Ubi Technology, the parent company of UbiCar, Australia’s first user-based insurance (UBI) company, has completed a capital raise with funding from Chicago Venture Partners, Melissa Wyllie Investments, Vulpes Special Opportunities Fund and Investible.
“We’re delighted to have finalised the funding round in such turbulent times and wish to welcome our new shareholders and appreciate their vote of confidence in our growing company,” said UbiCar CEO, Dean Capobianco.
“UbiCar is our first investment in Australia and the most exciting opportunity we have seen in automotive technology anywhere in the world,” said Field Pickering, Head of Venture Investing at Vulpes Investment Management.
“Sitting in Singapore, we look at opportunities globally and it was very clear to us that UbiCar is likely to be the leading telematics insurance specialist for the motor industry across not only Australia but also South East Asia. And we look forward to being part of this journey,” he added.
UbiCar Insurance has been operating in Australia for 18 months and provides user-based motor insurance products to the Australian market. UbiCar currently sells two products: the “How-You-Drive” insurance product is popular amongst safe drivers as they are rewarded with premium discounts for good driver behaviours.
And UbiCar recently launched a Pay-Per-Km product that has been widely adopted during COVID restrictions, as people have been driving less and only need pay for the KMs they actually drive each month.
The rise of user-based insurance in overseas markets like the US and UK, has grabbed the attention of investors, incubators and insurers in the APAC region. The growth of insurtech players such as Root, Metromile and Lemonade has seen insurtech company valuations skyrocket over recent times, as smarter insurance models aim to disrupt the traditional insurance market, by delivering fairer priced insurance for consumers who can pay for what they use and how they drive.
Adding to UbiCar’s aggressive growth plans has been the hiring of critical key roles that bring a combination of insurance expertise and skilled technology executives to the emerging insurtech player, and in recent days announced the appointment of Ian Slater as Head of Insurance.
Slater, who is currently the Head of Insurance for Toyota Financial Services, is thrilled by the opportunity and will commence in October.
“My time at Toyota has been an incredible experience. Now I’m excited about the opportunity to drive real change in the marketplace with Ubicar, at a time that customers are looking for viable and customisable insurance alternatives. The evolution in the insurtech space has been amazing in recent years, and is now ready to grow dramatically,” Slater says.
“The sophistication in combining telematics data and driver behaviours to calculate insurance premiums for individuals is fairer for drivers, but also promotes safer driving on our roads.”