Study on Luggage Tracking, Insurance and Assistance · PDF file© RocSearch. All Rights...
Transcript of Study on Luggage Tracking, Insurance and Assistance · PDF file© RocSearch. All Rights...
© RocSearch. All Rights Reserved. 1
Sample Deliverable
Study on Luggage Tracking, Insurance and Assistance Market
© RocSearch. All Rights Reserved.
Table of ContentsSection 1: Project Background and Timelines
Section 2: Summary
Section 3: Market Overview
▪ Understanding the Market
▪ Growth Drivers
▪ Key Market Developments
Section 4: Assessment of Potential Focus Countries
Section 5: Market Potential
Section 6: Competitive Landscape
Section 7: Key Takeaways
© RocSearch. All Rights Reserved. 3
Sample – Disguised and AbridgedGrowth Drivers
Global Economic Growth
Rise in global passenger traffic is the prime factor driving the uptake of tracking,
insurance and assistance services
Rise in air passengers is the key driver for the upswing in
the adoption of baggage tracking and assistance services
and increase in travel insurance premiums Low Fuel CostGrowth in Low-Cost
Airline Capacity
Rise in air passenger is propelled by the following factors:
Other Factors Driving Global Assistance and Travel Insurance Market
1 Rise in Terror Attacks
➢ Post the terror attacks in Paris
(2015) and Brussels (2016), safety
concerns during travel has
increased among passengers
➢ This resulted in terrorism risk
coverage and security assistance
becoming one of the most sought
after components in a travel
insurance plan
2 Increasing Globalization
➢ Employee safety being the top
priority, employers are seeking
services such as travel insurance,
travel and medical assistance, and
security assistance
➢ Few other factors: expatriates
travelling to different countries in
pursuit of employment and
international students enrolling for
global assistance services to
mitigate any travel related risk
3 Growing Medical Concerns
➢ Outbreak of endemic diseases such
as Zika and Dengue fever became a
cause of concern for people travelling
to affected countries
➢ Regular updates and 24*7 assistance
in the form of vaccines, nearest
hospital/doctors, precautionary
measures, etc., from global
assistance service providers are
useful to mitigate health-related risks
4 Natural Disasters
➢ Natural disasters such as
Tsunami (2004), Japan
Earthquake (2011), Nepal
Earthquake (2015), etc., have
also led to safety concerns among
travellers
➢ During such a crisis, global
assistance companies are
responsible for providing regular
and timely updates, quick
medical assistance and
evacuation, etc., to the victims
and their families
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Sample – Disguised and AbridgedMarket Developments
IATA’s upcoming regulation will likely impede the growth of the baggage tracking market
Percentage of Airlines
Sending Baggage Location
Status Updates to Passengers’
Smart Devices (2014–2019)
Implications
➢ With the resolution coming in effect from June 2018, the luggage tracking information shared by
airlines is expected to make luggage tracking and assistance services offered by third-parties
less attractive to passengers
➢ Further, lower baggage mishandling rate will strengthen passenger confidence in airlines and will
likely result in a lesser proportion of passengers opting for baggage insurance
60%
2014
2019
xx%
x%
Description
➢ The regulation—aimed at improving passenger satisfaction by providing them higher visibility on
baggage journey and reduced baggage mishandling rates—will require airlines to track movement
of each checked-in baggage from baggage drop point, on to the aircraft and to the carousal; and
share the information in real-time with passengers
➢ Airlines have begun to offer hand-baggage-only fare to passengers in short-haul
routes to tap price-sensitive passengers and those who prefer to travel light on short-
haul routes
‒ Hand baggage-only fares will likely help full-service airlines appear more
affordable in order to match low-cost airlines
‒ Further, the price strategy is expected to allow low-cost airlines to create more
value for passengers
➢ This trend may impact growth of the baggage tracking market as check-in baggage
are a prerequisite for baggage tracking services
Rise in Airlines Offering Hand Baggage-only Fares
Indicative List of Airlines That Launched Hand-baggage Only Fares
2013 2015 2016
“From 2018, with the introduction of industry-wide baggage tracking through Resolution
753, we are expecting to have a reduction in the number of bags that actually need
tracing, because the numbers of bags mishandled should reduce.” – Andrew Price, Head
of Airport Operations Management, International Air Transport Association (March 2016)
“xx–xx% of our European passengers only carry hand luggage. We
know people would rather pay less for their tickets and that is why
we are going to lower the price for flights.” – KLM (February 2014)
Industry
Opinion
International Air Transport Association’s Resolution 753
© RocSearch. All Rights Reserved.
