Direct Line has acquired By Miles Group, a Managing General Agent (MGA) and provider of real-time pay-by-mile insurance policies.
By Miles’ proprietary, cloud-based platform supports simple car insurance products that allow customers to pay only for the miles they drive. As well as award-winning customer service, By Miles offers its members an easy-to-use smartphone app, which enjoys high levels of customer engagement and ratings on app stores.
Having sold over 100,000 policies since launch, By Miles currently has c.50,000 customers, writing £26m of Gross Written Premium.
Direct Line Group already underwrites By Miles’ new business and the company said the acquisition has a “negligible impact” on its capital position.
Andy Broadfield, who leads Direct Line Group’s Ecosystems team, said, “We’re excited to join forces with By Miles – they are an entrepreneurial team that have built fantastic capability and, like us, are focused on delivering every day for their customers.
“It’s a perfect fit because we’re creating easy, digital-first journeys to enable customers to pick the motor insurance cover that best suits them. Combining our customer-friendly brands, underwriting and data expertise with By Miles’ innovative connected car capability and engaging customer proposition is an exciting prospect. We can’t wait to get started because it provides exciting potential for the Group to meet more of the needs of more customers.”
James Blackham, CEO of By Miles, added, “We’re delighted to be joining Direct Line Group. When we started By Miles back in 2016, we wanted to build a new kind of insurance that would better fit the lives of drivers today and would continue evolving to support the way drivers get around in the future. Direct Line’s underwriting data and insight, commitment to customer experience and comprehensive knowledge of building household brands chimes perfectly with our mission of bringing the benefits of fair, data-led pricing to as many UK drivers as possible.”
Last year, By Miles launched its By Miles Connect platform which allows drivers of connected cars to connect their insurance policy to the company directly from their car.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
