Skift Megatrends 2022 <\/em>
\n<\/a>
\n<\/cite><\/p>\n<\/blockquote>\n\n\n\nThe travel fintech products created by Hopper are revolutionising traditional financial services, like trip insurance. Traditional travel insurance is expensive, slow, and obscure. Claims can take weeks if not months before reaching resolution, which may or may not be in the customer\u2019s favour.<\/p>\n\n\n\n
Instead, Hopper provides faster, cheaper, and more transparent financial protection products. They accept up to 90% of claims automatically<\/strong> and instantly through the app, so customers don\u2019t have to wait for a response or spend time chasing after a customer service rep.<\/p>\n\n\n\nToday, 60% of Hopper customers purchase at least one fintech product when booking. Hopper users will also pay 10% more on their travel bookings<\/strong> than the average traveller, just to have greater flexibility and financial security.<\/p>\n\n\n\nHere are Hopper\u2019s current and upcoming travel fintech products:<\/p>\n\n\n\n
<\/div>\n\n\n\n
Price Predictions<\/h3>\n\n\n\n
Hopper\u2019s price forecasting service helps travellers during the pre-booking stage.<\/p>\n\n\n\n
Customers receive a buy-now or wait <\/em>suggestion (based on Hopper\u2019s historic data and unique algorithm) to know when the best time to buy is, so they can get the lowest price and best deals.<\/p>\n\n\n\n<\/div>\n\n\n\n
Price Freeze<\/h3>\n\n\n\n
Price Freeze is Hopper\u2019s most popular fintech product.<\/p>\n\n\n\n
This Hopper add-on freezes flight and hotel prices for two to 14 days for a fee. If the price goes down after a customer has frozen a price, they can purchase the lower rate. However, if the price increases, Hopper will cover the costs, <\/strong>up to a pre-determined amount, and will pay the difference directly to the airline or hotel (coming soon for vacation rentals).<\/p>\n\n\n\nOver 20% of Hopper customers use this feature as a BNPL option<\/strong> because the fee acts as a partial payment when booking accommodations and applies to the entire cost once they complete the booking. So customers see it as an investment and don\u2019t have to worry about extra costs.<\/p>\n\n\n\n<\/div>\n\n\n\n
Flight Disruption Guarantee<\/h3>\n\n\n\n\n\u201cHopper offers travel fintech products like trip insurance, but we offer them in a way that is much more convenient for travellers to actually get their money back or change a trip without hassle for free.\u201d <\/em><\/p>\n\n\n\n
\nSusan Ho, Head of Hopper Homes<\/em>
\n<\/cite><\/p>\n<\/blockquote>\n\n\n\nUsually, when you miss a flight, your airline will rebook you within their network, limiting your options and potentially lengthening the time of your total trip. But with Hopper\u2019s Flight Disruption Guarantee, you can rebook your flight on any airline instantly, opening up more opportunities and helping you get to where you need to go faster.<\/p>\n\n\n\n
Customers can purchase Hopper\u2019s Flight Disruption Guarantee during the booking process to enjoy free rebooking on any airline<\/strong> if their flight is significantly delayed or they miss their connection.<\/p>\n\n\n\nAnd if customers can\u2019t find a suitable alternative flight, they can receive a refund of Hopper credit instead.<\/p>\n\n\n\n
<\/div>\n\n\n\n
Cancel or Change for Any Reason<\/h3>\n\n\n\n
Hopper offers partially refundable or changeable conditions on non-refundable rates for flights and hotels at an increased price<\/strong> to travellers who want more flexibility.<\/p>\n\n\n\nHopper customers prefer using this travel fintech product for hotel bookings. After check-in, if customers want to change their accommodation for whatever reason, they can rebook another hotel within the same star category for free directly from the Hopper App.<\/p>\n\n\n\n
\n\u201cWhen customers purchase Cancel For Any Reason insurance with Hopper through the app, and then decide to cancel, they\u2019ll receive up to 80% of their money back in cash or 100%, back as Carrot Cash. And they can do this with just a few taps on the app.\u201d <\/em><\/p>\n\n\n\n
\nSusan Ho, Head of Hopper Homes<\/em>
\n<\/cite><\/p>\n<\/blockquote>\n\n\n\nThis travel fintech add-on comes at no additional cost to the airlines or properties<\/strong> Hopper works with because the customers pay for it upfront and Hopper pays any fees due to the travel provider.<\/p>\n\n\n\n<\/div>\n\n\n\n
Carrot Cash<\/h3>\n\n\n\n
Customers earn Hopper\u2019s reward currency, Carrot Cash, every time they book hotels or flights. Users can see their earnings in-app and apply Carrots as credit to their future bookings.<\/p>\n\n\n\n
Carrot Cash creates more loyal customers who keep coming back to Hopper to save money, get great deals, and have greater cash flow available for their trips.<\/p>\n\n\n\n
<\/div>\n\n\n\n
Hopper Care and Hopper Wallet (Coming soon!)<\/h3>\n\n\n\n
The fintech team at Hopper is working on two new travel fintech products, Hopper Care and Hopper Wallet.<\/p>\n\n\n\n
Hopper Care will provide medical and injury insurance<\/strong>. However, unlike the slow resolution times of traditional travel insurance, customers will have immediate updates and quick closure because all claims take place in-app.<\/p>\n\n\n\nHopper Wallet currently holds Carrot Cash, deals, and one-time discounts as vouchers. Here, customers can see their cash balance, their credit, and deal and discount expirations.<\/p>\n\n\n\n
In the future, travellers can use Hopper Wallet as a full-fledged payment method<\/strong> where they can make deposits or withdrawals, earn interest, pay for trips directly, and continue to receive cashback and rewards.<\/p>\n\n\n\n