WeTravel Taps Pattern Insurance for Embedded Insurance

WeTravel partners with Pattern Insurance to integrate insurance into the travel booking experience
Pattern Insurance partners with WeTravel to integrate insurance into the travel booking experience, making travel insurance easy to purchase

Pattern Insurance has signed a new partnership with WeTravel, in a deal aimed at integrating insurance into the travel booking experience. 

Now, WeTravel customers can offer insurance to travellers for their international trips at the point of purchase, with travellers able to add an insurance offering at the time of booking. 

WeTravel says this integration will enhance the overall travel experience by providing a safety net right from the point of booking.

The travel company solutions provider hopes this new initiative will increase the number of travellers that opt for travel insurance. 

Pattern Insurance: A leader in custom-embedded insurance products

Founded in 2020, Pattern Insurance specialises in custom-embedded insurance products, such as that provided to WeTravel.

Research from the UK market alone has found that 31% of trips abroad go uninsured, so Pattern and WeTravel hope to address this significant gap in the market. 

The 2016-founded WeTravel provides travel companies with software solutions for managing booking and payments and is used by 500,000 global travellers. 

Speaking on its partnership with Pattern Insurance, WeTravel CEO Ted Clements says: “With hundreds of products in one platform, we’ve built WeTravel to support multi-day and group travel businesses – and their travellers. 

“When we think about strategic insurance partnerships, we know the benefit of having insurance available to add-on at the time of booking not only provides peace of mind for the operator, but the traveller.

“With thousands of clients and nearly a million travellers booking through these clients, to bring international insurance at this scale is incredibly valuable to all stakeholders. 

“This partnership is a step forward in scaling the availability and accessibility of travel-specific insurance for all adventures.”

Youtube Placeholder

Meitav Harpaz, CEO of Pattern, adds: “As travel costs continue to rise, it’s more important than ever for travellers to protect their booking from circumstances out of their control. 

“Pattern’s new partnership with WeTravel enables travellers to easily access the right type of insurance for their trip, making for a seamless and worry-free booking experience.”

Indeed, embedded travel insurance is an area many travel providers and insurtechs are looking to tap into. 

Last month, Bunq partnered with Qover to integrate travel insurance capabilities to its users across seven markets.

This partnership was of particular note as Bunq’s premium plans were able to be launched in just six weeks, with Qover’s expertise in embedded insurance enabling the swift integration of services. 

In 2023, Trip Money launched its ‘no questions asked’ embedded travel insurance, which was launched in partnership with Cover Genius for Indian customers. 

Travel insurance has also entered the fintech space, with leading neobank Revolut announcing plans to also launch no-reason trip cancellation insurance cover in 2023. 

**************

Make sure you check out the latest edition of InsurTech Digital and also sign up to our global conference series for our sister site – FinTech LIVE 2024.

**************

InsurTech Digital is a BizClik brand.

Share

Featured Articles

What is an Insurance API?

In this deep dive with Mayur Upadhyaya, CEO at APIContext, we explain insurance APIs and discuss their role in the digital revolution

Cyber Insurance & Robust Cybersecurity Measures: An Analysis

InsurTech magazine speaks to Matthew Hilsenrad, Senior Director of Cybersecurity at Abacus Group about reactive and proactive cyber defence systems

The Uncertain Future of Wefox: Mubadala’s Internal Dispute

Uncertainty is looming at once high flying European insurtech Wefox, with lead investor Mubadala considering deal with rival Ardonagh

IMG and Teladoc Expand Telehealth Services for Travellers

Insurtech

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

Insurtech

Allianz Announces Partnership With Clearspeed

Insurtech