Pay-per-kilometre car insurer Koba has won this year’s Excellence in Insurtech category, which is sponsored by IAG Firemark Ventures, at the FinTech Australia Finnie Awards.

Koba Founder Andrew Wong told insuranceNEWS.com.au the win was a pleasant surprise.

“It is amazing to be recognised amongst our peers. There were so many great nominees, I truly didn’t think we had a chance of winning,” he said.

“This award shows that the data revolution is coming to insurance. Customers want more from their insurance company and insurtechs are leading the way.”

Insurtech Gateway Australia MD Simon O’Dell congratulated the Koba team.

“Strong will from the founding team was the difference between failure and getting to this point of success,” Mr O’Dell said.

“Too many times did Andrew get a 'no' from the risk capital market. Sentiment has turned. We now have many insurance partners adapting their insurtech MGA partnership model through Insurtech Gateway to access de-risked underwriting opportunities.”

Also vying for the award were Coverhero, Digital Agriculture Services, claims manager FreightSafe, Hollard-backed Open Insurance, uBind, delivery rider insurance upcover and online insurance broker UpSure.

“We’d like to congratulate all of the winners but equally celebrate all of the finalists as the calibre of entries was high across the board,” FinTech Australia CEO Rehan D’Almedia said.

FinTech Australia is a national association for the Australian FinTech Startup community and works with government and industry to create a supportive environment.

Click here for a full list of winners.