QBE’s joint venture Mitti Insurance to combine prevention and protection
The Sydney-based company is a joint venture between SafetyCulture and QBE founded this year to offer virtual risk assessment and small business insurance coverage.
With Mitti Insurance customers can conduct inspections and create reports via SafetyCulture’s iAuditor app as well as build a holistic picture of their risk. Features include (1) risk and safety score rates on how proactive the business is in mitigating risk and remaining compliant, (2) benchmarking tools to compare similar businesses and understand the type of inspections they should complete, and (3) a virtual risk assessment that’s conducted by Mitti risk consultants to identify ways to make the business safer. That being said, businesses may purchase insurance underwritten by QBE Insurance before getting a virtual risk assessment and according to Mitti’s site, it’s exploring offering the virtual risk assessment as a standalone offer and discount to the premium.
Inspection and risk benchmarking analysis are offered by workplace safety platform and the developer of iAuditor, SafetyCulture . iAuditor is an inspection management software used by 26,000 organizations worldwide to create smart inspection forms to allow teams to spot safety issues and collaborate until the proper safety action has been completed.
Founded in 2004, SafetyCulture has teams in Sydney, Townsville, Kansas City, Manchester, and Manila and it has recently announced a $35 million Series C round bringing its total funding to over $114 million.
In terms of distribution, Mitti plans to offer quotes online and work with brokers and partners to distribute its product. For now, the online quoting portion of its site isn’t live.