Metromile, a car insurance platform with a pay-per-mile model, has closed its Series E on $90m.
The round was co-led by leading insurance companies Tokio Marine Holdings and Intact Financial. Other contributions to the funding came from both new and existing backers including NEA, Index, Future Fund and Section 32.
Alongside the investment, Metromile has appointed former Intel Corporation president Stacy Smith as its new independent director on its board of directors.
Metromile is an insurance startup which provides drivers with on-demand insurance for each mile driven. Protection is for bodily harm, property damage, collision, uninsured motorise cover, and emergency roadside assistance, among others.
All users receive the Metromile Pulse, which plugs into a car OBD-II port and will measure mileage and power the company’s app services. Through the app, a user can access data on trip times, speed and fuel costs in order to optimise future travels, monitor a car health and locate where the car is parked.
The company also uses AVA, an AI claims system designed to accelerate claim verifying and processing. From data gathered through Metromile Pulse, the AI is able to reconstruct the scene of an accident to decide whether claims are accurate and then automatically deploy approved payments.
Its services are currently available in eight US states including, Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, Virginia, and Washington, but Metromile hopes to cover the entire US eventually.
This capital has been earmarked for developing and expanding its AI technology in claims processing to help simplify the insurance experience.
Metromile CEO Dan Preston said, “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.
?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.”
Last year, the company bagged $103.5m in its Series D round which was backed by firms including?Intact Financial and China Pacific Insurance.
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