The Outdoorsy Group unveils European expansion plan

The Outdoorsy Group unveils European expansion plan | Insurance Business Canada

Travel

The Outdoorsy Group unveils European expansion plan

Insurance arm to widen reach and capacity

Travel

By
Terry Gangcuangco

The Outdoorsy Group is pushing forward with plans for European expansion as it celebrates surpassing US$3 billion in lifetime transactions.

The travel and hospitality business, which operates a marketplace for recreational vehicles, real estate, and insurance services, sees the milestone as part of its broader vision for continued development. Currently operating in 11 countries and 4,800 cities, Outdoorsy aims to have US$8 billion in transactions by 2029.

On the insurance front, the company is expanding its partnerships for increased capacity as it looks to reach new geographies via go-to-market strategies. The group’s Roamly unit expects to generate $665 million in premiums over the next half-decade.

Founder and chief executive Jeff Cavins stated: “The Outdoorsy Group has leveraged its strategic advantages to thrive even amid the economic challenges that have impacted consumers and leisure travel over the past 12 months.

“Reaching $3 billion in transactions is just the beginning. Our team remains focused on executing our bold vision and is eager to share exciting updates on our upcoming geographic expansion.”

Addressing the scale of the market, Cavins pointed out: “While the outdoor recreation industry represents a US$1.1 trillion total addressable market and contributes 2.2% to the US GDP (gross domestic product), many still lack access to our greatest resources, like national and state parks.

“Technology is the key to unlocking these experiences. We’re transforming outdoor travel by using technology to make it more convenient and accessible.

“Outdoorsy.com offers the ease of booking trips online, allowing travellers to plan their adventures from anywhere, while Roamly provides a fully digital experience for binding insurance policies – a major leap forward in an industry still dominated by traditional methods.”

On the insurance front, Cavins highlighted that they’re expanding their partnerships for increased capacity while at the same time looking to reach new geographies via go-to-market strategies. The group’s Roamly unit expects to generate US$665 million in premiums over the next half decade.

What do you think about this story? Share your thoughts in the comments below.