Leadership / 05.18.22
TicketPlan Has Had a Plan From the Start, Ticket Insurance Part 3
In Part 1 of our three-part series on ticket insurance, we discussed what such policies cover and don’t cover and how the pandemic increased their importance and visibility. In Part 2, we explored whether ticket insurance effectively fills the gap on the old “no refunds, no exchanges, all sales are final” policy statement. For our third installment, we decided to go back to the beginning and talk to TicketPlan Ltd., which was the original innovator of ticket insurance back in 1999.
Twenty-three years later, TicketPlan still specializes in providing insurance coverage to ticketing agents, venues and locations throughout the U.K., enabling those ticket sellers to offer a refund facility to their customers following cancellation of tickets or packages due to specified unforeseen events. TicketPlan prides itself on providing an easy-to-use online application facility that ensures the refund process is as quick, easy and efficient as possible.
So, what did this U.K. firm see back at the turn of the millennium that others had not to that point? Ben Bray, TicketPlan’s Relationship & Development Director, says, “TicketPlan saw that there was a protection gap for ticket buyers, given that tickets are purchased some time in advance of an event and ticket holders’ lives can be impacted by unforeseen events. This protection gap caused unprotected costs to the ticket holder and an administrative burden to ticket sellers. TicketPlan was founded to create an innovative solution to this problem.”
For those member-readers who are unfamiliar with TicketPlan, Bray was eager to describe the firm and tout what has made it a success over the years. “We build long-lasting relationships with various partners across the sector, from independent theatres to major international brands,” he says. “Our enduring success stems from a strong understanding of the ticketing industry, our technical insurance knowledge and our over 20 years of experience in providing refunds to fans, which enables us to understand the full range of unforeseen circumstances that can impact ticket holders. We combine this longevity with the energy to make quick decisions and innovate.”
To this day, TicketPlan’s policies cover a wide array of unforeseen circumstances that could impact the ticket holder — everything from illness and weather-related incidences to unforeseen cancellation of leave for members of the military.
Bray and his colleague Toby Stubbington, Managing Director of TicketPlan, concurred that the firm’s ticket insurance coverage became even more widely used and embraced during the COVID-19 pandemic. Today, with the virus still impacting the planet, Stubbington says, “We’re onboarding partners and having more conversations than ever before. Attachment rates have increased significantly as ticket buyers’ attitudes to risk have changed as a result of the pandemic, and they understand the need to protect their purchase more. We have had many conversations across the ticketing sector, from events-based ticketing to attractions, sports teams and participatory activities.”
There’s no doubt that the global health crisis has left TicketPlan, like so many other businesses, altered. Leadership continues to focus on innovation and simplicity. But Bray and Stubbington say the pandemic has led to changes in the business such as further automation, increases in team size, keeping underwriters more regularly informed, and increased check-ins with partners on business but also — more importantly — how they are doing.
And now, more than ever, there is the realization that ticket insurance will continue to evolve based on world conditions. Bray says, “I suspect there will be more automation and, in time, potential automated payout for some covered circumstances. The product is simple and effective. However the world, technology and the ticketing industry do not stand still!”
Through it all, Bray says he has not loss his passion for the work. The favorite part of his job? “Creating success for others, be they partners, team members or customers,” he says.
And for any insurance firm in today’s market that is looking to add ticket coverage to its repertoire for the first time, both men had some advice. Stubbington says, “Take time to build relationships and understand the regulatory environment in all territories. There is no one-size-fits-all solution.”
In conclusion, Bray says, “Also consider that innovation often comes from continued incremental improvement rather than one disruptive solution. Build resilience and dynamism into your systems and teams. Most importantly, ensure that you enjoy the journey!”
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Tags: Leadership , Ticket Insurance , TicketPlan