Australian company Stella Insurance is looking to expand its female-focused offerings by launching coverage for other products said Insurance News. The firm seeks to further take a look at women’s “attitude to risk” to create more opportunities for both the firm and its target market.
Launched in mid-2020, the firm offers car insurance designed for women drivers underwritten by QBE. Its motor coverage offers rewards for accident-free years with customizable policies. It also covers personal items, baby gear, and domestic damages.
UK entrepreneur and Stella founder Sam White has been perfecting its auto coverage over the past year before moving on to create more products. She told Insurance News, “We want to make sure we have got everything right with the motor journey first.”
She added, “Assuming we have ticked off those boxes, the customers are giving us the right feedback and we are happy with what we are doing, I would love to look at other female-centric products.”
Stella has been doing well over the past year. It was able to achieve its first-year targets with a 50% conversion rate straight from quotations to sale. The firm also uses technology to streamline the process of purchasing and supporting coverages.
The decision to enter the female-centric coverage market is a way to empower women for their “attitude to risk.” According to White, “The reality of the situation is that women have fewer accidents and the accidents they have are less expensive.”
To further home into this thought process, Stella Insurance has also been working with organizations that advocate for women. This year, it decided to partner up with the Women’s and Girls’ Emergency Centre (WAGEC), which supports women suffering and escaping from domestic violence.
The firm’s offerings seek to cater to women’s coverage needs especially as most offerings are worded and designed by men.