Suncorp’s investment in Australia’s largest peer-to-peer car sharing platform Car Next Door will help drive new mobility insurance solutions to meet more customer needs. The Suncorp investment was $1.5m. It’s also part of a $10 million funding round, raising up to a further $1,000,000 on the Equitise crowdfunding platform.
Suncorp has taken a strategic stake in the innovative platform as part of its current $10 million funding round. This will support Car Next Door in its next stage of growth as its strategic insurance partner. The partnership includes the development of innovative insurance products for the fast-growing sharing economy and joint promotional activity.
Suncorp Insurance CEO Gary Dransfield said the investment was a great opportunity to build a partnership that will strengthen the core motor insurance business into the future and to better understand mobility trends.
“We know the traditional way Australians own and use cars is evolving, and this partnership will allow us to learn and better service our customers’ needs,” he said.
“As Australia’s largest motor and CTP insurer, we can support Car Next Door’s members with insurance, and we can also introduce our customers to a new way to safely and easily rent out their cars in their own neighbourhoods.”
What does this funding mean for Car Next Door?
Car Next Door co-founder and CEO Will Davies said that Car Next Door was pleased to be aligned with Suncorp’s iconic Australian brand.
“Insurance is at the core of our car-sharing community’s success. With over 3,000 cars already shared through our platform, and rapid growth ahead, Suncorp’s expertise and networks will be invaluable when those cars need to be repaired.
“We also look forward to welcoming more of Suncorp’s millions of car-owning customers to our neighbourly car sharing community, so that they can earn money from their car when they’re not using it,” he said.
Mr Dransfield said: “In support of future mobility needs we’ve already updated our current comprehensive car insurance products across AAMI, Suncorp and GIO to allow our customers to opt-in to coverage when they use their vehicles for ridesharing. Our customers can currently use their cars on platforms like Car Next Door, with insurance provided by the platform when it is rented out.”
This initiative adds to Suncorp’s broader program of work around the future of mobility and support of innovative business models and technology.