Everything I need to know about Registration Protection Reports
Who is Vertical Insure?
We partner with online platforms to offer beneficial insurance products to customers conveniently during the registration workflow. Our products protect both organizations and registrants against unforeseen circumstances.
Why am I receiving this information?
This email address was identified as the organization contact. If you prefer this notification to be delivered to another email, please log into your organization's account on the platform you are using for registrations and update your organization contact settings.
Is this email address being used for any other purpose?
No, this email address will only be used by Vertical Insure to share policy information with your organization on a monthly basis. It will not be used for any additional promotional messaging, advertising or shared with any third party.
What are these reports telling me and how are they valuable to my organization?
Registration Protection Insurance offers your members protection for their registration fees that they pay, much like trip insurance protects travelers. If a registrant experiences an unfortunate situation like an injury, illness or other covered reason that prevents them from participating, instead of them coming to your organization for a refund putting your revenue at risk, the registrant files a claim with Vertical Insure and the insurance provides the reimbursement for their loss. And in the situation of a payment plan, our Payment Plan Protection feature will reimburse your organization for any unpaid balance remaining on their plan when a claim is made for a covered reason.
The Policy Purchase Report is showing you the members that purchased this protection in the past 30 days. The total in the "Insured Amount" column is the amount of your revenue that is protected by members insuring their registrations. If a member makes a request for a refund, you should reference this data as they may have purchased the coverage and should be filing a claim instead.
The Claims Activity Report is showing you the members that initiated a claim on their policy within the past 30 days. This information will make you aware of any members that may have needed to stop or pause their participation in your program. In addition, this information could prevent a member from potentially seeking a double-refund from your organization and from filing a claim.
Explanation of the Report Data
Policy Purchase Report
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- Purchase date: The date the policy was purchased. This date should match the member's registration date
- Policyholder Name: Typically the parent or guardian of the participant. This can also be the participant if they registered themselves
- Insured's Name: The participant
- Insured Amount: This is the amount they paid for their registration fee and this is your revenue that is now protected because the member opted to add the coverage
- Registration Session Name: If this information was provided, this is the program that for which the insurance was added to the member's registration
- Payment Plan Status: If this registration offered a payment plan, this will be "True". If a payment plan is active and the member needs to file a claim for a covered reason like an injury, your organization has been added as a loss payee to their policy and you are eligible for direct payout for the remaining unpaid balance of their payment plan.
Claim Activity Report
If this report is empty, this means no claims were initiated over the past 30 days.
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- Purchase date: The date the policy was purchased. This date should match the member's registration date
- Policyholder Name: Typically the parent or guardian of the participant. This can also be the participant if they registered themselves
- Insured's Name: The participant
- Insured Amount: This is the amount they paid for their registration fee and this is your revenue that is now protected because the member opted to add the coverage
- Registration Session Name: If this information was provided, this is the program that for which the insurance was added to the member's registration
- Payment Plan Status: If this registration offered a payment plan, this will be "True". If a payment plan is active and the member filed a claim for a covered reason like an injury, your organization was added as a loss payee to their policy and you are eligible for direct payout for the remaining unpaid balance of their payment plan.
- Claim Created Date: The date the policyholder submitted their claim
- Reason for Claim: This is the category the policyholder identified as the reason for their claim, e.g. injury, illness, accident, weather, etc. If "other", the claim may not be for a covered reason and the details of the claim will be reviewed by a claims adjuster to understand its eligibility for a reimbursement.
Will I receive additional information about the claims that were opened?
We are limited in the information we can share about claims beyond making you aware that one of your members has initiated a claim. However, if a claim includes the payment plan protection, you will receive a payout notification if the claim was for covered reasons.
Questions about your claims volume?
Remember: Insurance operates on the law of large numbers. While some organizations see fewer claims, others experience higher volumes, often due to unexpected events like severe weather or mass layoffs. This balance helps maintain stable prices for all participants and ensures that protection is available when it’s needed most. Your participation in the program is valuable, providing essential coverage for you and your members while contributing to the overall stability of the program.
How frequently will I be receiving these reports?
Monthly
The report URLs do expire after a week
The file download for your report will expire after 7 days. If you receive the notification that the report file is no longer available ("This XML file does not appear..."), please send us an email at support@verticalinsure.com and be sure to include your organization's name.
How do I protect more of my organization's revenue?
We suggest adding a message to your registration session and to your website recommending that your participants consider adding the registration protection. Here is an example message:
"Our organization is committed to keeping registration costs as low as possible while still offering a top-tier experience for our athletes. Your registration fees are crucial in funding our basic operating costs in order to maintain those high standards. However, we also understand you may experience unforeseen circumstances that prevent participation, like injuries or illness. To protect your season, we highly recommend adding Refund Protection to your registration. You can easily opt-in during this registration process - just look for the offer at checkout."
What should I do if a participant reaches out with questions about their policy or where to go to file a claim?
- The registrant would have received an email from Vertical Insure when they purchased their policy (the date they completed their registration). They should check their inbox (or their spam folder) for this confirmation which included all the helpful information they need.
- You can also direct them to our ViCoverage Customer Portal where they can login using the same email address they used for their registration. Once logged in, they’ll have access to their policy details and instructions on how to initiate a claim for reimbursement.
- Have them reach out directly to our Support Team
If you have any additional questions or feedback for us regarding these reports, please share them with by sending us an email to support@verticalinsure.com. Thank you!