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.