Jersey City, NJ and Atlanta, GA, March 15, 2022 (GLOBE NEWSWIRE) — Insurtech innovator Mile Auto has integrated telematics solutions from Verisk (Nasdaq:VRSK), a leading global provider of data analytics, to help low-mileage drivers who consent to easy access to affordable car insurance based on how much they drive. By connecting to Verisk Data Exchange™ and its network of automakers, Mile Auto will be able to deliver an efficient, customer-centric shopping 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 Mileage DrivingDNA. With Discount Alert, Mile Auto will be able to use anonymous telemetry data to target low-mileage connected car drivers and provide a prompt to request a quote from Mile Auto. With DrivingDNA Mileage, Mile Auto will be able to access verified odometer readings.
Leveraging both solutions, Mile Auto plans to deliver a lightning-fast quoting experience and deliver accurate mileage-based savings of up to 40 percent for drivers who choose to share their mileage data with Mile Auto.
“Evolving commuting and travel patterns have resulted in many people driving less and looking to lower their insurance premiums,” said Fred Blumer, CEO of Mile Auto. “But it has often been a challenge for insurers to identify and determine how much people are actually driving. With Verisk telematics solutions, we can find low mileage consenting drivers and quickly provide them with accurate premiums based on mileage data from their connected cars.”
DrivingDNA Mileage will help Mile Auto access verified mileage information from the largest network of automakers in North America, which together account for nearly 50 percent of new vehicle sales in the United States. Collected directly from connected cars, this verified mileage data is delivered up front 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 improving the customer experience.”
Verisk Data Exchange is an award-winning Internet of Things (IoT) and telematics platform that is helping business and personal lines insurers harness the power of data in the connected world. Exchange works with numerous automakers and applies advanced analytics and artificial intelligence to generate insights that enable superior decision-making throughout the lifecycle of insurers’ telematics programs.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to clients in the insurance, energy and specialty markets, and financial services industries. More than 70 percent of the FORTUNE 100 rely on the company’s advanced technologies to manage risk, make better decisions and improve operational efficiency. The company’s analytics solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophe, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) issues. . Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where everyone team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns Great Place to Work certification. For more information: Verisk.com, LinkedIn, Twitter, Facebook and YouTube.
About Mile Auto
Mile Auto is a next-generation insurance company that leverages computer vision and decision analytics to support pay-per-mile auto insurance offerings. Launched in 2019 and headquartered in Atlanta, Mile Auto’s leadership team brings decades of vehicle data and auto insurance experience ranging from building connected vehicle systems for Mercedes Benz to vehicle-based insurance programs. use for State Farm. Mile Auto has patented technologies that help low-mileage drivers save up to 40% on their current car insurance rates by collecting and validating odometer data without the need for additional 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.