KOBA Mileage Automobile Insurance Now Out there – Insurance Enterprise Australia
The Insurtech start-up enables its new pay-per-km model with a KOBA Rider, a small device the size of a matchbox that is attached to the car's OBD port and communicates with the company's smartphone app to automatically set routes Calculate and calculate a kilometer price for each trip.
“Our pay per km product took over 12 months to develop and we are excited to be here and to offer the Australian public a very different approach to auto insurance. something that we consider a fairer and more transparent approach, ”said KOBA founder Andrew Wong.
"Pay-per-km insurance has changed the automotive insurance landscape in overseas markets, and we are excited to see how it will develop here in Australia."
Nick Bell, Head of Insurance + Underwriting added, “As part of your listing, we may charge you $ 300 to cover your car for the year while it is parked. Then we can charge you 5 ¢ per kilometer. At the moment you might only go to the supermarket and picnic once a week; and drive 200 km in a month.
“At 5 ¢ per km that would be $ 10 a month for your driving award. For the first time, we are giving customers control over their rewards. Customers decide how much they pay, if they drive less, they pay less. "
Continue reading: KOBA announces underwriters for new vehicle mileage insurance
KOBA first announced its plan to bring the first networked car insurance by kilometer to the market in Australia in April 2021, generating insights to support real-time mobile applications for customers.
According to KOBA, the By Bits SaaS includes a rating engine for calculating insurance premiums according to modifiable underwriting and rating rules and divides the premium into a fixed amount and a kilometer amount. In addition, it has an integrated policy management system for managing the entire life cycle of a motor vehicle insurance policy, from the offer to the policy to its renewal.
In August 2021, KOBA selected Eric Insurance Limited (eric), a general insurer with over 20 years of experience in the automotive insurance industry, as the underwriter of the kilometer-based motor insurance.
Eric CEO Malcolm Tilbrook said earlier: “KOBA has a great team and we were impressed from day one. They have an excellent mix of seasoned insurance veterans and proven start-up talent who have worked directly with eric executives. We throw our full support behind them and are excited to see what they can produce. "