Pinfare Travel Insurance for Pinning Flight Prices

Pinfare Travel Insurance for Pinning Flight Prices

FACTS

  • The insurance company Income launches a new product protecting travellers against fluctuations in flight fares.
  • This service called Pinfare lets insured parties
  • Customer process:
    • The user relies on Pinfare mobile app to choose the flight they plan to book
    • Three flights for the same travel can be pinned
    • The user has 7 days to validate his selection (also via Pinfare’s mobile app)
    • During this period, Pinfare sends information regarding price changes every day
    • Upon validating the order, the user pays for his fight fare and files a claim with Pinfare (within 21 days) to get a refund if the price differs from when he first pinned his selected journey.
    • Pinfare’s insurance offer also covers potential differences between the booked ticket and actual purchase of the fight fare.
  • Cost: from $5 per travel based on the required number of options, proximity to departure date, travel destinations and dates, airlines, flight class, and departure timings.
  • Pinfare is first accessible for customers in Singapore travelling to six countries: Malaysia, Indonesia, Thailand, Vietnam, Philippines and Hong Kong. Other itineraries will be added by end-2019.

CHALLENGES

  • Making adjustments and addressing new use cases. Income intends to better assist travellers now used to compare flights prior to booking, and they still expect flexible offers.
  • Betting on a comparison and insurance platform. Pinfare provides a flight comparison service in partnership Skyscanner. Their insurance offer relies on Digital Income, Income’s unit for digital transformation.

MARKET PERSPECTIVE

  • Pinfare is first described as a lifestyle tool adapted to frequent travellers’ needs in a context where bookings and flight options are most often proposed as paid services by airlines and travel agencies.
  • According to Skyscanner, Singapore-based customers could save from 15 to 30% on flight fares if they booked their flights earlier.

Video: https://www.youtube.com/watch?v=YonPdOHtPuk

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