Table of ContentsSection 1: Project Background and Timelines
Section 2: Summary
Section 3: Market Overview
Section 4: Assessment of Potential Focus Countries
▪ Potential Focus Countries
‒ Summary
‒ Key highlights for European countries
‒ Key highlights for APAC countries
Section 5: Market Potential
Section 6: Competitive Landscape
Section 7: Key Takeaways
© RocSearch. All Rights Reserved. 6
Sample – Disguised and Abridged
Baggage mishandling rate per 1000 passengers in 2015 in Europe was higher (XX) than
the global average (XX)
Regional Comparison Summary
Mishandled Baggage6 per 1000 Passengers
(2007-15)Europe
US
APAC
xx
xx
xx
2007 2011 2015
xx
xx
xx
2007 2011 2015
xx
xxxx
2007 2011 2015
XX B
XX B
XX B
Mishandled Baggage per 1000 Passengers
and Total Passengers (Billion)
(2007-15)
Global
xx
xx xx
2007 2011 2015
Mishandled Baggage per 1000 Passengers
(2007-15)
Mishandled Baggage per 1000 Passengers
(2007-15)
Key Potential Countries:
UK, Germany, France and Turkey
Key Potential Countries:
China, India, Indonesia, Malaysia,
Thailand and UAE
© RocSearch. All Rights Reserved. 7
Sample – Disguised and Abridged
In terms of travel insurance, UK, Germany and Norway accounted for XX of the
European market
UK
➢ The UK alone accounted for almost a third (~EUR XX billion) of the European market for travel insurance and assistance in 2014
‒ Key factors contributing to the country’s high market share were high frequency of residents travelling abroad, propensity to purchase
travel insurance and average policy prices
➢ However, over 2010–2014, the market was stagnant and grew merely at a XX% CAGR
Europe
Germany
➢ In 2014, the German travel insurance and assistance market accounted for ~xx% share within Europe and was worth ~EUR XX million
➢ However, German travellers typically buy less comprehensive cover, which translates into the total premiums averaging at one third
compared with the UK
Within Europe, UK was the largest market for travel insurance and assistance in 2014; the UK was worth twice more than Germany (the next largest market)
Other Key European Countries
➢ During 2010–2014, Poland was one of the fastest growing markets in Europe; posted a x% CAGR
➢ Other fast growing markets (in terms of GWP) were Norway, Romania and Turkey that grew at xx, xx% and xx% CAGR, respectively,
during 2010–2014
➢ During the period, the weakest performing countries in Europe were Czech Republic, Italy, Spain and the Netherlands; in these countries
the value of travel cover (in real terms) declined annually at an average rate of xx%, xx%, xx% and xx%, respectively
UKxx%
Germanyxx%
Norwayxx%
Othersxx%
European Travel Insurance and Assistance Market* –
by Countries
(€, 2013)
100% =
EUR XX
billion
“The situation within Europe is an interesting
reflection of the evolving shape of this industry
globally, because in every part of the world there are
young markets that are thriving and more mature
markets that are stagnating.” – Simon Tottman,
Consultant, Finaccord (March 2014)
*Note: Assistance refers to travel assistance services such as medical
evacuation, repatriation, lost baggage tracing, etc.
