(Image source: Metromile homepage.)
Metromile, the San Francisco-based pay-per-mile insurer has announced that it has raised $90 million in Series E funding co-led by leading insurance companies Tokio Marine Holdings and Intact Financial. The financing included participation from existing and new investors NEA, Index, Future Fund and Section 32, the venture capital firm founded by former Google Ventures CEO, Bill Maris. The company says that it plans to use the funds to expand pay-per-mile insurance and simplify every step of the insurance experience through the use of artificial intelligence (AI) in claims processing. Metromile is currently available in eight states, including Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, and Washington.
“Tokio Marine Holdings and Intact Financial are ideal partners to support our rapid growth and ongoing commitment to leveraging AI and machine learning to improve the entire insurance experience,” comments Dan Preston, CEO, Metromile. “This allows us to advance our use of sensors and automation to provide Metromile customers with the world’s simplest claims experience, while lowering the cost of car insurance and bringing technology to the forefront of the insurance industry.”
In its announcement about the new funding, Metromile emphasized its ongoing effort to transform the claims experience by leveraging the power of AVA, the company’s AI claims system. Using Metromile Pulse sensor data, AVA can reconstruct the scene of an accident to instantly determine if claim details are accurate, according to the announcement. When the claim is verified, Metromile says it is able to automatically approve payments within seconds.
Machine Learning and Data
“Metromile is truly transforming the insurance industry with their technological infrastructure that combines machine learning and data to build the most seamless customer experience,” comments Makoto Okada, Group Chief Digital Officer of Tokio Marine Holdings.
As part of the new funding news, Metromile also announced the appointment of Stacy J. Smith as Independent Director to Metromile’s Board of Directors. Smith previously served at Intel Corporation as the executive vice president of Manufacturing, Operations and Sales and was also the longtime CFO.