Stella Insurance, which specialises in motor cover designed for women, is considering expanding its product range and exploring more opportunities in Australia.

The insurtech, founded by high-profile UK entrepreneur Sam White, launched QBE-underwritten car insurance in the middle of last year.

“We want to make sure we have got everything right with the motor journey first, but 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,” Ms White told insuranceNEWS.com.au.

Ms White says the business is well on track to meet its first-year targets, and has achieved a strong 50% conversion rate from quote to sale, with technology smoothing the purchasing process and supporting a product that aims to reward women for their generally safer approach to driving.

“The reality of the situation is that women have less accidents and the accidents they have are less expensive and that flows through to every data set I have ever seen around motoring,” Ms White says. “What we are really talking about is the attitude to risk.”

Ms White says the approach to risk is also reflected in fewer female entrepreneurs, but female-founded businesses tend to have a much lower rate of failure and it’s likely there are underwriting benefits in lines apart from motor.

“I think insurers would be absolutely crazy not to spend more time understanding what might appeal to women,” she says.

Insurance offerings and wordings traditionally have been designed by men, which can be identified if looked at “with a keen eye” and there is scope to build products differently, she says.

Stella Insurance also supports causes important to women and this year announced it had entered a partnership with the Women’s and Girls’ Emergency Centre (WAGEC), which provides support services for those escaping family violence.