QBE has put the brakes on its consumer telematics offering Insurance Box as it reviews the operation’s future.

The product, established in 2013, lets motorists earn cheaper car insurance premiums by driving safely. Data is recorded either through a box supplied by the insurer or a mobile app.

A notice on the Insurance Box website says the product is no longer available to new customers, and QBE confirms its 12,000 users will be phased out on renewal.

However, a spokesman told insuranceNEWS.com.au QBE remains committed to the technology, having recently agreed to buy the remaining Insurance Box shares.

“Taking full ownership of the company gives us the flexibility to review how best to integrate this technology with our existing systems and explore the most effective way for us to utilise the technology more broadly,” the spokesman said.

“We’ll continue to invest in and develop our telematics capability to allow us to share the benefits it offers for our customers and the broader community.”

QBE says it takes a leading role in insurtech initiatives, globally and in Australia, and telematics remains a “significant opportunity”.

“We’re undertaking a number of trials in this space, focusing on driver safety,” the spokesman said. “We’re also actively trialling a number of initiatives related to the Internet of Things and how that might benefit our home insurance customers.”