Real Insurance has won the 2010 Australian Business Award for Product Innovation for its Pay As You Drive comprehensive motor insurance product, the first insurance product of its kind in Australia whereby qualified motorists pay only for the kilometres they plan to travel.
The Australian Business Awards is a national program honouring organisations that demonstrate the core values of business excellence, product excellence, sustainability and commercial success in their respective industries.
Says a Real Insurance spokesperson "Current car insurance pricing is inefficient and unfair. Drivers who are similar in respect of age, gender, location and driving safety record and who use their cars sparingly should not have to pay the same, for example, as a neighbour who is driving four or five times the distance.”
Some of the firsts the Awards took into account when evaluating Real Pay As You Drive Insurance include:
- The first motor insurance product to charge car owners only for the kilometers they drive
- The first trust-based motor insurance product in the world relying on the customers’ own odometer reading and not a GPS system to monitor distance travelled.
From the Real Insurance spokesperson: “Off the back of our innovative approach, Real Insurance has received approaches from US and UK insurance companies that want to license our intellectual property. We were also asked by the Natural Resource Defense Council for input into US legislation, and by US-based industry organisations to speak to US insurers at industry forums.
“The beauty of this product is not only can it significantly reduce your premiums, in some cases by up to 50% but it is also environmentally friendly. Research shows that people drive on average eight percent less.
Said Tara Johnston, Program Director of the Australian Business Awards: “The standard of entries for 2010 underpins the strength of the Australian economy and provides a welcome opportunity for organisations committed to business and product excellence to receive the recognition they deserve.
“The criteria for the assessment of this award covered the following main areas: performance, technology, visual appeal, cost-effectiveness, benefits to the user, sustainability and compliance.
“We congratulate Real Insurance for achieving exceptional results in this category.”
To date, Real Pay As You Drive Insurance has received the following awards for its products:
- The 2009 Celent Carrier Award for Innovation
- The 2009 Money Magazine Cheapest car insurance award
- A Cannex Canstar Award for Innovation
- The AB+F Direct Marketing Campaign award
- The 2010 Money Magazine Best of the Best Climate Business Award for Pay-As-You-Drive
Craig Badings- Cannings
02 8284 9991