Friday 26 March, 2021
Updated : 1 April, 2021
With its partner Phenomen (broker), Seyna announces it will insure ticket cancellations for the next rugby world cup. Seyna's innovative ticket cancellation insurance product will be deployed. The event will be held in France, with over 2 million tickets available for sale.
Seyna’s ticket insurance provides fans with the confidence to buy in advance a ticket for an event which they are excited to attend, yet feeling safe in knowing that should something unexpected happen which prevents their attendance, they can get a refund. This was a perfect match for an international sport competition.
Seyna has brought to market a new insurance platform. It enables companies to design, create and distribute insurance products, more easily than ever before. Seyna has insured over 40 000 people for P&C risks in 2020 (its first year of operations).
Current “uncertain times” have emphasised more than ever the value of Seyna's services to insurance brokers, and ultimately ticket buyers and sellers.
Seyna's innovation in ticket cancellations insurance and the ease of use of its insurance platform enabled the company to do this partnership.
A new insurance product, deloyed rapidly
“Traditional” ticket insurance protect against issues such as illness, bereavement, transport breakdown, etc. They require a proof document justifying why you wish to cancel, and the refund process is tedious.
Seyna’s insurance offers a refund (with a 30% deductible) without the requirement for the ticket buyer to show any proof. The refund is immediate. If you have a proof document, then the refund is 100%.
This new product generated for Seyna a huge uptick in interest from potential ticketing partners. The product truly protects the buyer, and therefore enables a business success for distributors.
Seyna's platform to embed insurance
This win was also possible thanks to the seamless integration of Seyna and Phenomen's solution in the fan journey to buy tickets. The insurance is embedded. It was literally as simple to subscribe for a ticket protection, as adding an extra-topping when you buy your Starbuck’s coffee.
Seyna’s unique operating model combines the best of insurance and tech worlds. Along with its insurance carrier requirement of solidity and flawless execution, Seyna brings unrivalled speed and reactivity. Seyna set-up the insurance solution with its partner Phenomen in less than one month. This was a substantial challenge considering the complexity of its partner go-to-market plan (several waves to sell tickets, multi-format packages and unitary tickets, etc.).