InsurTech Gateway incubator launches motor insurance revolution.
Motor insurance took a big step forward this week as By Miles, one of the Insurtech Gateway’s incubated InsurTech companies, secured an underwriting deal with AXA Insurance UK plc.
By Miles will be the first pay by the mile car insurer in the UK and with AXA now on board the vision of the startup founders is set to become a reality.
The By Miles product is aimed at motorists who drive less than 7,000 miles per year and uses a match-box sized device installed in the car which tracks mileage. This is linked to a smartphone app showing drivers the cost of their insurance in real time. Motorists pay a fixed annual cost to cover their car when it’s parked, then pay for any miles they drive each month.
The company plans to launch to early adopters next month and has a waiting list of customers keen to try out the system. A formal launch will take place later this year.
By Miles co-founder and chief executive James Blackham said: “We created By Miles to help UK motorists take back control of their car insurance, combining smarter and fairer pricing with a better and more personalised service. AXA is one of the most experienced insurers in the world, and welcoming them as our underwriting partner will give our members the peace of mind that they’ll be protected by the best if the worst happens.”
The partnership with By Miles is part of a wider AXA strategy to work alongside companies looking at innovative ways to price risk, while the move enables By Miles to bring its first pay-by-mile product to UK drivers.
The Insurtech Gateway (the dedicated incubator and investment team jointly backed by Hambro Perks and Lumleys) is continually on the lookout for startup teams with disruptive models like By Miles.
In November 2017, the Insurtech Gateway was launched as the world’s first authorised incubator for InsurTech, which alongside investment capital and a suite of centralised services will ensure that startups will be able to rapidly access the market and begin shaping their products with real customers.
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