In this piece, Meitav Harpaz, co-founder and CEO of Pattern Insurance, takes a look at ski insurance and winter sports cover options.
Each year, 1.5 million Britons pack up their salopettes and head for the slopes. Many families that go skiing spend a significant amount of money on their strip – from booking lift tickets, lessons, equipment rental, accommodation and flights, a skiing holiday can be a big investment – and it’s not always plain sailing. Skiers are subject to unpredictable weather conditions and face a risk of injuries when hitting the slopes, meaning that there’s a real risk of significant financial loss. This is of course the risk skiers take to do what they love, but there are things that can be done to minimise this risk and empower skiers to book their trips with confidence.
Fortunately, consumers can protect all aspects of their booking with insurance solutions specifically tailored to skiing – offered by providers like Pattern. Pattern is well-equipped to work with the skiing industry – several members of the team have experienced financial losses related to injuries or changes of plans for various reasons, so they appreciate first-hand how important it is to protect your skiing holiday.
Pattern has been working with Online Travel Agencies and other travel and booking companies for the past few years, offering a multitude of different insurance products and services. Pattern offers the most comprehensive set of coverages in the industry including accident medical expenses, season and day pass protection, trip interruption or cancelation, as well as inconvenience products related to snow conditions, lift operation, weather conditions and many more.
Pattern’s most popular ski protection offerings are those specifically tailored to be offered in real-time based on what consumers care about most. Consumers engaged in adventure sports are looking for insurance protections designed to meet the specific needs of their travel and bookings. Whether it is flexible cancellation for weather, coverage for lost or delayed sports or equipment or accident medical coverage designed to cover medical evacuation and out of pocket medical costs for sports enthusiasts, Accidental Medical and Ski Pass Protection are some of the most popular products for skiers.
Insurance providers like Pattern have also seen an increase in demand for products relating to weather conditions. Snowfall and visibility can have a big impact on a holidaymakers’ ability to ski, so an insurance policy that protects against poor weather conditions could be vital to make the most out of a trip. Pattern’s Parametric Weather Protection provides cancellation options for consumers about to embark on a planned trip that now has unfavourable weather conditions. Pattern also offers Flexit, a cutting edge product that expands a distributors ability to provide refundability provisions allowing a skier to change their plans for any reason.
Pattern’s ski offering is the most innovative and straightforward embedded insurance platform on the market. Pattern’s state-of-the-art technology responds via APIs to consumers’ travels plans in real time, and provides them with a customised protection offering that is best suited for their exact needs. If a customer had booked lift tickets for their ski trip, but not lodging, Pattern’s technology knows to only offer the customer relevant protections like ski conditions and accident coverage and not travel insurance. This personalised offering is far more appealing to consumers who are adverse to buying coverage that they don’t understand, or don’t need. Whether it’s concerns about lost fees, weather related disruptions or out-of-pocket medical costs, Pattern’s embedded insurance provides a tailored offer so skiers can focus on what they love – skiing.
Tailored embedded insurance gives peace of mind to customers and suppliers alike. Suppliers, like ski resorts, can focus on running their business without worrying about disgruntled customers, while skiers can enjoy their time on the slopes without worrying about losing money, or missing part of their trip. Whether you’re planning a skiing holiday for yourself or you’re part of the skiing industry ecosystem, it’s time to think about taking advantage of embedded skiing insurance.
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