Jersey City, N.J., Aug. 24, 2021 (GLOBE NEWSWIRE) -- Metromile (Nasdaq: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced an integration with Verisk’s LightSpeed® Auto to simplify the consumer buying experience, increase speed to bind and conversion rates, and lower acquisition costs. LightSpeed Auto is a digital underwriting platform that combines extensive data resources and groundbreaking predictive analytics from Verisk (Nasdaq: VRSK), a leading global data analytics provider, to deliver superior results for auto insurers and their customers.
“Before the pandemic, more than half of all U.S. drivers were a fit for pay-per-mile auto insurance. Today, as more Americans benefit from their employers’ shifts to work-from-home or remote work policies, Metromile is even more tailor-made for the modern driver. Drivers can save 47% a year on average without having to sacrifice on coverage or their experience,” said Troy Dye, Metromile Senior Vice President, Growth. “With Verisk’s data-forward tools, we’ll be able to increase access so that more drivers can get personalized coverage based on how much they drive.”
A Verisk study found that 89% of personal auto insurers accelerated digital transformation plans due to the COVID-19 pandemic, a trend that will continue to be driven by consumer preferences. Many insurance customers value an expedited quote and an intuitive online application process. Verisk’s solution enables insurers to shorten application questionnaires and allows for more than 400 underwriting data elements to be delivered upfront at the point of quote, bringing key decision points further forward in the workflow.
“Speed and accuracy are critical for underwriting auto insurance in today’s rapidly evolving marketplace,” said Doug Caccese, President of ISO Personal Lines at Verisk. “By integrating with the Verisk data ecosystem, Metromile will have all of a policy applicant’s underwriting data and analytics at their fingertips at the very beginning of the quote process, helping take their personalized and innovative customer experience to the next level.”
Digital solutions eliminate hidden costs of outdated insurance models
In the past, many insurers evaluated service providers based on transactional costs and ordered data later in the quote workflow, often resulting in adjustments to the initial price quote and unpleasant surprises for applicants. With LightSpeed Auto, underwriting attributes—including data on drivers, vehicles, coverages, licensing, violations and losses—can now be delivered in real-time and in a single transaction.
“We are continuously developing innovative new solutions that can help insurers attain an edge,” said Jeremy Cook, Senior Vice President of ISO Personal Lines at Verisk. “With LightSpeed Auto, we believe modern insurers get the best of all worlds—fraud triggers that combat premium leakage, accuracy that enables precise business rules to be applied to each transaction, speed that boosts customer experience and conversion rates, and scale that drives down cost per bind. We look forward to a long and successful partnership between two innovators.”
About Verisk
Verisk (Nasdaq: VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
About Metromile
Metromile (NASDAQ: MILE, MILEW) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile instead of the industry’s reliance on approximations that have historically made prices unfair. Metromile’s digitally native offering is built around the modern driver’s needs, featuring automated claims, complimentary smart driving features and annual average savings of 47% over what they were paying their previous auto insurer.
In addition, through Metromile Enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate with greater efficiency, automate claims to expedite resolution, reduce losses associated with fraud, and unlock the productivity of employees.
For more information about Metromile, visit www.metromile.com and enterprise.metromile.com.
