Metromile has announced $90 million in Series E funding co-led by leading insurance companies Tokio Marine Holdings and Intact Financial.
The startup based is known for car insurance with its pay-per-mile model and fully automated claims experience.
The pay-per-mile model is enabled by Pulse device which is based on telematics technology that can track miles driven and driving behavior as well.
The company recently introduced AVA, its new AI claims assistant who accurately verifies claims in seconds and quickly resolves them. It is a first-of-its kind smart claims system designed to speed up the process of verifying and paying out insurance claims.
Using Metromile Pulse sensor data, AVA can reconstruct the scene of an accident to instantly determine if claim details are accurate. When the claim is verified, Metromile is able to automatically approve payments within seconds.
The company plans to use the funds to expand pay-per-mile insurance and simplify every step of the insurance experience through the use of artificial intelligence (AI) in claims processing. Metromile is currently available in eight states, including Ariz., Calif., Ill., N.J., Ore., Pa., Va., and Wash., and the company is focused on offering pay-per-mile insurance nationwide.
Source: Press Release