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Oct 28, 2015 9:53 EST

Silver Arrow Systems: a self-service ‘last minute’ travel insurance solution for the millions of international travellers that depart the UK without cover

iCrowdNewswire - Oct 28, 2015

Silver Arrow Systems

The Idea

Silver Arrow Systems has developed a self-service ‘last minute’ travel insurance solution for the millions of international travellers that depart the UK without cover. Recently installed at London Gatwick Airport and in partnership with Columbus Direct, a market-leading travel insurer with over 15 million customers worldwide, we plan to roll out our kiosks across the major UK travel hubs and then airports around the world. Supported by the unstoppable growth in aviation, the global travel insurance market is forecast to rise in value to $18.1bn in 2017 and our solution allows passengers to purchase cover quickly and easily.

Silver Arrow Systems has partnered with the Collinson Group, owners of Columbus Direct and Priority Pass. Columbus Direct is a market-leading travel insurance company with over 15 million customers worldwide, operating in 50 countries. Priority Pass is a leading business lounge membership service with 763 airport lounges globally. Our business model, centred on our position as an appointed representative of existing insurance companies, should allow us to enter new markets swiftly and efficiently, bypassing the red tape and substantial funding requirements of a traditional insurer.

Widely adopted in the airport space, a kiosk-led solution has been specifically developed to allow airports to monetise the sale of insurance. In many emerging economies, travel insurance is still in relative infancy and has lagged behind aviation growth – our solution allows us to take immediate market share in what are forecasted to be very high growth markets. 

 

The Opportunity

According to the Foreign Commonwealth Office, 1 in 4 UK travellers depart the UK without any form of travel insurance cover.

The numbers are even greater internationally: 30.8% of travellers from Australia, Canada, France, Germany, Italy, Spain, UK and USA travel abroad without travel insurance, 56.7% of all travellers from the US travel abroad without cover. 58% of travellers from the UAE have never bought travel insurance.

The Foreign Commonwealth Office strongly advise that all travellers purchase insurance, even when travelling to Europe. The average UK travel insurance policy purchased in 2014 was £32 and the average Post Office insurance claim for a personal accident was £7,500. 78% of travellers admitted they wouldn’t have the means to pay for a £10,000 hospital bill for an uninsured loved one.

 

How we work

Our system sells travel insurance policies, in real time, to travellers passing through international travel hubs.

We pay either fixed or concessionary based rents to landlords (mainly airports) for the space we occupy.

We receive commission payments for each policy sold.

In time and in selected markets, SAS will seek to sell in-house products, building up valuable customer databases and a sought after insurance book.

SAS is also seeking to explore affiliate relationships with existing retailers within the airport and travel space, paying a commission for housing the kiosk units.

Licensing opportunities exist in some foreign markets.

 

How the system works

Our system speaks in real time to existing insurance booking and quotation systems (optimising the process for a kiosk interface), calling on live pricing with the ability to incorporate complex medical screening procedures.

Customers are able to benefit from significantly reduced transaction times, as compared to traditional online purchase, through the use of a streamlined application process and the auto-population of personal data achieved from real time ID scans.

Our high quality and intuitive touch screen interfaces clearly present users with extra cover options and transparently display policy limitations, allowing informed purchase decision-making and facilitating the sale of lucrative insurance upgrades.

Instant secure payment is taken through an ATM-grade Chip and Pin card unit and customers benefit from a printed cover sheet with emergency contact numbers in addition to the standard full insurance policy documents sent via email or download link via text message.

The machines are placed in prime, high exposure departure areas affording us maximum contact with passing travellers.

Contact Information:

Steve Morley
Benjamin Perry

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