The Super Bowl, Broadway, NASCAR, Coachella… so many events have attracted whole communities of passionate fans whose lives revolve around the big day. With the money and emotion that your customers invest, missing a highly anticipated event can be a big problem.
Fans can be heartbroken if they have to miss seeing a favorite team or pop star perform live. But at least they can resell the ticket, right? For many of the covered reasons in which insurance can reimburse ticket costs, the answer may be no. The number one reason why our customers miss an event like a sports game or concert is due to sudden illness. That often leaves little time to resell their tickets. So that sick feeling churning in their stomach…? It could be from losing out on the money too.
That’s where we come in.
We enable businesses to look after their buyers’ investments and offer a better experience when things go wrong. In return, our partners share in the revenue earned. In the past decade, we’ve protected more than 49 million event tickets and registrations valued at over $4.7 billion.
To better serve your fans, we’ve gathered customer insights and concerns to drive the evolution of products to fit their needs. Let’s take a closer look at the three types of event goers: music, art and sports fans, and determine who’s more likely to buy event protection and why.
The majority of our customers who purchase Event Ticket ProtectorSM attend music concerts and festivals, but they also protect ticket costs for sports, theatre, and art events.
Although art events have the highest average ticket cost among our partners, consumers attending sports games are slightly more likely to protect their ticket than any other type. For music concerts, rock and pop genres have the highest average ticket cost, however music fans attending rap and hip-hop concerts are the mostly likely to purchase protection.1
On average, music fans buy their concert tickets over two and a half months in advance. That leaves a lot of time for uncertainty. Roughly one quarter of our customers are most concerned they might miss an event because of an illness or injury when purchasing tickets. Customers’ next biggest concern is missing an event due to a work obligation or a weather cancellation, followed by a sick or injured family member.2
Concerts, art and sporting events are typically expensive entertainment. Nearly half of our customers spent $100-300 on the total cost to attend the event, which may include travel, while about one out of five spent $500 or more. Customers who buy insurance spend more on their tickets on average than those who are uninsured.
About six out of 10 of our customers buy event tickets at least three times a year, with one out of 10 buying tickets more than eight times a year. Because three out of every four of our insureds are likely to buy Event Ticket Protection again, there’s great opportunity for event ticketing providers to earn repeat business and additional ancillary revenue.3
Through better understanding of consumer needs, we learned one of the top three concerns is missing events due to work obligations. So we quickly developed and launched new products with required-to-work as a covered reason.
The expanded event protection is expected to increase paid claims by up to 25 percent. In turn, including required-to-work significantly improves the customer experience and overall satisfaction.
But that’s not all. The higher-priced product boosted insurance revenue per transaction by nine percent and generated a projected annual revenue increase of seven percent for one of our major event partners. This is one of many examples how we use consumer insights to generate a better customer experience and higher ancillary revenues.
In an upcoming edition of Eaglebytes, we’ll highlight top reasons why athletes buy our Event Registration ProtectorSM.
Terms, conditions and exclusions apply.
Insurance benefits underwritten by BCS Insurance Company or Jefferson Insurance Company, depending on insured's state of residence. Plan(s) may not be available in all jurisdictions. Allianz Global Assistance and Allianz Travel Insurance are brands of AGA Service Company. AGA Service Company is the licensed producer and administrator of these plans and an affiliate of Jefferson Insurance Company. The insured shall not receive any special benefit or advantage due to the affiliation between AGA Service Company and Jefferson Insurance Company. Non-Insurance benefits/products are provided and serviced by AGA Service Company. Consumer may be responsible for charges incurred from outside vendors for assistance or concierge services. Contact AGA Service Company at (800) 284-8300 or 9950 Mayland Drive, Richmond, VA 23233 or email@example.com.
1. Allianz proprietary research, 2015
2. Allianz proprietary research, 2016
3. Allianz proprietary research, 2016
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