Potential Focus Countries – Europe
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Table of ContentsSection 1: Project Background and Timelines
Section 2: Summary
Section 3: Market Overview
Section 4: Assessment of Potential Focus Countries
Section 5: Market Potential
▪ Baggage Tracking
▪ Travel Insurance
‒ Market Segmentation
‒ Market Sizing
Section 6: Competitive Landscape
Section 7: Key Takeaways
© RocSearch. All Rights Reserved. 9
Sample – Disguised and Abridged
Despite the x% drop in new passenger additions, the total addressable market for
tracking services increased by ~xx% in 2015/14
Baggage Tracking – TAM (Global)
xxxx
xxxxxxxx
xxxx
xxxx
2011 2012 2013 2014 2015
Global Air Passengers
(in million)
Global Baggage Mishandling Rate
(per 1000 Passengers)
2011 2012 2013 2014 2015
xx
xx
xx
xx
xx
xx
Average Number of Checked-in
Bags by a Single Passenger
xx
xx
xx
xx
xx
2011 2012 2013 2014 2015
xx
xx
xx
xx
Passengers Likely to Avail Tracking Services
Globally (in million)
➢ Throughout 2013-15, delayed bags continued to be the key reason for all the mishandled baggage; in 2015, delayed baggage accounted for more than three-fourth of the total mishandled baggage,
followed by damaged bags (xx%) and lost/stolen bags (x%)
➢ Transfer mishandling (XX million bags were delayed during transfers) continues to be one of the top reasons for delayed baggage in 2015
➢ According to the data from SITA World Tracer System, the total number of mishandled baggage reported a Y-o-Y decline of x% to reach XX million in 2015 from XX million in 2014
➢ During 2015, total number of new passengers likely to avail tracking services declined by x% Y-o-Y to reach XX million. This is despite x% Y-o-Y increase in global passenger count to XX billion
- The improvement in baggage handling was primarily driven by the adoption of various technological initiatives taken by airlines
➢ In terms of the cost, the aviation industry incurred EUR XX billion as the total baggage mishandled cost in 2015, which witnessed a xx% reduction from the previous year
- The bag mishandling cost per passenger dropped by xx% to EUR XX in 2015 as compared to 2014
Key Highlights
New Passengers AdditionsTotal Addressable Market
xx
*Note: The market size estimate is bit conservative, but this is the best possible
estimate of the tracking market which can be provided
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Sample – Disguised and AbridgedMarket Segmentation – Travel Insurance
Retail/leisure constitutes the largest segment of the global travel insurance market
➢ In this segment, policies are mostly for
B2B and are therefore, sold directly to
corporates
➢ These policies (provided to
employees) are part of the employer’s
group business travel insurance
arrangement
➢ Benefits and degree of coverage are
often customised to suit the travel
needs of the corporates
Corporate Segment
Global travel insurance and assistance market is broadly classified into retail/leisure and corporate segment
Global Travel Insurance Market
– by Customer Type*
(as a share of GWP**, 2015)
Retail/ Leisure
xx%
Corporatexx%
Segmentation of Global Travel Insurance Market
Note:
* Estimated share based on inputs from expert consultation
** GWP refers to gross written premium
In 2015, the global travel insurance market
(including assistance service) in terms of
GWP was estimated at EUR XX billion
Within the retail/leisure segment, two options exist - Single Trip
and Annual Subscription policies
Segmentation of Retail/Leisure Travel Insurance – by Policy Type
Retail/Leisure Segment
➢ Retail/leisure travel insurance segment (also referred to as
stand-alone) primarily targets B2C segment
➢ Hence, travel insurance covers are typically purchased by
individuals (which may also cover family members) for
their personal trips
‒ In cases where individuals are not covered under a
corporate policy, they can also purchase these
policies for business-related travel
➢ Mostly standardised, off-the-shelf policies are offered
under this segment
Focus Area of
Safe Bag Single Trip
Annual Subscription
➢ Single-trip travel insurance policy is the preferred choice for
most passengers as these are affordable and better suited to
the needs of one-time fliers
➢ Also, risk coverage is limited to the specific trip for which the
policy was purchased
➢ Annual subscription provides risk coverage across all trips
that fall within the annual subscription period
➢ Compared with a single trip, these policies provide greater
value to frequent fliers
1
2
Bundled Travel Insurance Cover
➢ As a push marketing strategy, travel insurance coverage is also
at times bundled with the price of a travel ticket, or if tickets are
purchased via (certain) credit cards / bank accounts
‒ However, policies linked to credit cards or bank accounts
are only applicable when the air ticket is purchased using
one of the payment channels
© RocSearch. All Rights Reserved. 11
Sample – Disguised and Abridged
Global Retail/Leisure Travel Insurance and Assistance Market*
(2013–2017F)
*Note: Excludes policies linked to credit cards and bank accounts
➢ Over 2013–2017, the GWP for travel insurance and assistance is projected to register a ~x% CAGR
‒ Growth in air travel and tourism are identified as the key market drivers because they lead to rise in the
incidences of medical emergencies, and baggage loss or delay, etc.
