Product / Service Details
A fairer, usage-based solution for low-usage drivers.
With the rising costs of living, everyday Aussies are looking to save. KOBA can help, by offering transparent car insurance pricing that puts you in control of your premiums.
Drivers get the same type of coverage you're used to, but pay a few cents per KM driven & a fixed cost to cover your car while parked. Our app tracks your monthly KM & spend so you only pay for the insurance you use.
Aimed at low-usage drivers, KOBA can help the 6M Aussies driving less than 10,000KM/year, or a $4B market. And with 47% of Aussies working from home post-pandemic, that number will only continue to grow.
Business Model
Summary
KOBA offers comprehensive pay-per-KM policies. Our difference? We use data to measure your KM in real time. Working from home & driving 50KM a week for the school-run & groceries? You’ll only pay for those 50KM and a fixed cost to cover you while parked.
Description
Our low-usage customers are reporting they're on-track to save hundreds of dollars annually. For people WFH, with 2nd cars, or don't drive much, KOBA is a usage-based solution that fits.
Future plans include using car data to engage throughout our customers' entire car lifecycle; including digital health checks & find my car features.
KOBA is an Authorised Representative under an APRA approved Australian Financial Services License (AFSL) holder who is also the underwriter. They operate under the same prudential standards set out by APRA as other general insurance companies in Australia.
Mission & Objectives
Mission
Our mission is to change the car insurance industry & pioneer pay-per-KM insurance.
We're using connected car data to measure actual kilometres travelled, offering Aussies a true pay-per-KM insurance policy based on their driving usage.
Business Objectives
KOBA is the only Australian provider using connected car data to create a pay-per-KM premium model. Funds raised will solidify our key insurance metrics & scale awareness amongst early adopter, low-usage drivers.
Short term: we'll focus on getting our first 5000 customers directly as well as through our Uber-owned car sharing partnership.
Longer term: we'll focus on penetration through connected car integrations with car manufacturers, new app features such as digital health checks & off-setting greenhouse gas emissions, and launching new insurance products for boat, motorcycle & fleet.
Industry
Summary
KOBA is excited to be alongside other Pay-As-You-Drive companies with success stories out of the US & UK. The industry is set to grow globally to $150+ Bn by 2031 (Fact.MR study). KOBA is excited to be at the front-line of this opportunity in Australia.
Description
Connected cars in Australia will increase 90% to 10M by 2030, offering new data connectivity & reshaping the automotive and insurance industries.
Domestic Motor vehicle market in AU is ~$12bn with 16.5m risks insured. Yet, private car insurance has not changed in 60 years, with traditional brands still using aggregate data models to balance the risk & profitability of their portfolios.
Insurance is a highly regulated market & requires ASIC and APRA approved licenses to operate. Insurtech is working within these guidelines to rapidly reshape customer experiences and traditional models.
