UK-based By Miles, a pay-by-mile car insurance provider, has launched its first offering in another country – Italy.
Launched in 2018, By Miles has insured over 250 million miles for its UK members and said it has experienced exponential growth, both in terms of sales and personnel. The InsurTech has raised over £28m in funds from investors including Commerzventures, Octopus Ventures, JamJar Investments, 14W, InMotion Ventures and Insurtech Gateway.
Italian drivers are set to be able to buy policies from Spring 2022.
By Miles said driving habits have changed significantly over the past few years as a result of the pandemic, but this is not exclusive to the UK, Italy has also seen a downward trend in average mileage. The company said this means there is a demand for fairer pricing.
In the UK, around 6% of car insurance policies sold are usage-based, By Mile said, but in Italy this number climbs to 27% of policies. Italian drivers are already receptive to the fairer pricing offered by usage-based policies.
The InsurTech is powering the expansion via the UBI platform By Bits, which enables it to launch new UBI products in under 12 weeks.
Callum Rimmer, co-founder of By Miles, said, “We’ve cornered the usage-based insurance (UBI) market in the UK, and have now insured a whopping quarter of a billion miles for our members. Having gone from the acorn of an idea between my co-founder James and I, to a serious player in the UK insurance market and a valid alternative for many low-mileage drivers – we decided it’s time to take our playbook global.”
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