(Image source: KOBA video.)
KOBA Insurance, an InsurTech MGA pioneering usage-based insurance products in Australia, is migrating its insurance program onto the Socotra (Austin, Texas) policy core platform, according to a statement from the vendor.
Currently, KOBA is one of the first insurers to offer pay-per-kilometer personal auto insurance in Australia. Since launching nationwide last November, KOBA is reporting 50 percent growth monthly. The distributor is helping Australians pay-per-km for over 1,000,000km across Australia and creating a new connection between a driver and insurer according to the Socotra statement. Where insurance only covers expenses to get drivers back on the road, KOBA has adopted the view that modern car companies and smart insurers of the future will be about making you safer, helping you avoid accidents, and focus on building a true car-care relationship.
KOBA has applied a data-driven strategy to being nimble and innovating distribution and product solutions for niche markets, Socotra reports. In June 2022, KOBA also launched a car share product in partnership with Uber-owned Car Next Door. The MGA plans to expand its portfolio to include other usage-based insurance products for boats, fleets, rideshare vehicles and motorcycles.
Socotra says its technology gives KOBA a platform for international scalability and the ability to introduce new products and innovations quickly as KOBA evolves its distribution model. Socotra also provides cloud-native capabilities and the flexibility to plug in multiple raters, claims systems and a single platform to launch any insurance product for any geography or distribution channel.
“KOBA is empowering mid-sized carriers to activate and scale innovative insurance products—from day one,” comments Andrew Wong, founder and CEO, KOBA. “By partnering with Socotra, we are laying down a rock-solid technological foundation to rapidly launch multiple usage-based insurance products, flexibly white-label them for mid-sized carriers, and scale our insurance-as-a-service platform internationally.”
KOBA’s Insurance as a Service Platform provides carriers access to their line of white-label products on a subscription basis.
Socotra notes that mid-sized insurance carriers have been reluctant to launch usage-based insurance products because such offerings require them to redesign not only their technology platforms, but also their processes and organization structures. However, KOBA can enable mid-sized carriers globally to sell white-labeled versions of its tech-driven products, without having to spend the time, money and effort to create these products themselves. KOBA will provide insurance-as-a-service with its out-of-the-box pricing models, raters and go-to-market strategies, Socotra says.
Vision for Accelerating Innovation for Mid-Sized Carriers
KOBA, which designs products for value-driven customers, was the winner of the Excellence in Insurtech award at the seventh annual FinTech Australia Finnie Awards in 2022. It won Mozo Expert Choice Awards’ “Car Insurance Best New Product 2022” and “Excellent Value Car Insurance 2022,” as well as “Best Insurtech Innovation 2022” by Australia’s Finder Awards. It was also recognized, alongside Socotra, as one of the 10 leading InsurTech companies in Australia by Insurance Business Australia.
“I applaud the team at KOBA for their vision of accelerating innovation for mid-sized carriers,” comments Dan Woods, founder and CEO, Socotra. “KOBA understands that data is central to better assessing risk and giving customers the types of experiences they have with other technology services daily. With Socotra, they’re creating usage-based insurance products that deliver immense value and cost savings for their customers.”