Through Verisk’s mileage-based telematics solutions, Mile Auto can streamline the insurance purchase experience and reach new customers
Jersey City, N.J. and Atlanta, GA, March 15, 2022 (GLOBE NEWSWIRE) -- Insurtech innovator Mile Auto has integrated telematics solutions from Verisk (Nasdaq:VRSK), a leading global data analytics provider, to help consenting, low-mileage drivers easily access affordable car insurance based on how much they drive. By connecting to the Verisk Data Exchange™ and its network of automakers, Mile Auto will be able to deliver an efficient, customer-centric purchase experience to the growing number of connected car drivers.
Mile Auto is fueling its growth as a managing general agent (MGA) by using two Verisk solutions: Discount Alert and DrivingDNA Mileage. With Discount Alert, Mile Auto will be able to use anonymized telemetry data to target low-mileage drivers of connected cars and provide a prompt to request a Mile Auto quote. With DrivingDNA Mileage, Mile Auto will be able to access verified odometer readings.
Leveraging both solutions, Mile Auto plans to deliver a lightning-fast quote experience and provide accurate, mileage-based savings of up to 40 percent for drivers who opt to share their mileage data with Mile Auto.
“The evolution of commuting and travel patterns has resulted in many people driving less and seeking to reduce their insurance premiums,” said Fred Blumer, CEO of Mile Auto. “But it’s often been a challenge for insurers to identify and determine how much individuals are actually driving. With Verisk’s telematics solutions, we’re able to find consenting, low-mileage drivers and quickly provide them with precise premiums based on mileage data from their connected cars.”
DrivingDNA Mileage will help Mile Auto access verified mileage information from the broadest network of automakers in North America, collectively representing nearly 50 percent of new vehicle sales in the United States. Collected directly from connected cars, this verified mileage data is delivered upfront in the quote flow, eliminating the need for eligible applicants to install third-party hardware or mobile apps to collect such mileage information.
“Mileage information and odometer readings are highly predictive but have been notoriously difficult for insurers to access or trust,” said Joe Wodark, general manager of Verisk’s telematics business. “The verified data we provide through DrivingDNA Mileage will help overcome those challenges, supporting Mile Auto’s pay per mile insurance program and enhancing their customer experience.”
The Verisk Data Exchange is an award-winning Internet of Things (IoT) and telematics platform that is helping personal and commercial lines insurers harness the power of data from the connected world. The Exchange works with numerous automotive manufacturers and applies advanced analytics and artificial intelligence to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company's advanced technologies to manage risks, make better decisions and improve operating efficiency. The company's analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
About Mile Auto
Mile Auto is a next-generation insurtech company that leverages computer vision and decision analytics to support pay-per-mile auto insurance offerings. Launched in 2019 and based in Atlanta, Mile Auto’s leadership team brings decades of experience in vehicle data and auto insurance ranging from building connected vehicle systems for Mercedes Benz to usage-based insurance programs for State Farm. Mile Auto has patented technologies that help low-mileage drives save as much as 40% off their current auto insurance rates by collecting and validating odometer data without the need for extra hardware, mobile apps or GPS tracking. Mile Auto’s pay-per-mile insurance programs are currently active in Arizona, California, Georgia, Illinois, Ohio, Oregon and Texas, with several additional states expected to be added in 2022. For more information, visit www.mileauto.com.
CONTACT: Media Contact Michelle Pantina Verisk +1 201-469-3177 email@example.com