Telematics leap earns insurer plaudits for innovation

QBE stood out amongst the pack as they took out the only CANSTAR Innovation Excellence award presented to a general insurer in 2014 for Australia’s first in-car telematics device.

The Insurance Box uses telematics technology to measure driver behaviour in real-time, with an aim of encouraging safer driving and and allowing insurers to refine their risk pricing.

The technology relies on information sent from the device in the car via GPS to the insurer, monitoring everything from driving habits such as cornering, braking and speed to collisions and theft.

This information allows insurance companies to reward safe drivers regardless of age, gender or location.

Frank Peppard, founder of the Insurance Box, says the design has differentiated QBE from its competitors.

“This award demonstrates that in an industry where there is relatively little variation between major brands, QBE’s Insurance Box is providing something truly different and beneficial for both the customer and the insurer,” he says.

Tim Plant, QBE Executive General Manager, says the achievement goes beyond the recognition of the award as it is a step closer to encouraging safer driving.

“We are always looking for opportunities to further innovate within the industry and to promote practices and products that have a positive impact on the community and the customer experience,” he says.

“For QBE this award goes beyond an achievement in innovation. The data Insurance Box provides a better assessment of an individual’s risk level and not only reward safe driving behaviours through lower premiums but encourage our customers to become safer drivers.”

CANSTAR Research Manager, Mitchell Watson, says the stand-out product is a potential game changer.

“Insurance Box stood out for a number of reasons including its easy installation, its DriveScore feature, and its real-time data feed designed to help speed up claims. Our research team felt that it has the potential to be a market game changer, particularly for younger drivers. In terms of innovation, it had the ‘wow’ factor that we were looking for,” he says.

For more information on how telematics is likely to shake up motor insurance, read our feature here.