NOTE TO THE FOLLOWING ARTICLE
In 2016 Merger & Acquisition Services, Inc. (M&A) advised AXA Insurance Group on the sale of Mosaic Insurance Company to Metromile. The acquisition of Mosiac provided Metromile with a nationwide admitted platform for their pay-per mile personal auto product.
“It is fantastic to see Metromile continues its growth as an innovative insurance carrier and attract industry leaders such as Tokio Marine as investors in their business model,” said Jason C. Murgio, CEO of M&A. “Over the years we have helped numerous startup companies acquire insurance company platforms and it is rewarding to see Metromile continue to be successful in changing the insurance sector landscape.”
Tokio Marine co-leads $90mn funding for Metromile start-up
24th July 2018 – Author: Matt Sheehan
Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience.
Metromile said it plans to use the funds to expand its pay-per-mile insurance and simplify the insurance experience through the use of artificial intelligence (AI) claims processing.
The funding also included participation from existing and new investors NEA, Index, Future Fund and Section 32, the venture capital firm founded by former Google Venture Chief Executive Officer (CEO), Bill Maris.
Makoto Okada, Group Chief Digital Officer at Tokio Marine Holdings, commented: “Metromile is truly transforming the insurance industry with their technological infrastructure that combines machine learning and data to build the most seamless customer experience.”
Additionally, the insurer announced the appointment of Stacy J. Smith as Independent Director to Metromile’s Board of Directors. Smith previously served at Intel Corporation as Executive Vice President of Manufacturing, Operations and Sales and was also the longtime Chief Financial Officer (CFO).
Metromile aims to streamline the process of verifying and paying out insurance claims using its AI-based AVA claims system, which uses Metromile Pulse sensor data to reconstruct the scene of an accident, determine whether claims details are accurate, and automatically approve payments.
“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,” said Dan Preston, CEO of 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.”
Currently available in eight states, including Arizona, California, Illinois, New Jersey, Oregon, Pennsylvania, and Virginia, Metromile plans to expand its pay-per-mile insurance offering nationwide.