Koba Insurance

Koba Insurance, founded in 2020 by Andrew Wong, operates within the Australian insurtech market, offering a pay-per-kilometre car insurance model. The company's inception was inspired by Wong's personal experience while living in San Francisco, where he noticed his infrequent car usage and saw an opportunity to introduce a usage-based insurance model, already successful in the UK, to the Australian market. This idea was further validated during the pandemic, as many Australians found themselves paying the same insurance premiums despite driving significantly less. Wong's background includes a Master's in Business Entrepreneurship and extensive experience in digital media, marketing, and strategy, with roles such as the Global Digital IT Director at Reckitt Benckiser and Digital Marketing Director at AAA Northern California, Nevada & Utah.

The business model targets low-usage drivers, who could see savings on their premiums. It splits the premium into two parts: a small, fixed monthly cost to cover the vehicle against risks like fire, theft, and third-party damages while it is parked, and a variable per-kilometre rate (typically a few cents) charged only when the car is driven. To facilitate this, Koba provides customers with a small device called the 'KOBA Rider', which plugs into the car's On-Board Diagnostics (OBD) port. This device, paired with a smartphone app, tracks the kilometres driven and calculates the usage-based cost automatically. The app also allows customers to view their trips, see costs in real-time, and manage their policy. Beyond standard cars, Koba launched a dedicated insurance policy for electric vehicles (EVs) in 2024, which includes features like an EV-certified repair network and cover for charging equipment.

Koba Insurance is underwritten by Eric Insurance Limited and Pacific International Insurance. The company has secured funding through several rounds, including angel investors, seed funding from Insurtech Gateway, and multiple equity crowdfunding campaigns on the Birchal platform. A significant recent event occurred in late 2024 when the company entered voluntary administration, a move attributed to the shutdown of Uber Carshare, for which Koba provided a specialized insurance product. The company is reportedly in the final stages of sale talks, with the intention for the current team to remain under new ownership.

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