Flexibility is key for travel

"88% of those surveyed agreed that the travel industry needs to be more flexible in dealing with changes and cancellations"

Over the past few years, consumers have become more discerning about what they expect from brands. Retail, travel or utility provider - it no longer matters what type of brand it is. Consumers expect the same experience –fast, straightforward and easy. Increasingly there is a demand for more flexibility and fluidity, particularly when it comes to travel plans. Now with the global pandemic, this has intensified. According to a recent research study from Oracle and Skift, 76% of consumers are demanding flexible cancellation and refund policies.

Negative customer experience

We’ve seen the recent backlash, especially on social media, against airline brands who haven’t been forthcoming in outlining the policies for travel during a pandemic. Likewise there is a lack of clarity amongst the travel insurers as to when consumers have the right to claim. Often, these rigid structures mean that these operators cannot facilitate simple, flexible options for their customers. Unclear messaging and inflexibly practices create a negative customer experience and damage a brand’s reputation, even if a brand is not directly selling an insurance policy.

After all, negative customer experience is the reason 86% of consumers quit doing business with a company*. Consumers today know what they want and are willing to voice their opinion both to praise and criticize. Smart companies are listening to their customers and using the data to improve the customer experience.

Demand for flexibility with travel bookings

A recent European study from Flywire found that 88% of those surveyed agreed that the travel industry needs to be more flexible in dealing with changes and cancellations.

Imagine this scenario - you purchase a train or bus ticket for a trip for you and your partner. The weather’s not looking good for when you are due to arrive at your destination, affecting your planned outdoor excursion. That morning you decide to cancel your ticket and with just one click you get instantly refunded – no questions asked.

Only those brands that can deliver timely, personalised and simple solutions will win and retain customers, especially during this uncertain time where travel and customer behaviour is massively impacted. It’s a fast moving space and it will be interesting to see how operators pivot to address pain points and meet the needs of holidaymakers and travellers.

Introducing Companjon

Companjon is Europe’s newest tech company specialising in tailor-made add-on insurance solutions. We partner with industry providers and operators to provide fast, flexible and fully automated solutions that are tailored to their customers’ online bookings and purchases - ensuring that they have peace of mind if plans change. From claims to payouts, the process is seamless, flexible and entirely digital.

Ready to outshine the competition, improve customer interaction and gain unrivalled loyalty? Get in touch with our team to learn more.

*Source: Key Insights: The Ratio That Can Make or Break Your Business