Under the agreement, QBE will provide capacity for policies sold via Beloy’s digital platform, which plugs into employer benefit schemes and offers real-time quoting, vehicle management and benefit tracking.
The move targets a growing segment of the fleet and benefits market, where employers offer EVs to staff via salary sacrifice and bundle lease, servicing and insurance into a single package.
Bundled pricing and fixed-term premiums
Through the collaboration, QBE will underwrite the motor insurance embedded in Beloy’s proposition. Drivers are given a single bundled price that includes the vehicle lease, maintenance, breakdown cover and insurance.
Once a customer selects a vehicle and completes the process, the insurance premium is fixed for the full lease term, typically 24 to 48 months. Pricing is individually rated based on the driver and vehicle risk profile, rather than on a flat scheme rate, the company said.
For insurers, that structure combines some of the predictability of fleet-style business with personal lines-style individual risk assessment. It also locks in pricing over a multi-year period at a time of ongoing claims inflation, EV repair cost volatility and evolving theft and damage patterns.
Jon Dye, director of underwriting, motor, QBE Europe, said the timing reflects growing interest in EV-related benefits.
“We’re pleased to partner with Beloy at a time when interest in salary sacrifice schemes is growing rapidly. Beloy’s expertise in embedded insurance and ability to deliver scalable, compliant, and customer-centric solutions made them a natural fit to provide our customers with smarter, more accessible insurance solutions that support the shift to EVs," he added.
EV salary sacrifice as a distribution channel
Salary sacrifice schemes have become a key route for UK employees to access EVs, helped by favourable tax treatment and the ability to package vehicle costs into a regular deduction from gross pay. That growth is drawing more insurers and MGAs into embedded motor distribution, backing benefits platforms, leasing providers and OEMs behind the scenes.
For QBE, the Beloy deal adds another embedded distribution channel in motor, giving access to a flow of EV risks sourced through employers rather than purely retail or traditional fleet routes. On the other hand, securing a large, established motor insurer provides underwriting backing and regulatory credibility for Beloy as it looks to scale with benefit providers and corporate clients.
Vikas Chhariya, founder and CEO at Beloy, said the partnership was aimed at accelerating EV uptake.
“Salary sacrifice is a key driver of EV adoption, and Beloy is strongly positioned to accelerate this shift by making vehicles financially sustainable. We’re excited to partner with QBE to scale salary sacrifice and make EV access simpler and more affordable for UK drivers. QBE’s longstanding reputation in motor insurance, combined with their commitment to innovation and excellence in underwriting, makes them the ideal partner," Chhariya said.
Underwriting considerations for EV schemes
EV salary sacrifice programmes raise several points of interest for motor underwriters. There is potential concentration of similar vehicles and usage patterns within employer schemes. Insurers also need to ensure that embedded customer journeys – from quote through to policy issuance and mid-term adjustments – meet underwriting, regulatory and conduct standards when delivered via a third-party platform. In addition, they face the challenge of fixing premiums for two to four years while EV repair costs, parts availability and residual values remain in flux.
The model also offers potential advantages. Salary sacrifice schemes can provide more predictable mileage bands, regular servicing via lease providers, and opportunities to embed risk management tools such as telematics or driver education within employer programmes.
