Rassure has secured a $500,000 funding from the Australian Government under the Accelerating Commercialisation element of the Entrepreneurs’ Programme. The Rassure team is pleased that we have been successful after undergoing a rigorous assessment process. This is continued validation of the technology that Rassure is developing which is a revolutionary break from current approaches to airline revenue auditing. The grant will play a critical role in helping Rassure enter the global aviation services market.
In September 2016, Rassure has been accepted as an IATA Strategic Partner. This is a recognition of the contribution that Rassure is able to make. In addition, Rassure intends to use this new relationship to enhance our service offerings. The recent IATA World Financial Symposium 2016 in Singapore was the perfect platform to launch this new relationship.
As airlines improve their ability to identify potential lost revenue (RI) and actual lost revenue (Sales Audit), they are increasingly becoming aware of the grey area between the two, where undetected leakage may be occurring. Not surprisingly, this is a highly complex area. We will be sharing case studies that indicate the potential magnitude of this leakage and the use of our RAX001 technology to discover this hidden leakage and deliver significant lost profit back to the airline.
The combination of millions of tickets, fares & conditions and reservation changes has created an environment for airline revenue leakage. Fares and conditions are carefully planned only to fail at the edges. While industry surveys suggest that violation levels average between 1% to 3% of ticket sales made through the agent network/GDS; for a $1B airline, this can represent $10M-$30M. Most airlines have settled on using outsourced resources to semi-manually audit a sample of tickets to keep a lid on the level of violations. The gross violations recovered through current arrangements and strategy, however, averages only about one tenth of 1%. This low level of recovery has relegated sales audits to a necessary but minor activity, ignoring what is actually not detected, and therefore not seen, leading to significant lost profit.
Rassure is offering an automated system of sales audit that has outclassed competitive offerings by several times – enough to cause behaviour change and reducing violation behaviour for good.