Carrie Dolan Named Most Influential Women in Business – 2018

We have some pretty exciting news to announce today, Metromilers. Our very own Carrie Dolan has been named 2018’s “Most Influential Woman in Business” by the San Francisco Business Times. We’ve always known how inspirational of a woman Carrie was, and we are thrilled to see her recognized for her (many) accomplishments.

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At Metromile, Carrie is leading the next phase of company growth, disrupting the insurance industry with pay-per-mile auto insurance and seeing first hand how an innovative financial services model that leverages technology and data can translate into a better experience for consumers. As CFO, she is responsible for overseeing accounting, financial planning and analysis, treasury, actuary services, and investor relations. Carrie’s leadership impact extends outside of her team. She makes herself available to everyone in the company and works to improve communication and teamwork across the company. She also works to help everyone with finding their own career path and pushing us all to take more risks. In addition to her role as CFO, Carrie is committed to serving her community and supporting the advancement of women.

In honor of her win, we wanted to share some of the things Carrie has done that inspire us everyday. Carrie has decades of financial experience and a proven track record of scaling high-growth consumer brands, like Chevron, Charles Schwab, and Lending Club. Currently, Carrie is our CFO, responsible for overseeing accounting, financial planning and analysis, treasury, actuary services and investor relations. In addition to her professional successes, Carrie has received several industry accolades for her leadership and the impact she has made across the financial industry. In 2015, American Banker honored her as one of “The Most Powerful Women in Finance.” During the same year, The Financial Women of San Francisco named Carrie the “Financial Woman of the Year” for her remarkable commitment to her profession, service to her community, and support for the advancement of women. In 2013, the San Francisco Business Times awarded Carrie the Bay Area CFO of the Year for Emerging Companies.

We hope you’ll join us in congratulating Carrie on her win. Who are some other women who have inspired you? Interested in joining the Metromile team? Check out our jobs board.

An Open Letter to Super Bowl Ad Rankings

Dear National Media,

We’re Metromile, America’s leading pay-per-mile car insurance company.

We want to talk about something really important to most Americans — Super Bowl commercials.

After 29 years of ranking Super Bowl ads, we believe it’s time for the National media to recognize ALL commercials airing during the big game, no matter if they are national or local.

Since we don’t have $5,000,000,000 to spend on a 30-second national ad spot, we’re running our spot in Portland, OR – the birthplace of pay-per-mile car insurance and home to our first customer. Our pay-per-mile model is revolutionizing the insurance industry by offering affordable car insurance, transparent pricing based on the miles driven, data to optimize car use, and instant access to detailed vehicle diagnostics. We’re making car insurance easier and more accessible than ever before.

Here’s our ask: Create a “Local Ad Ranking” and conduct Super Bowl ranking surveys for all the local-level ads. Leverage social media and local newspapers under each of your networks. Build some buzz with local advertisers across the country. Everybody wins.

To get you started, we wanted to share “Dear Portland,” our 60 second spot that’s scheduled to run in the last spot before halftime.

We’d be happy to answer any questions you have about our ad or Metromile. Just let us know and we’ll set it up.

Thank you so much for your time and consideration.

– Your Friends at Metromile

Metromile in 2017: The Year in Review

2017 was an exciting year for us here at Metromile. And as we continue to grow, we wanted to share some of the milestones we’ve hit along the way, with the help of our fiercely loyal customers.

This year our customers hit the billion mile marker, meaning since our inception in 2013 our customer have driven one Billion Miles. That’s a lot of road, and we are proud to have been there with them every step of the way. In 2017, we also launched the world’s best claims experience, powered by AVA our AI smart claims system. AVA makes filing a claim, picking a repair shop, getting a rental car, and getting reimbursed a breeze.

Metromile 2017 In Review

With 2018 right around the corner, we thought it would be fun to take a retrospective look at 2017:

    Average Miles Driven:
    Metromilers in big cities across the country are living up to our low-mileage mantra, driving on average 5,925 miles in 2017 – that’s less than half the national average. Which city drives the most? It may not surprise you that sprawling San Diego takes the top spot driving 7,613 miles per year on average. Here’s how the cities rank:

      1. Portland, OR 4,519 miles per year
      2. Seattle, WA 5,127 miles per year
      3. Philadelphia, PA 5,624 miles per year
      4. Chicago, IL 5,936 miles per year
      5. San Francisco, CA 6,054 miles per year
      6. Los Angeles, CA 6,604 miles per year
      7. San Diego CA 7,613 miles per year

    Most Popular Day of the Week to Drive
    Through and through, Metromilers prove that cars are best for weekend use. Besides Chicago,(where Sunday is the most popular day to drive) all major Metromile covered cities drive the most on Saturdays.

    Most Popular Day to Drive On
    Once again the day before Thanksgiving (this year, November 22, 2017) was the most popular day to drive.

    Most Common Vehicle
    The Honda Civic is the most common car in Portland, Seattle, Philadelphia, Chicago, San Francisco and Los Angeles. Interestingly enough the most common car in San Diego (where our drivers drive the most) is the Toyota Corolla.

    Metromile Savings
    We don’t just save our customers money on insurance, we save them from pesky street sweeping tickets too. Our smart driving app offers street sweeping alerts (in select cities) that saved our customers $600,000 in 2017. That’s a lot of dough.

What a year 2017 has been, thanks so much to everyone who took us along for the ride. We are looking forward to offering our customers even more awesome features that make their lives easier in 2018. If you aren’t already a customer, get a quick quote to see how much you could benefit from pay-per-mile insurance this year!

Introducing Metromile Direct Repair and Rental, Powered by AVA

Metromile’s automated claims system, AVA, has some exciting new feature enhancements that are going to make filing a claim with us even easier. Getting into an accident is never fun, that is why we’ve made it our priority here at Metromile to create the world’s best claims experience. Our latest effort to transform the claims experience has resulted in the new self-service direct repair and rental capabilities for our customers.

