Real Insurance wins product innovation award

Mozo

Thursday 26 August 2010

Real Insurance has won the product innovation award at the Australian Business Awards 2010 for its Pay As You Drive car insurance offering.

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The product offers drivers the ability to buy insurance by the kilometer instead of paying a set amount for a period of time regardless of the amount they drive.

Commenting on the award, Roger Grobler, chief executive officer of Real Insurance, argued that traditional models can be unfair on those looking to compare car insurance given that those who rarely drive often pay the same amount in premiums as frequent drivers who travel several times the distance.

Real Insurance claimed that due to the success of its Pay As You Drive policy, it has been approached by insurers in the UK and US that are interested in learning more about the product and possibly licensing the right to sell similar policies in their countries.

Earlier this month, Buzz Car Insurance chief executive Jacki Johnson told the Noosa Journal that a recent poll by her company found that dangerous driving is now massively widespread, with 99 per cent of Australian motorists having witnessed hazardous driving.

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