To protect meeting attendees from unforeseen circumstances, online event management company Active Network has launched what it claims is the meetings industry's first registration insurance product, it announced last week.
Underwritten by Philadelphia Insurance Companies, the product, called Registration Protection Plus, provides financial protection from lost registration fees so that attendees can register for events without having to worry about losing money due to changes to their schedule or itinerary. Free to event planners, the product costs $20 for event attendees, who may receive registration reimbursement in the event of things like flight cancellations and delays, injury or sickness, and poor weather conditions.
"Registration Protection Plus allows organizers to avoid the last-minute cancellations, no-shows and charge backs that have always been a part of live events despite refund policies designed to prevent them," said Eric Olson, general manager of Active Network's events division. "At the same time, attendees can commit earlier and take advantage of lower airfares and lodging costs, as well as early registration specials."
Registration Protection Plus also benefits meeting planners, according to Active Network, as it can help them differentiate their events and reduce loss of revenue due to refunds.
"We wanted to offer the same kind of protection that travel booking companies have been providing for years — while adding the benefit of event registration fee refunds to the industry," Olson continued. "As the innovators of Registration Protection Plus, Active and Philadelphia Insurance Companies are changing the way the event and conference industry looks at refund policies. Finally, organizers can stop worrying about last-minute refunds and cancellations and have more time to spend on creating event experiences."