Opendate, a leading live music management software platform for independent venues, recognized the growing demand for ticket cancellation insurance among its clientele.
To elevate their platform and provide added value to venues and ticket buyers, Opendate sought a strategic partnership with Vertical Insure.
The primary objective was to seamlessly integrate ticket cancellation insurance into Opendate’s platform without disrupting the user experience during the checkout process. The challenge was to offer this valuable service to venues without increasing Opendate’s workload or support responsibilities.
2 week
implementation
100%
rollout at go-live
The Solution
Opendate partnered with Vertical Insure, a specialized embedded insurance provider, to embed a ticket cancellation insurance offer.
The core feature of this solution is the seamless end-user experience that consists of an opt-in insurance offer that doesn’t interrupt the checkout flow or impact conversions. In addition, Vertical Insure’s technology is very easy to integrate – the entire process took Opendate’s development team about two weeks to complete.
After integrated is completed, the offer is completely hands-off. Opendate did not have to set aside any resources for maintenance or upkeep, as that’s all managed by Vertical Insure. Policyholders also engage directly with the Vertical Insure team for their customer support needs or to file a claim.
The Results
The implementation of Vertical Insure’s embedded insurance solution proved highly successful. Opendate experienced an immediate boost in value for their venues, with over 1,000 policies sold in just four months.
Remarkably, this surge in insurance adoption had no negative impact on ticket sales, attesting to the seamless integration.
Operational Efficiency: One of the standout achievements was Opendate’s ability to incorporate the insurance feature without expanding their workload or support obligations. Vertical Insure handles customer support and claims management associated with the policies, relieving Opendate of these concerns.
Technological Ease and Support: The technical integration was smooth, thanks to Vertical Insure’s user-friendly technical documentation and responsive support team. The insurance offer seamlessly became part of the checkout process in just one sprint, contributing to a positive experience for the product and development teams.
Additional Top-Line Revenue: Vertical Insure pays out a marketing payment to partners for every policy sold on their platform. The resulting additional revenue can be invested back into the business for further developmental resources or to add more features and value for their customers.