‒ According to the United Nations World Tourism Organization (UNWTO), globally the international tourist
arrivals grew xx% Y-o-Y at ~XX billion in 2015; tourist arrivals in Americas (i.e., LATAM and North
America) and APAC grew nearly at x% Y-o-Y, while, in Europe it rose by x% Y-o-Y
➢ During this period, number of insurance and assistance policies grew at a relatively lesser rate (compared
with GWP) of x% CAGR; this is partially due to an increase in the base premium rate and passengers’ rising
focus on buying annual policies
Market Size – Travel Insurance
xx xx xx xx xx
XX XX XX XX XX
2013 2014 2015 2016 (F) 2017 (F)
Gross Written Premium (€ billion) Number of Policies (million)
In 2015, the global travel insurance and assistance market accounted for EUR XX
billion, and is projected to grow at XX% CAGR until 2017
Retail/Leisure Travel Insurance – Market Size and Forecast
Breakdown of Travel Insurance Components by GWP
Travel Insurance
Policy
Medical/
Accidental
Travel
Inconvenience
Specialised/
Optional
Sickness, accident, evacuation, death, and
repatriation
Baggage loss, delay and damage, trip
cancellation/interruption, etc.
Coverage for adventure sports (such as
skiing)
Components Inclusions~Share in the
Total GWP
~xx%
~xx%
~xx%
GWP linked to
the baggage
insurance
~x–x%
Medical and
accidental cover is
the main risk factor
for which majority
of individuals
purchase travel
insurance; hence,
accounts for a
major share
© RocSearch. All Rights Reserved.
Table of ContentsSection 1: Project Background and Timelines
Section 2: Summary
Section 3: Market Overview
Section 4: Assessment of Potential Focus Countries
Section 5: Market Potential
Section 6: Competitive Landscape
▪ Business Models
▪ Product Portfolio Mapping
▪ Channel Structure and Presence
▪ Key Companies Snapshot
▪ Price Mapping
▪ Competition from Airlines
© RocSearch. All Rights Reserved. 13
Sample – Disguised and Abridged
Prevalent business models in baggage tracking market
Business Model – Baggage Tracking
1. Partnership with Airlines: Smart tag companies as well as electronic tracking device companies are partnering with airlines for product development, testing, and research. For
instance, Smart tag company, Company 1, has partnered with Lufthansa airlines and electronic device company namely Eviate has collaborated with Air France
2. Partnership with Luggage Manufacturers: Electronic tracking device companies are collaborating with luggage manufacturers to develop an in-built tracking feature in the
suitcases itself. For example, LugLoc has partnered with manufacturers namely Samsonite and Trunkster
3. Bulk Procurement Contract: Big corporate houses are increasingly partnering with tracking companies for bulk purchase of white label tracking devices/tags. These products
are primarily used for corporate gifting purposes, branding and promotional initiatives. For example, TRACE ME
Cu
rren
t B
usin
ess M
od
els
Smart Tags: Also known as e-tags;
use technologies such as NFC, GPS,
GSM, RFID, etc.
Distribution Channels
• Company Owned Websites
• Direct to Company
Electronic Tracking Device: Tracking
device is placed inside the luggage;
employs technology such as GPS,
GSM SIM and Bluetooth
Distribution Channels
• Company Owned Websites
• Online Marketplace
• Direct to Company
Smart Luggage: These are suitcases
with in-built technology that assist in
geo tracking
Distribution Channels
• Company Owned Websites
• Retail Stores
• Direct to Company
Conventional Tags: These tags do
not use any technology but have a
unique identification code used for
tracking
Distribution Channels
• Company Owned Websites
• Online Marketplace
• Airports
• Direct to Company
Low Med High
Technology Meter
Em
erg
ing
Bu
sin
ess
Mo
dels
© RocSearch. All Rights Reserved. 14
Sample – Disguised and Abridged
Online channel, airports and retail stores are the prominent channels used by baggage
tracking companies to reach the end-consumers
Channel Structure – Baggage Tracking
Notes:
* PIR (Property Irregularity Report)- In the event of baggage lost at the destination airport, customers contact the airline staff where they are issued a copy of PIR for future reference
** Baggage Registration ID- A unique number which is generated at the time of baggage wrapping by the baggage wrapping companies. This number is used for all baggage tracking related activities
On
lin
e M
ark
etp
lace
Airp
orts
Co
mp
an
y W
eb
sit
e
Reta
il Sto
res
➢ This mode of selling saves the
merchant from any regulations
or restrictions imposed by big e-
commerce players
➢ Few examples:
‒ Conventional Tags -
GlobalBagTag, TRACE ME
‒ Smart Tags – Company 1,
tag-a-bag
‒ Track Devices – LugLoc,
SpyTec
➢ Companies such as
globalbagtag, TRACE ME, etc.,
have their presence across
multiple channels – company
website and online marketplaces
➢ Few examples:
‒ Conventional Tags -
Okoban, Victorinox , Dynotag
‒ Smart Tags – tag-a-bag
‒ Track Devices – Trakdot
➢ This model is more prominent
among baggage wrapping
companies like Seal & Go,
Secure Wrap, etc.
