Mitti will primarily focus on risk mitigation for decreasing the chances of needing to make a claim
QBE Insurance Australia has formed a joint venture called Mitti with SafetyCulture, a workplace safety technology platform, to disrupt the insurance model for small to medium businesses (SMEs).
The Australian insurer said that its new insurance market entrant will work on reimagining the traditional relationship between businesses and insurance.
Mitti will be a technology-first insurance company, which will primarily focus on risk mitigation for decreasing the chances of needing to make a claim.
According to the Australian insurer, the new venture shows its intent to transform into a more digitally enabled business. The Australian insurer will look to design its offerings to provide customers with customised solutions for enabling better management of present and emerging risks.
Mitti to leverage SafetyCulture’s solution to reduce potential business risks
Mitti is said to combine the expertise of its founding partners. It will make use of SafetyCulture’s risk mitigation technology for identifying and subsequently lessen potential business risks.
QBE’s role will be to offer industry insights and in underlying security of a global insurance firm.
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 customers will gain access to our iAuditor platform; the world’s largest safety checklist app. This technology enables customers to conduct workplace inspections, extract insights and build a holistic picture of safety, compliance and risk.”
Mitti will come under QBE Ventures joining the latter’s portfolio of companies. All these firms have been created to help QBE to partner, build, and invest in new technologies, and collaborate with start-ups to better address the changing requirements of customers.
QBE Ventures CEO James Orchard said: “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. Importantly, by supporting more businesses to manage their risks, Mitti will help create safer workplaces for their customers and employees.”