Southern Cross Travel Insurance has topped a survey of Australia's best value travel insurance product thanks to a new direct-to-consumer online business model.The New Zealand insurer's international travel insurance product – TravelCare – was
Southern Cross Travel Insurance has topped a survey of Australia’s best value travel insurance product thanks to a new direct-to-consumer online business model.
The New Zealand insurer’s international travel insurance product – TravelCare – was rated as offering ‘five-star value’ in the survey of 42 insurance brands and 221 policies.
Southern Cross Travel Insurance (SCTI) was one of five brands awarded a five-star rating for ‘outstanding value’ by research house Canstar Cannex.
The insurer, which has been operating in New Zealand for more than 28 years, was recognised for its pricing and high item limits in its policies.
SCTI chief executive, Craig Morrison, said to achieve best value for its product the company had focused closely on maximising operational efficiencies by making a significant investment in technology over the past year.
“The savings gained by going direct to the consumer online allow us to offer customers a high quality, low priced product in what is an extremely competitive market.”
Now approximately 92% of the insurer’s policy sales are transacted through its website; more than 70% of customers have their insurance documents emailed to them rather than paper mailed, while 45% receive post-purchase text message confirmation of their policy number and an emergency assistance phone number.
It is the second best value award for the company, which entered the Australian market 15 months ago. In 2009, the business was one of two brands awarded a five-star rating.
In 2010, SCTI sales volumes were up 33% on the previous year. This saw the business insure around 200,000 travellers, a 26% increase on 2009.