➢ To avail their services,
customers need to submit the
PIR* along with unique baggage
registration ID**
➢ Few examples:
‒ Seal & Go, Secure Wrap
➢ Device tracking and smart
luggage companies sell their
products via physical retail
stores
➢ Few examples:
‒ Smart Luggage –
Samsonite, Trunkster
‒ Track Devices – LugLoc
Dis
trib
uto
rs
➢ Smart tags and device manufacturers appoint official
distributors for their products, in places where they don’t
have significant geographic presence
➢ Example:
‒ TRACE ME has choosen Worldwide Insurance
Solutions (WIS) as its official distributor in Middle
East, Africa and Subcontinent
Dire
ct S
ale
s
➢ In case of bulk buying (corporate gifts, branding
initiatives, etc.), companies contact the manufacturers
directly to close the deal
➢ Example:
‒ Tracking device manufacturer, LugLoc, has
partnered with leading luggage manufacturer,
Samsonite, to offer tracking solutions
Sale
s A
gen
ts
➢ Sales agents, usually working on commission basis, are
also hired by companies to sell the products for B2B
purposes
➢ Example:
‒ Brokers in Lloyds Market in UK work as sales
agents for TRACE ME
Channel Structure – B2C Channel Structure – B2B
© RocSearch. All Rights Reserved. 15
Sample – Disguised and Abridged
Product Portfolio Mapping…(1/2)
Product Portfolio – Baggage Tracking
Companies Website Baggage WrappingBaggage Tracking
Baggage
Compensation
Baggage
Assistance5TD1 CT2 ST3 SL4
Company 1 XX O O P O O O P
Company 2 XX O O P O O P P
Company 3 XX O O P O O O P
Company 4 XX O O P O O O P
Company 5 XX P O P O O P P
Company 6 XX P O P O O P P
Company 7 XX P O P O O O P
Company 8 XX O O P P O O P
Company 9 XX O O P O O O P
Company 10 XX O O P O O P P
Company 11 XX O O O P O O P
Notes:
1. Electronic Tracking Device:
Tracking device is placed inside
the baggage; employs technology
such as GPS, GSM SIM and
Bluetooth
2. Conventional Tags: These tags
do not use any technology but
have a unique identification code
used for tracking
3. Smart Tags: Also known as e-
tags; use technologies such as
NFC, GPS, GSM, RFID, etc.
