SAN FRANCISCO, Aug. 7, 2018 /PRNewswire/ — Metromile, the leader in pay-per-mile car insurance in the U.S., today announced that Tokio Marine Holdings, Inc., the largest P&C insurance group in Japan, has become the first insurance carrier to license Metromile’s Connected Intelligence Platform. The first-of-its-kind artificial intelligence (AI) platform was designed to provide real-time insights into a customer’s lifetime value and improve the claims journey through the collection and integration of targeted data throughout the customer lifecycle. The result is greater efficiency and a more premium customer experience. The platform includes two core products, Customer Intelligence and Claims Intelligence that will be rolled out over the coming months.
“We are excited to expand the Connected Intelligence Platform’s reach beyond Metromile policyholders,” said Dan Preston, CEO of Metromile. “The platform will significantly increase Tokio Marine’s ability to understand customer behaviors and respond to their needs while improving the claims experience through machine learning and automation.”
As the first carrier to license Metromile’s Connected Intelligence Platform, Tokio Marine Holdings will be able to provide a frictionless customer experience at the industry’s lowest operating cost through data and automation.
“Metromile has built the most advanced claims automation process assisted by AI and machine learning, and we look forward to enabling our customers to experience a faster, no hassle claim filing with this technology,” said Makoto Okada, Group Chief Digital Officer of Tokio Marine Holdings.
Metromile’s Connected Intelligence Platform:
Metromile is transforming the claims and customer experience by leveraging machine learning and AI, and now seeks to license those advantages to other insurers looking to digitize, improve combined ratios, and delight their customers with seamless claims experiences. The platform currently includes two core products:
Customer Intelligence: Using advanced machine learning techniques, Customer Intelligence helps insurance carriers better target risk at an individual level across their marketing investments and throughout the policy purchase flow. It also allows for real-time underwriting on an individual customer basis.
Claims Intelligence: Harnessing machine learning to automate and identify fraud, Claims Intelligence expedites and processes the majority of auto insurance claims, drastically improving the customer experience while reducing Loss Adjustment Expense (LAE) and Loss Ratio (LR). The Claims Intelligence product is powered by AVA, Metromile’s AI claims system, and includes:
- Claims Visibility Suite: The Claims Visibility Suite is made up of:
- AVA First Notice of Loss (FNOL): From detecting an accident to walking the customer through filing a claim, AVA FNOL helps facilitate every step of the process.
- AVA Intelligence: Aggregating all of the information surrounding a claim and applying sophisticated machine learning algorithms, AVA Intelligence automatically determines the consistency of a claim and categorizes the probability of fraud. Low risk claims are routed for processing through the Automation Suite, while the higher risk claims are sent to adjusters for investigation.
- AVA Virtual Witness: Using sensor data from multiple sources, AVA Virtual Witness is always there to give detailed and relevant information about the incident. AVA Virtual Witness is comprised of:
- Co-Pilot SDK (iOS and Android): A market ready mobile telematics SDK designed for quick and seamless implementation into an existing insurance company’s mobile application. Co-pilot provides the trip level data required to support AVA Virtual Witness.
- An online platform for claims adjusters to recreate the scene of an accident based on data collected by Co-Pilot or other available sensors.
- AVA Claims Automation Suite: For every task that doesn’t involve a human touch, AVA Automation makes the entire claims process frictionless for the consumer and the adjuster.
Metromile is revolutionizing car insurance through technology with its pay-per-mile insurance model. By offering affordable car insurance, transparent pricing based on the miles you actually drive, data to optimize how you use your car, and instant access to detailed vehicle diagnostics via the driving app, Metromile is building the future of insurance.
After launching their pay-per-mile product in 2012, Metromile transitioned into a fully licensed insurance carrier in 2016. Metromile is currently offered in eight states, including Ariz., Calif., Ill., N.J., Ore., Pa., Va., and Wash.
Metromile, Metromile logos, AVA, the Connected Intelligence Platform and other service names are the trademarks of Metromile, Inc. and/or its affiliates. All policies are underwritten by Metromile Insurance Company and backed with reinsurance protection by HSCM Bermuda, and MAPFRE RE.
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