QBE Insurance Group

QBE Insurance Group Limited is one of the top 20 insurers and reinsurers globally. It offers commercial, personal and specialty products, as well as risk management solutions, with a local presence in 27 countries.

QBE Group's vision is to be the most consistent and innovative risk partners. The group has stated its priorities are: portfolio optimisation, sustainable growth, brining the enterprise together, modernising its business, its people, and its culture. The company has also highlighted sustainability as a key focus, refreshing its sustainability strategy in 2022 to prioritise the following three areas: transitioning to a net-zero economy; enabling a sustainable and resilient workforce, and partnering for growth.

QBE underwrites commercial and personal line classes of business, including property, motor & motor casualty, agriculture & bloodstock, liability, marine, energy & aviation, workers compensation, financial & credit, professional indemnity, accident & health and others.

In 2016, QBE established a global data and analytics function, launching more than 70 projects across customer segmentation, claims, fraud prevention, and enhancing recruitment. It also launched its Group Digital Innovation Lab to help the company embed technology across its business processes.

In March 2017 it was revealed that QBE Insurance Group planned to invest at least $50m into partnerships with insurtechs across four countries, with the aim of enhancing pricing and better understanding customer purchasing habits.

In October 2017 QBE Insurance Group announced it had entered a multi-year commercial agreement with insurtech RiskGenius. Through the partnership, the paid hoped to automate underwriting by matching products and customer needs through the use of machine learning. The partnership begins with QBE North America, with that branch having already completed a PoC. RiskGenius is also the first investment for QBE Insurance under its VC arm QBE Ventures.

In March 2018 QBE announced a partnership with fintech hub Stone & Chalk, to take part in its inaugural Insurtech Program 2018. The program focuses on providing solutions to pre-determined problem statements.

Also in 2018, QBE Insurance Group announced it was partnering in startup Jupiter, which helps companies to predict and manage climate risks.

After a successful pilot project with data analytics provider Cytora in 2019, QBE announced it had begun using their patented Risk Engine technology to enhance underwriting decisions across its commercial portfolio. QBE had previously invested in Cytora in 2017.

Later in 2019, following a successful pilot of a Property Decisioning Tool, the insurer implemented the automating of non-complex claims following a Loss Adjuster partnership model forged with Sedgwick. QBE North America originally partnered with Sedgwick in 2013.

In August 2019 QBE and Nimbla announced the two companies had entered into a commercial partnership to bring affordable trade credit insurance to SMEs. Nimbla policies are underwritten by QBE.

In Spring 2020 the company announced plans to raise $1.3bn to act as a financial buffer in preparation for economic difficulties to come following the global pandemic.

QBE Insurance Australia launched a new SME insurance company, Mitti, as part of a joint venture with workplace safety platform SafetyCulture in October 2020. Mitti will leverage big data, AI and machine learning to offer personalised solutions that help businesses properly manage and avoid risks.

In February 2022 QBE announced a partnership with Gallagher to launch a new PAYG mileage-based product and aimed at coach operators with fleets of more than 10 vehicles. The product requires customers to share their historical telematics data relating to vehicle usage and mileage, on which an initial premium will be calculated. In addition, an in-vehicle telematics device then monitors movement or location of the vehicle through a GPS system enabling premiums to be adjusted and calculated based on actual usage.

In June 2022 QBE announced it was rolling out several products from cyber insurtech CyberCube, leveraging its account manager and portfolio manager platforms, as well as its training program the CyberCube Academy.

In August 2022 QBE announced a new partnership with commercial motor insurtech, Zego. As part of the deal, QBE will underwrite Zego's behaviour-led fleet product, which uses telematics data to offer a comprehensive risk profile of fleets. QBE will also produce actionable data on how the fleet can improve their risk. The news was followed by a later statement in November, announcing an expansion to the partnership to cover individuals who use their own vehicles for work.

In October 2022 QBE Insurance Group entered into a partnership with Singapore-based medical advising company DocDoc to launch a differentiated group health insurance product dubbed Group Medical Prestige. Initially launching in Singapore in October, expansions into other Asian markets are planned. The product will be offered to employers through partnerships with leading brokers in Singapore.

The group was a participant in the 2022 InsurTech NY InsurTech Accelerator and MGA Lab.

In the 2022 Annual Report, QBE reported net profit after tax was $770m, compared with $750m for the year prior. 

In July 2023 Commercial motor and dynamic pricing provider, Humn.ai, partnered with QBE  to increase capacity focussed on the taxi fleet market.