4. Smart Luggage: These are
suitcases with in-built technology
that assist in geo tracking
5. Baggage Assistance: Any
service provided by a company to
retrieve and deliver baggage to a
passenger, either through a
customer care center or website
(Lost and Found section)
1 2
© RocSearch. All Rights Reserved. 16
Sample – Disguised and AbridgedCompany Profiles – Baggage Tracking
Company 1
Global
Smart Tags Company XX 2010London, United
Kingdom
Geographical Coverage
About the Product
• Company 1 is a microchip baggage tag that can
be used across airports worldwide
• Designed in consultation with Lufthansa airlines,
airport microchip companies, and other travel
industry stakeholders (insurers)
• Supports multiple technologies, namely RFID
microchip, NFC microchip, and QR Code
• Offers basic tracking feature using unique
identification number printed on the tag
Baggage
Wrapping
Baggage
Tracking
Baggage
CompensationBaggage
Assistance
Product Offerings
Company
Owned
Website
Online
MarketplaceAirports Retail
Stores
Channel Presence
• Retail Price (1 tag): EUR 29.4*
• B2B Price (1,000-10,000 tags): EUR
9.2*/tag
Product Pricing
Partnerships
• Partnered with Allianz for providing baggage
insurance to corporates
• Company 1 has also partnered with major
baggage handling companies, which have the
expertise to look through the global lost
baggage databases
• Partnered with Lufthansa Airlines for product
development
Awards and Accolades
• Company 1 was shortlisted for Luxury Gift of
the Year (2015) at Spring Fair, the largest
retail event in Europe
• At the Annual General Meeting of IATA,
Company 1 was showcased by Lufthansa as a
way to prevent baggage loss globally
*Note: Price includes 1 year subscription
© RocSearch. All Rights Reserved. 17
Sample – Disguised and Abridged
Service Portfolio Mapping…(1/2)
Services Portfolio – Insurance & Assistance
Company WebsiteAssistance Services
Travel InsuranceTravel Medical Security
Company 1 XX P P O P
Company 2 XX P P P P
Company 3 XX P P O P
Company 4 XX O P P O
Company 5 XX P P P P
Company 6 XX P P O P
Company 7 XX P P P O
Company 8 XX P P O P
Company 9 XX P P P O
Company 10 XX P P O P
1 2
Catering to B2C segment
© RocSearch. All Rights Reserved. 18
Sample – Disguised and Abridged
Company 2
Company Profiles – Insurance and Assistance
1985
North America, Latin America, Asia Pacific, Middle
East and AfricaGeographical Coverage
About the Company
Insurance and Assistance
Zurich, Switzerland
• In terms of number of partnerships with travel trade, transportation and financial organisations, XX is the leading insurance and assistance provider in the US
• On 14 January 2016, XX Limited was acquired by Chubb Corporation
• In March 2015, XX Group partnered with Transavia23 to provide the airline’s customers travel and flight cancellation insurance cover
- Travellers who use Transavia website for booking tickets will be able to add travel and cancellation insurance cover by XX Insurance
• In Singapore, Bank of China credit card customers can avail XX Travel Insurance policies at attractive discounts
• Citibank partners with XX in the UK to offer annual holiday travel insurance policy to Citi Plus and Citigold account holders
Travel
Insurance
Baggage
Coverage
Travel
AssistanceMedical
Assistance
Security
Assistance
Service Offerings – B2C
Channel Presence
Company
Website
Online
Brokers22
Travel
AgentsBanks
Insurance
Brokers
Credit
CardsAirlines
Key
Highlights
Provides service Information not available from secondary sources Does not provide service
A++AM BEST Ratings29
XX
1 2
© RocSearch. All Rights Reserved. 19
Sample – Disguised and Abridged
Indicative Price Mapping – Travel Insurance
EvacuationSingle-Trip Medical ComprehensivePlan Type
14 17 155 159 190 311
327242179
115 217
120 173 275
10 25 28 69
55
199 225
43027099
225
*Note: Above chart is just for representative purposes; prices and
features may vary basis the business case considered
Business Case Considered:
Origin: US I Destination: UK I Departure: 16 Jan 2017 I Return: 20 Jan 2017
Age of Traveller: 32 years I Resident State: Florida I Citizenship: US I Trip Cost: $5000
Initial Payment Date: 26 Dec 2016
All prices are in USD
$100 $200 $300
Price Mapping – Travel Insurance
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Sample – Disguised and AbridgedOur Offices
United Kingdom
Berkeley Square House
Berkeley Square
London W1J 6BD
United Kingdom
T: +44 20 8263 6034
India
A-16, Sector 16, Noida
U. P. - 201301
India
T: +91 120 4017100
Hong Kong
28th Floor, Fortis Tower
77-79 Gloucester Road
Wan chai, Hong Kong
T: +852 5801 4643
United States
77 Park Avenue #1515
Hoboken,
NJ 07030
USA
T: +1 30 3502 5409
Business Enquiries – [email protected] | General Enquiries – [email protected] | Webpage – www.rocsearch.com
South America
Pedro Agrelo 865.
Rosario, Santa Fe.
Argentina
S2005OPC
T: + 54 341 453 1088
About RocSearch
Please visit www.rocsearch.com for more details on the company
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