Pay-per-miles car insurance tech startup By Miles’ co-founder has launched a new usage-based InsurTech named By Bits.
Callum Rimmer said that By Bits will offer air and transparent pricing for drivers.
“Motor insurance pricing is seen as opaque and unfair, and consumers are overwhelmingly dissatisfied with the level of service they are receiving,” Rimmer told BusinessCloud.
“Because it is mandatory if you own a car, motor insurance feels like a tax rather than a purchase decision. This needs to change.
“Insurance companies urgently need to put the customer first or they risk losing market share and becoming irrelevant.”
The news comes after By Miles raised a £15m Series B round in May 2020. The InsurTech previously secured £5m in its Series A round in 2019.
Rimmer added that the “tried and tested” By Bits platform will provide a service customers are clamouring for after the coronavirus crisis.
“This pandemic has changed driving habits for millions and the need for the whole UK car insurance industry to catch-up to customer expectations, grow with the changing mobility landscape and create the freedom to innovate has never been more pressing,” he said.
“We hope that in ten years’ time people see the launch of By Bits as an inflection point in the way motor insurance is delivered, in the same way that retail banking has been transformed over the last few years.”
Copyright © 2021 FinTech Global