Metromile Improves Consumer Experience with Verisk Insurance Data

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

(Image source: Verisk.)

Metromile (San Francisco), the pioneer pay-per-mile insurer and digital insurance platform, has announced an integration with Verisk’s (Jersey City, N.J.) LightSpeed Auto to simplify the consumer buying experience, increase speed to bind and conversion rates, and lower acquisition costs, according to a Verisk statement. Verisk describes LightSpeed Auto as a digital underwriting platform that combines extensive data resources and groundbreaking predictive analytics from Verisk to deliver superior results for auto insurers and their customers.

Troy Dye, SVP, Growth, Metromile.

Before the pandemic, more than half of all U.S. drivers were a fit for pay-per-mile auto insurance, observes Troy Dye, Senior VP, Growth, Metromile. “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,” he elaborates. “Drivers can save 47 percent a year on average without having to sacrifice on coverage or their experience. 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 percent of personal auto insurers accelerated digital transformation plans due to the COVID-19 pandemic, a trend that the vendor asserts will continue to be driven by consumer preferences. Many insurance customers also value an expedited quote and an intuitive online application process, the vendor notes. Verisk says that its 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.

Doug Caccese, President, Personal Lines, ISO.

“Speed and accuracy are critical for underwriting auto insurance in today’s rapidly evolving marketplace,” comments Doug Caccese, President of ISO Personal Lines, 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 Legacy Insurance Models 

Jeremy Cook, SVP, ISO Personal Lines, Verisk.

Verisk notes that, 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, the vendor asserts.

“We are continuously developing innovative new solutions that can help insurers attain an edge,” comments Jeremy Cook, Senior VP, ISO Personal Lines, 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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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