Cover Genius, SVP Strategic Partnerships Travel, Peter Smith at the CAPA Airline Leader Summit Asia 2024

Transcript

Peter Smith:We spoke on stage about Gen Z and how they are the next generation of travelers, and they're really going to be dominant in the marketplace for probably about the next 10 to 15 years. And they're very different to other generations. They've grown up in a world of You know, everything's instant, everything's fast, and so these guys really demand personalization, flexibility, and the ability to really create their own lives, I guess. And so that that same sort of ethos moves over into the way in which they book and experience travel. So they have an expectation whether they're booking. Flights or accommodation or anything that they purchase to be able to completely personalize their own experience. So they're really interested in experiences, personalization, but also instant gratification because they're used to that. The travel industry has incorporated embedded protection because traveling can be highly stressful. We live in a world of uncertainty. And particularly, you know, you speak about Gen Z, but you speak about all of us. You know, we've gone through a lot of global uncertainty in the last few years. And so customers want peace of mind when they're making any purchase. So if they're booking their travel, for example, they want peace of mind that if something goes wrong, they're protected. But they want that done in a way that's convenient and relevant and bespoke to them as an individual. They don't want to have to go in search to try to find relevant products. They want the brands they trust, the airlines they trust to do that for them. It's absolutely more than a revenue solution. Of course, embedded protection, embedding any products in the right way can really enhance the customer experience, but it can also ensure that the customers who come to you as an airline, if they have a great experience throughout the whole customer journey, they're much more likely to stick with you in the future because they've had an excellent experience. And so it's not just about embedded protection, it's a much bigger story than that. It's about building trust and loyalty amongst your customers. Cover Genius is the leading insurtech for embedded protection. We work with some of the world's largest digital brands. So within travel, for example, we work with Booking.com, Flight Centre, Scandinavian Airlines, Turkish Airlines, Priceline, and many, many more to provide seamless protection for their customers that they can purchase in the moment throughout the booking path. And we personalize that experience so it's not a one-size-fits-all, it's bespoke to their customers, enhancing trust and helping with loyalty. CAPA for me is an awesome event. It's clearly— there's a huge focus on the content, the onstage content, And that really sort of enriches the experience. It has done for me and many of the people that I've seen at this event. For us as Cover Genius, it helps us to better network amongst our peers and amongst the partners that we're working with day in, day out. I think CAPA do an excellent job at continuing to really focus on the things that matter most.

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