Case studies

QBE Insurance Box revolutionises Australian insurance industry with SSP platform

Issue link: https://content.ssp-worldwide.com/i/475711

Contents of this Issue

Navigation

Page 0 of 3

About QBE Insurance Box QBE Insurance Box distributes a unique car insurance product designed to help customers become better drivers. This is a small, self-installed telematics device that plugs into a car underneath the dashboard. It transmits data via mobile networks to an analytics engine to measure how well a car is driven and produces a DriveScore, which enables drivers to review their driving habits and improve their driving performance. In addition, insurers can underwrite at an individual risk level. It was the first such product to launch in Australia. The challenge There are now almost 1.5 million more motorists on Australia's roads than in June 2008. Additionally, in June 2013, 19.6% of drivers reported having been involved in at least one collision during the last five years. This means that over three million motorists have been involved in collisions, highlighting the potential for a telematics product to significantly reduce this number. Research conducted prior to the launch of the product found drivers would welcome new technology that would prove they were a better driver and help them save money in doing so. Research conducted by Morgan Stanley demonstrated that over half (54%) of Australian drivers would consider fitting a telematics device in their car. Nearly a quarter (23%) of older drivers (aged 50 to 64) would come on board as long as they achieved small financial savings. Trials in Australia revealed young adults often stereotyped as risky road users could save several hundred dollars on their policies after just one year of usage. The client QBE Insurance Box Challenge To enable consumers to understand their driving habits and maximise savings for those who are better drivers SSP solution Platform for a small, self-installed telematics device that is unique in Australia Business results • Data transmitted via mobile networks • Drivers provided with an assessment of how well their car is driven • Drivers allowed to manage their own risk and receive tips on how to improve their driving • Meaningful savings for proven better drivers • Reduced rate and severity of insurance claims • Improved road safety • Increased number of stolen vehicles returned QBE Insurance Box revolutionises Australian insurance industry with SSP platform Highly innovative product recognises and rewards those who are better drivers

Articles in this issue

view archives of Case studies - QBE Insurance Box revolutionises Australian insurance industry with SSP platform