Richmond, VA – September 30, 2015 – Race IT, the world’s leading online registration engine for endurance events, has released its third round of data related to Registration Refund, its “registration reimbursement” program that launched in early 2014. Registration Refund is administered by Stonebridge Benefit Services, Inc., a Transamerica company.
The Registration Refund program is a low-cost option provided by Race IT that allows Race Registrants to get their race fees back if they’re unable to attend the Event for one of a variety of reasons laid out in the program terms and conditions (i.e., “Covered Reasons”). Race IT has included Registration Refund as an option for Race Registrants at specified Events since early 2014.
“Late last year we published our initial findings on the impact of registration insurance products in the market. Many of our customers asked for additional information and clarification after seeing those statistics. We’ve collected new data based on customer feedback and wanted to share it publicly,” said Tim Dunne, Managing Director at Race IT.
Through August 2015, approximately 2 million registrants across Race IT’s customers have been offered the Registration Refund product. The following is a statistical breakdown of who chooses Registration Refund:
- 5-10% of Race Registrants currently choose to participate in the Race IT Registration Refund program when it’s offered to them.
- Thus far, highest participation rates involve Events with entry fees greater than $50, or with registration open 120+ days before Race Day.
- ~92% of requests for reimbursement made by participants are honored.
Also of note are the patterns of the primary Covered Reasons under which athletes are filing claims. They are:
- 86% Illness & Injury
- 1% Auto breakdown
- 3% Military Duty
- 2% Permanent Job Relocation or Loss of Employment
- 2% Death in the family
- 1% Airline travel delay
“We’re pleased to share this updated data and we will continue to monitor the impact of this new and interesting product as it spreads across the endurance industry,” added Dunne.
About Race IT
Race IT has been providing online registration solutions to event organizers across the country since 2004. Race IT boasts one of the most stable and successful systems in the registration industry. More than 26,000 events have used Race IT for online registration, including Shamrock Marathon, Army Ten Miler, Marine Corps Marathon, Spartan Race and many more of the world’s top events. Further information about Race IT can be found online at RaceIT.com