accommodation, activities and insurance.

This holistic view of travel, combined with the uncertainties inherent in today’s global travel, has created an urgent need for flexible, convenient and accessible travel insurance options.

“We found that over the last ten years, travelers have a broader vision,” said Ramzi Rahbani.

“Not only are they interested in flights, but they are also interested in insurance, car rentals, hotels, excursions and any other add-on you can think of for a flight. We have seen a change in their expectations and behaviors, particularly regarding the need for flexibility and security in their travel plans.

“As travel dynamics evolve, North American travelers are increasingly looking for assurance and adaptability in their bookings,” he told Insurance Business.

“Global uncertainties and the complex nature of travel today highlight the importance of having a safety net that offers more than just standard cancellation options.

The transition to flexible travel planning

Whether it’s the COVID-19 pandemic, political instability, or natural disasters, global events have made travel more unpredictable. As a result, there is a growing demand for travel insurance options that offer flexibility, such as the ability to cancel or change plans without complicated procedures or rigid policies.

Travelers also want the ability to book everything in one place, and justfly.com is meeting the challenge. The online travel agency has teamed up with Cover Genius to launch a new Cancel for Any Reason (CFAR) offer.

The integrated product, powered by Cover Genius’ award-winning XCover distribution platform, allows customers to cancel their flight for any reason up to 48 hours before departure and receive 100% of the cost of the reservation.

What sets this policy apart is that no documentation or proof is required to make a claim, unlike traditional cancellation policies which often require medical or other urgent justifications. This type of policy is tailor-made for today’s travel environment, where plans can change quickly and unexpectedly. Payment is also made using the payment method of your choice.

The traditional travel insurance model, with its strict claims requirements, such as providing documentation or justification in the event of cancellation, no longer meets the needs of many modern travelers. A recent global survey by Cover Genius showed that 60% of customers said they would be more likely to purchase a plane ticket if they had the option to purchase refund protection.

“CFAR is a protection that allows them to cancel for any reason if they need to,” Ramzi said.

Cancel for any reason (CFAR): Meeting the evolving needs of travelers

Besides flexibility and convenience, cost plays a crucial role in travel insurance decisions. Travelers are often hesitant to purchase fully refundable tickets due to their high costs. However, CFAR solves this problem by offering a more affordable alternative.

According to an analysis of the top 10 international itineraries by justfly.com, CFAR costs up to 40% less than the next fully refundable fare elsewhere.

This fare structure allows travelers to secure their plans while avoiding the financial burden of more expensive refundable tickets. By offering CFAR at a lower cost, justfly.com makes flexible travel insurance more accessible to a wider range of customers.

“We recognize that travelers now appreciate the ability to easily change or cancel their plans, without being tied to rigid refund policies or the need to provide detailed documentation,” Rahbani said.

Customers can add the CFAR option to their booking at checkout or purchase the add-on up to 24 hours after booking via the justfly.com website.

When they need to make a claim, customers can submit it in minutes, from anywhere in the world. Refunds are automatically approved and paid quickly in over 90 currencies and 40+ languages.

Ultimately, CFAR aims to provide a sense of control and peace of mind that traditional travel insurance policies often lack. Additionally, CFAR’s seamless integration into the booking process, along with the ability to submit claims quickly and easily, demonstrates justfly.com’s forward-thinking approach to travel insurance.

“Our analysis indicates that demand for such flexible solutions is growing, with many travelers prioritizing the peace of mind that comes from knowing they can get a full refund if their plans change, without breaking the bank.” , Rahbani said.