Home Smart 100 2014 Tripcover (QLD) — 2014 SMART 100

Tripcover (QLD) — 2014 SMART 100

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

1. THE BEGINNING

This innovation came to life when…

After selling car rental online for over 10 years we realised that the insurance is one of the biggest bugbears of the car rental customer. So we got Allianz Global Assistance to modify their travel insurance to cover ALL incidences such as windscreens and undercarriage and a business was born. We have now developed an API for distribution of this type of product globally.

2. WHAT & HOW

The purpose of this innovation is to…

Frequent users of rental cars will be aware of the upselling practice at the car rental desk to sell their expensive Collision Damage Waiver (CDW). We allow customers to bypass their expensive option and use our much more inexpensive cover anywhere anytime.

It does this by…

Using our app, mobile site or websites in Australia or NZ customers can bypass the car rental companies’ expensive CDW. We offer a low-cost insurance (reimbursement as opposed to their waiver) covering the same incidences as their expensive premium CDW for less than half their rate and can be purchased anywhere and anytime rather than only at the rental desk.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

Because of the expensive nature of the car rental companies’ CDW ($20-$45) and how it is only sold at the rental desk, there is only about a 40% uptake.

We are opening up the market for the other 60% driving around with about a $4,000 liability over their head.

Its various benefits to the customer/end-user include…

Peace of mind, I would say, is our number one feature as we can guarantee full cover with a low-cost version.

Ease of use with apps, mobile sites and websites available.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

This product was a standalone product in Australia when we started 2.5 years ago. We have one competitor now.

Its predecessors/competitors include…

The car rental companies’ CDW i.e. Avis, Budget, Hertz Europcar.

Travel insurance like 1cover and credit cards Amex.

(They do not cover all the incidences such as windscreens, tyres and undercarriage damage.)

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5. TARGET MARKET

It is made for…

We are targeting the 40% users of the car rental companies’ expensive CDW and the other 60% that go without any cover for the excess liability. About a $200M market size in Australia.

It is available for sale through…

We are getting the word out slowly at present with a growth of 60% per quarter, simply using PPC and SEO and PR.

Last month we sold over 600 policies and 33k in sales.

We have a 30% margin.

Our marketing strategy is to…

We have two strategies: B2C using Tripcover and our new API called Pablow API that we are embarking on a global distribution platform, signing up global product and offering it to travel resellers as ancillary revenue.

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FINE PRINT
This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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