Behave & Save offers telematics platform to insurers

Melbourne-based insurtech Behave & Save is meeting with motor insurers after adapting its telematics software platform to the consumer market.

CEO and Founder Andrew Fragos tells insuranceNEWS.com.au the insurtech was born by adapting the technical know-how of fleet tracking business Monger Tech, a platform designed alongside large construction and hiring companies which counts RMS Rail, Civil Infrastructure Group and Symal as customers.

Mr Fragos says Behave & Save is meeting with major insurers, including RAA Insurance which he says is an ideal fit because of its driver education program, another pillar of Behave & Save.

“We’ve adapted the web application for insurers,” he said. “That’s who we’re speaking to at the moment and saying, “Hey, there are better ways of doing this and more engaging and interactive ways of achieving what you’re doing today that allow you to understand your customers better and develop more products.”

The startup, which recently became a member of Insurtech Australia, says its telematics offer delivers usage-based (UBI) and behaviour-based (BBI) insurance capability.

“We have removed the prohibitive entry barriers and packaged all the tools and features to make deploying UBI/BBI products seamless, efficient, and profitable for insurers,” it said.

“Our team combines some of the brightest software engineers with decades of experience touching global financial services organisations, telecommunications and IOT”.

Mr Fragos says the team spent around three years developing the “very advanced yet very easy to use and informative vehicle telematics platform”. The majority of new insurance policies in the US are now usage or behavioural based, he says, a “huge shift from Australia where it’s still in its infancy”.

“For car insurance, I see a great opportunity,” he says. “They could be a general insurer that wants to offer new types of car insurance or a completely new insurance company looking to launch.

“What we’re saying is, this is the perfect opportunity for you to dip your toe in the water.”