Australia – Insurance provider QBE Australia (QBE) has joined forces with workplace safety technology platform SafetyCulture, to launch a new insurance market entrant Mitti, a technology-first company that combines the provision of risk management insights and insurance.
The formation of Mitti aims to disrupt the traditional insurance model for small to medium businesses (SMEs) focused on risk mitigation to reduce the likelihood of needing to make a claim. By adopting SafetyCulture’s iAuditor digital inspection app, businesses are given access to its technology that enables them to enlist employees – the ones who are in direct contact with a company’s assets – to help maintain a workplace’s safety.
Through the iAuditor app, employees are able to capture through their mobile phones any spotted damages within a property and share the report across their teams. In addition to the access to the app, Mitti will grant rewards to policyholders that are able to effectively manage risk.
Mitti’s insurance packages include protection from property damages, business interruption, broadform liability, and damage on motor vehicles and portable contents, as well as machinery breakdown.
QBE said that with the new venture, it aims to demonstrate its intent to become a more digitally-enabled business.
QBE Ventures CEO James Orchard said that the ways in which customers interact with technology have evolved considerably, which presents a big opportunity for the insurance industry.
“QBE’s joint venture with SafetyCulture has created a unique and compelling proposition that responds to the needs and ambitions of small and medium businesses in Australia. By leveraging big data, AI, and machine learning, we can deliver more tailored solutions that don’t just assess risk but help customers avoid risks altogether and the losses that come with these,” said Orchard.
Meanwhile, SafetyCulture founder Luke Anear said, “Our partnership with Mitti propels our mission to empower businesses to build a genuine safety culture in their workplace. We’re eager to help more Australian
companies improve their risk management and reap the rewards.”
Mitti joins the portfolio of companies sitting within QBE Ventures such as insurance underwriting platform Cytora, and climate change risk management analytics services Jupiter.
