Protecht

What happens when an individual purchases a ticket to an event but can’t make it to the venue due to unforeseen circumstances? The buyer is left with the disappointment of not attending the event, and the money spent on the ticket is gone. But there can be a different outcome. Phoenix-based Protecht strips the downside from such scenarios and affords audiences of live experiential events the option to insure their tickets. An influential player in the live events micro-insurance space, Protecht is focused on solving a nagging challenge in the insurance industry– to make insurance easy to understand, buy and use.

Unlike other services, it’s difficult to assess the value of insurance because the actual benefit often goes used. But using proprietary technology, Protecht has developed a solution that empowers fans to add insurance with the click of a button right on the ticket purchase site. There is no redirect to an outside site and no need for a separate financial transaction.

“As fans are becoming increasingly eager to experience live events again, at Protecht we are seeing less hesitation or discomfort from both the fans and promoters, with respect to ticket insurance,” says Todd A. Hancock, Protecht’s Chief Insurance Officer. “Embedding the insurance option right on the ticket platform at the time of check out has contributed to the increased understanding and adoption of ticket protection.”

The pandemic brought massive uncertainty, but by putting the power of purchasing back in the fans’ hands, Protecht is helping to instill confidence in fans’ decisions to return to live events. Ticket buyers are more aware that unexpected circumstances can arise so when they are offered an easy-to-understand, one-click option during their transaction to protect their purchase, they are more willing to do so. Hancock says, “Protecht is seeing a higher conversion rate of consumers purchasing insurance.”

“We believe in putting fans first so we have educated them on how easy and affordable it is to have the cost of their ticket covered.

We are providing a little bit of financial comfort,” continues Hancock. “There appears to be a greater appetite to buy what I call “what if” protection.”

Protecht’s solutions are powered by robust, proprietary technology and are easily embeddable into other ticket platforms. Protecht has designed a payment pathway that packages both the ticket and insurance purchase in just one simple transaction. In an industry where most technology companies start with a product concept and devise technology to work with it, Protecht differentiates itself by first setting out to address the needs of the endusers, hence the purchase pathway for insurance that is driven by customer experience.

“Our orientation is fan-first, easy to understand, easy to buy, and easy to use insurance at the customer level,” explains Hancock.

Protecht’s vision to create an experience economy makes it stand out as an organization, which has succeeded in addressing long running challenges in the insurance industry. The team’s effort toward making insurance customer-friendly and customer-focused is relentless. But while the company’s embedded purchasing widget is its current differentiator, Protecht’s team realizes it must work continuously to improve its technology dedicated to enhancing the customer experience.

“We are looking at the next 6-12 months to explore how we can continue to leverage our current technology and make it better. It’s meaningful work. Live experiences matter more now than ever so it’s our goal to make it as easy as possible for fans to protect their ticket purchase at checkout so they can move on and focus on having a good time at the event,” adds Hancock. “Most of Protecht’s team members have a financial institution or banking background, which helps in the development of their pathway process and payment widgets. But we are also fans, and just like everyone else, we want the fun to return to our lives.”