QBE looks to disrupt SME insurance market with SafetyCulture joint venture – Which-50

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Andrew Birmingham 2020-10-13

QBE Insurance Australia is set to launch a new insurance market entrant, Mitti, in a joint venture with workplace safety platform SafetyCulture, saying the new venture demonstrates its intent to become a more digitally-enabled business.
The JV is designed to provide tailored solutions for SME customers to better manage current and emerging risks.
Mitti is a technology-first insurance company which the JV partners say will challenge the traditional insurance model for small to medium businesses (SMEs), with a key focus on risk mitigation to reduce the likelihood of needing to make a claim. It will operate under a Binder as an Authorised Representative of QBE Insurance.
The new venture will employ SafetyCulture’s risk mitigation technology to identify and then alleviate potential business risks, while QBE will provide the industry insights and underlying security of an international insurance company.
Mitti joins the portfolio of companies sitting within QBE Ventures, which exists to enable the insurer to partner, build and invest in new technologies, and work with start-ups to better serve the evolving needs of customers.
According to QBE Ventures CEO, James Orchard, the ways in which customers interact with technology have evolved considerably, which presents a …

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