SAN DIEGO – Generali Global Assistance announced that it has entered into a partnership with Key Data, a leading provider of global vacation and short-term rental market data, to launch TripIQ, the hospitality industry's first business intelligence and benchmarking platform for travel insurance. GGA, a recognized expert in travel insurance and assistance services, is sharing select proprietary data points from its Short-Term Rental survey, which was conducted by Phocuswright for presentation during the upcoming 2021 conference.
TripIQ will allow professional lodging partners to see clear, data driven insights around its travel insurance sales and conversion metrics. Additional dashboards will provide benchmarking for partners so they can visualize their comparative performance against similar competitors in their target markets.
Chris Carnicelli, CEO of Generali Global Assistance, commented on the news, “Partnering with Key Data was an easy decision for us. Their extensive expertise within the realm of short-term rentals will greatly benefit the implementation of our new platform, TripIQ. Given the results of our short-term rental study, we found that gross bookings will reach $37B by the end of 2021, which is a 52% increase as compared to 2020. With travel on the rise post-pandemic, the amount of vacation rentals has clearly increased exponentially, as well. Ultimately, implementing TripIQ in partnership with Key Data was an easy choice.”
Jason Sprenkle, CEO of Key Data, added, “We’re excited to work closely with an industry leader like GGA to make this market data available to the property managers that need it most. As travelers look for fun and safety on their next trip, property managers can use their TripIQ data to determine how to best position their travel insurance offerings to potential customers.”
As they prepared to partner with Key Data, Generali Global Assistance examined the current short-term rental habits study conducted by Phocuswright. As a result, some interesting trends and statistics emerged:
- Roughly one third of prospective hosts express concerns about the potential for damage to their property if rented out.
- On average, 5% of short-term rental stays resulted in the property damage, according to the property managers.
- 68% of hosts purchase supplemental liability insurance beyond what is offered by booking platforms. Those with longer tenure, that managed short term rental properties for 3 years or more, are 25% more likely to purchase supplemental liability insurance beyond what is offered by booking platforms.
- 10% of renters indicated that they have been motivated by an offer of the insurance to book via specific booking platform.
- 43% of renters indicated that purchasing travel insurance is now more important than before COVID-19. Those who are renting a luxury rental home/apartment are more likely to purchase travel insurance (almost 56%). Those between ages 25 to 44 years particularly found insurance more important now compared to their younger and older cohorts (50% of each found it more important now compared to 30% in the 55+ cohorts or 36% in the 18-24 cohorts).
“As our data demonstrates – the way we travel post-pandemic has changed dramatically. Having reliable, consistent access to a dependable platform, which will assist in rental and travel resources, is going to be a game-changer for renters and property managers alike,” added Mr. Carnicelli.