Wealth & Finance International - 2021 Global Insurance and Risk Management Awards 7 APR2w2 Insurance is a vital part of the driving experience, protecting those who travel on the road, but most insurers charge an annual premium that doesn’t take into account how much you drive. For those who find themselves travelling less as the world reasserts itself after the height of the COVID-19 pandemic, paying per kilometre seems much fairer. The KOBA Insurance team have made this solution a reality, allowing consumers to pay according to their lifestyles and placing you in control of your car insurance costs. With KOBA, what you pay changes based on the distance travelled each month. KOBA customers pay an upfront cost for comprehensive coverage while parked, and from 3¢ per kilometre you drive. This innovation is driven by the use of connectivity technology, or what’s called a KOBA Rider, which attaches to the car’s onboard diagnostic (OBD) outlet, measuring distances travelled and powering the KOBA app in real time to charge a small perkilometre rate for each trip. Data security and privacy is an important element of KOBA’s service and the location and distance data is used to determine your per-kilometre rate. All other data collected from the vehicle is used for the customer’s benefit through personalised services. Future-plans to introduce a range of these services could include monthly reports on driving behaviour to decrease fuel consumption and help reduce the risk of speeding, as well as provide customers with vehicle maintenance updates or emergency services alerts when the vehicle is involved in a serious collision. Whilst their coverage is designed for low-usage drivers, who KOBA believe pose less risk and are involved in fewer accidents, KOBA also understands that no two weeks are the same. Their Capped Price Promise means drivers who travel over 250km/day, or over 1,750km/month are Car insurance is a mighty burden for those who don’t use their car regularly, but finding a more equitable system is often seen as overcomplex. The team at KOBA Insurance have changed the game, with their customers paying per KM. In Wealth and Finance International’s Global Insurance and Risk Management Awards 2021, the team were named Most Innovative Car Insurance Company – Australia for their efforts. We take a look at how they secured this remarkable success. Most Innovative Car Insurance Company - Australia capped at those limits, with the rest of the day or month’s billing covered by KOBA. Product features and plans like these showcase KOBA’s commitment to innovative technology, while also being in the mindset of their consumer. A focus on data-driven insights, consumer value and exceptional customer service is why so many continue to make the switch to this new insurtech. It goes without saying the pandemic has changed the way in which we work, and the businesses which will thrive are those which are able to adapt to the way in which we now live. KOBA Insurance has built a new start-up that is ideally equipped to the world in which we live, offering flexibility, transparency and personalised value. We celebrate their success and look forward to their achievements in the months and years to come. For more information on pay-per-km insurance, visit www.kobainsurance.com.au KOBA Insurance Dec21357 KOBA Insurance Pty Ltd (KOBA) (ABN 33 642 789 286, AR number 1288655) is authorised to deal in the insurance which is issued by Eric Insurance Limited (eric) (ABN 18 009 129 793, AFSL 238279). Any advice provided is general in nature and does not take into account your particular needs and circumstances. Before purchasing the insurance, decide whether this product is right for you by reading the Product Disclosure Statement and Target Market Determination - available on the KOBA website. Company: KOBA Insurance Contact: Erica Lam (PR + Communications) Email: [email protected]
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