User Based Insurance is catching on with Underwriters . Driver behaviors gets measured.
Usage-based insurance is being adopted by major vehicle underwriters finally.
Metromile uses artificial intelligence & machine learning technology lead the way.
Metromile plans to go public via SPAC at a valuation of $1.3 billion soon.
Puts connected devices in vehicles & uses generated data personalized quotes.
Metromile is the leading pay-per-mile car insurance company in the U.S.
However, Allstate, Progressive, and USAA have implemented similar UBI programs.
UBI is pay as you go strategy, based on mileage and anti-road rage willpower.
Rates charged a flat fee determined by demographic data & vehicle make/model.
UBI will inevitably gain market share as connected cars also do across the U.S.
Insurtechs are also using more AI for home, health, and life underwriting.
Policy administration automates underwriting and claims processing.
Hiring employees to support consumer insurance & enterprise businesses.
Metromile plans to grow beyond 8 state geographic footprint to a goal of 21 states.
Privacy tradeoffs is driving behaviors in exchange for better rates.
UBI is insurer-friendly: Improves risk-scoring and underwriting models.
Metromile is at forefront of disrupting a $280 B personal auto insurance industry portfolio.
TC Post – “Pay-per-mile auto insurer Metromile is heading to public markets via SPAC” – https://techcrunch.com/2020/11/24/pay-per-mile-auto-insurer-metromile-is-heading-to-public-markets-via-spac/?utm_source=morning_brew
Emerging Tech Brew – 11 25 20 Issue.
PEOPLE: Dan Preston, CEO Metromile