KOBA Insurance, an InsurTech MGA, is migrating its insurance programme onto Socotra’s policy platform.
Currently, KOBA is one of the first insurers to offer pay-per-kilometer personal auto insurance in Australia.
Since launching nationwide last November, KOBA said it is “rapidly evolving the car insurance narrative”. The company has grown 50% month-on-month.
Traditional insurance, KOBA said, only covers expenses to get you back on the road, but that is not enough. KOBA believes that modern car companies and smart insurers of the future will be about making drivers safer, helping to avoid accidents, and focus on building a true car-care relationship.
In June 2022, KOBA also launched a car share product in partnership with Uber-owned Car Next Door.
KOBA said it alsoplans to expand its portfolio to include other usage-based insurance products for boats, fleets, rideshare vehicles and motorcycles.
Socotra provides open APIs, a product-agnostic data model and out-of-the-box capabilities to manage the entire policy lifecycle. According to the company, its modern core platform makes insurance innovation faster, easier and more affordable.
Socotra 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.
Andrew Wong, founder and CEO of KOBA, said, “KOBA is empowering mid-sized carriers to activate and scale innovative insurance products—from day one.
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.”
Socotra, recently revealed that twelve insurance technology providers have joined its marketplace to publish modern software apps.
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