Leading pay-per-mile auto insurer uses robust underwriting data from Verisk’s LightSpeed® Auto platform to accelerate digital growth while lowering acquisition costs

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Digital solutions eliminate hidden costs of outdated insurance models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.