Metromile

insurtechiot-preventive insurance/telematics

FOUNDING YEAR: 2011
LOCATION: United States
Last Update: 17/07/2020

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About

On the off chance you've thought about insurance, it's likely because you've insured something you love, not because you loved your insurance company. Metromile is out to change that. Were a car insurer using data science and machine learning to build a community of drivers who come for the savings and stay for the experience.With technology at our core, were reimagining insurance to make it fairer and actually delightful. Were obsessed with savings, service, and creating features -- street sweeping alerts, monthly mileage summaries, fuel trackers and more -- that engage a customer all along their journey. Through our Enterprise unit, we license our innovative Customer Experience, Fraud Detection, and AI platform to insurers around the globe. And, as the only insurer with 100% continuous telematics and a first of its kind AI-driven virtual claims system, were well positioned to play a key role in the future of mobility ecosystem. Were a diverse team that combines the best of Silicon Valley technology experience with veterans from leading Fortune 500 insurers. This management structure ensures that were as equally focused on loss ratios, unit economics and profitability as on customer experience and technology innovation. With offices in San Francisco, Tempe, and Boston, were growing quickly and hiring across the organization. Metromile has raised approximately $291 million in funding (Series A through E) and are backed by top tier Silicon Valley Investors including NEA, Index and First Round Capital.

MEDICI Analysis

Metromile provides pay-per-mile car insurance. The startup has created a device that captures mileage data to determine how much a person should pay for their car insurance policy. Free plug-in device turns ordinary cars into smart cars. The device works with Metromile’s smartphone app (Metronome), which diagnoses the health of the car, location and offers tips to help the user with their daily commute.

Focus

PRODUCTS & SERVICES

A pay-per-mile insurance cover with an app to make claim and communication easy.

REVENUE MODEL

The company charges monthly base rate and per-mile rate at the end of each monthly cycle.

MAIN CLIENTS

Retail vehicle insurance customers

EXISTING PARTNERSHIPS

Uber - to provide personal/commercial per-mile car insurance plan for Uber drivers

PRIMARY PROBLEM SOLVED

The service aims to reduce car insurance prices for drivers.

COMMENT

Metromile’s companion app help drivers remember where they parked, avoid street-cleaning tickets, optimize their fuel efficiency and know when to commute for the lightest traffic.

company provided insights

Traction

TRACTION COMMENT:

Metromile is expanding across the US, and currently empowering drivers in California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington.

People

FOUNDERS

David Friedberg

BOARD MEMBERS AND ADVISORS

Neil Rimer

Krishna Kolluri

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Acequia Capital

China Pacific Insurance

David Friedberg

Felicis Ventures

First Round Capital

Future Fund

Index Ventures

Intact Financial

Mitsui & Co

Neotribe

New Enterprise Associates

New Enterprise Associates (NEA)

Section 32

SV Angel

Tokio Marine Holdings

KEY EMPLOYEES:

Steve Pretre

Momentum

FUNDED

YES

TOTAL FUNDING

$293 M

DATE OF LAST FUNDING

Oct 2019

TOTAL FUNDING COMMENT

The company has plans to use the funds to expand its pay-per-mile insurance and to simplify every step of the insurance experience through the use of artificial intelligence (AI) in claims processing. (July 2018)

FUNDING SERIES

SERIES A  · $4 M  · Jun 2011

SERIES B  · $10 M  · Apr 2013

SERIES C  · $40 M  · Feb 2015

SERIES D  · $96 M  · Feb 2016

SERIES E  · $93 M  · Jul 2018

OTHERS  · $50 M · Sep 2016

STRATEGIC INVESTMENT

$50 M

LISTED

NO

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