The Inspire Insurtech Interview series is designed to inspire your fellow insurtechs. We’d like to share who you are, what you do, what we can expect from you in the future.
This month, we talked to Andrew Wong, CEO and Founder of KOBA Insurance. Enjoy!
Tell us the company’s brief pitch.
The world of data and connectivity is changing every industry. More data means more ways to offer unique solutions to individuals. Traditional insurers charge low-risk drivers a little bit more so that they can charge high-risk drivers a little bit less. Prices go up, and prices go down dependant on profitability of the insurers portfolio and not a direct reflection of the risk.
KOBA seeks to change that. KOBA car insurance charges drivers based on usage. We charge an upfront amount to cover the car while it’s parked and then a variable amount to cover the car while you’re driving it.
So how did the company begin?
KOBA is part of a global trend, Usage-Based Insurance is happening all over the world. I moved my family from San Francisco during the pandemic and realised that there was an opportunity to grow something special in Australia.
How has the company evolved since its inception?
We went live on Oct 31, 2021, so there hasn’t been a lot of ‘evolution’ since our inception. But we are focused on bringing a consumer brand to market and a white-labelled solution which can help car manufacturers shift into the usage-based insurance space.
How does your Insurtech improve your customer’s experience?
Insurtech, like all innovation and startups, focuses on changing consumer needs and real customer experience. Many products (like insurance) have remained unchanged for decades. Insurtech help people shift the way they think to find a truly valuable and applicable solution to their life.
What is the company’s biggest challenge in today’s markets?
Adoption and awareness, we are a new brand with limited reach or awareness. We are working hard to create partnerships and funnels from which consumers to learn about the new offer.
What is next for your company? What are your big goals for 2022?
Sell, sell, sell. In 2022, we plan to raise some capital and sell as many policies as possible.
Any advice for other Insurtechs or insurers looking to innovate?
Insurtech is hard. Finding capital for insurtechs is harder. Finding the right people to go on the journey with you is everything. Without the right team, you won’t be able to succeed.
Thank You.