AVA, who we debuted in July, is a first-of-its-kind smart claims system designed to speed up the process of verifying and paying out insurance claims through the Metromile mobile app or online dashboard. Using Metromile Pulse sensor data, AVA can reconstruct the scene of an accident to verify claim details. If the claim is verified, AVA is able to automatically approve payments within seconds. And now, AVA can even assist in finding repair shops, scheduling rental cars, and setting up and processing claims payments.

You can learn more about AVA here.

How does it work?
Eligible policyholders who have submitted a claim and indicated that they are planning to repair their vehicle will be directed to the Metromile Dashboard to see repair shops that are participating in the direct repair program and are located near the zip code of the vehicle’s last location.

If the policyholder also has rental coverage they will be given the option to reserve a rental car with Enterprise-Rent-A-Car through the Metromile online dashboard. Just like with the direct repair program, the Dashboard will provide policyholders with locations near the vehicle’s last location. Policyholders can even gain access to and schedule an Enterprise shuttle for pick-up from the repair shop or another specified address.

If the policyholder would rather find and choose their own repair and/or rental shop, they are welcome to do so by opting-out of the program.

Once a vehicle is in the shop and a rental car has been picked up, AVA will keep customers posted on repair status, schedule changes, and even help change the rental reservation if needed. As soon as the vehicle has been repaired and returned to the customer, AVA will automatically initiate payment.

Even with AVA, all customers will have the option to call in to talk to our in-house team of claims professionals. Not yet a Metromile customer but intrigued by AVA and our automated claims? Visit metromile.com/insurance to learn more about our pay-per-mile insurance and get a quick quote.

Metromile Is A Glassdoor 2018 Best Place to Work

Glassdoor 2018 Best Places to Work Winner

Metromile is pleased to announce we are among the winners of the annual Glassdoor Employees’ Choice Awards, a list of the Best Places to Work in 2018. This is the second year in a row that Metromile has been recognized as a Best Place to Work, and we are honored to be listed again.

Unlike other awards, there was no self-nomination process, instead it’s entirely based on feedback our employees have voluntarily and anonymously shared on Glassdoor. To determine the winners of the awards, Glassdoor evaluates all company reviews shared by employees over the past year. This year, we are proud to be recognized as a Best Place to Work among companies with less than 1,000 employees according to those based in the U.S.

Below are just a few words employees shared on Glassdoor that contributed toward the award and that made us feel incredibly honored to be recognized:

    Fundamentally changing an age-old industry AND providing the customer a real value by being fair in how we price insurance – feels good to work on something you believe in. And the concept of fairness finds its way into the culture, too – ideas come from everywhere, departments are fluid and collaborative. As a result, the product is not only something we can all be proud of, but the process of getting there is

    Focus on innovation and creating a business that is adaptable to the changing market
    Leadership who seem to really care about their employees’ happiness
    Smart, down-to-earth, lovely colleagues
    Generally speaking, very customer-focused: management insists on being in the trenches with front-line service and sales staff, and I’ve seen them go the extra mile to do the right thing by the customer

    The work culture is amazing. I’m still excited to come into work everyday. The managers in my department have the best interest for us and push/challenge us to be at our full potential.

A huge thank you goes out to all our employees who took the time to share their perspectives on what it’s like to work here. We appreciate all the valuable feedback as it only helps us to improve.

Metromile; The Pioneers of Digital Engagement Insurance

This post originally appeared on The Digital Insurer. It was written by Rick Huckstep, Chairman, The Digital Insurer. Rick is an InsurTech thought leader, keynote speaker, advisor and investor to tech start-ups. Not yet a Metromile customer? Visit metromile.com/insurance to learn more about our pay-per-mile insurance and get a quick quote.

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Imagine a world where the insured has a continuous digital engagement with their insurer. Where the “insurance product” is a value add service that offers more than just financial protection. In this world, the insurance brand becomes “sticky” and churn becomes a function of product development, not promotional pricing. In fact, price is no longer the only buying criteria. This is the world of Metromile, the pioneers of digital engagement insurance.

To find out more for InsurTech Insights, Rick Huckstep spoke with Dan Preston, the CEO of pay-per-mile auto insurer, Metromile.

Value Trumps Price

Metromile were ahead of their time when it comes to digital engagement. This is the world of insurance protection where customers buy insurance cover because of the on-going value it provides, not just because of the price it is offered at.

In recent times, the buying of insurance has become associated with searching for the cheapest price. Online buying guides advise customers to always shop around for the best price and never auto-renew. Even the Regulators force statements on renewal notices to advise customers to shop around. This is commoditization in all its glory!

Which is good for consumers, right? Maybe at the point of sale, but when insurance is sold below premium, it means someone else is paying for it. Until renewal time, when premiums are increased significantly.

All this does is irritate the customer, further diminish trust in insurance and cause the customer to start all over again looking for a new insurer! What a waste of time and effort for everyone!

The Case for Digital Engagement in Insurance

The big problem in any price-only driven market is that cost of sale is a killer. Price points only ever go down, sales and marketing costs don’t (not at the same pace anyway), and this continually squeezes the whole supply chain. In the intermediated world of personal lines insurance, the addition of friction and inefficiency simply compound the cost (and margin) issue for insurers.

No matter how hard the insurer tries to build and promote a trusted brand, the uncertainty of premium pricing always undermines it.

The building of brand loyalty takes time and insurers don’t hang on to customers long enough to do so. For traditional insurers, their only opportunity to show value is through the claims experience. However, all too often, the insurer fails to seize the day and ends up disappointing the customer.

And yet customer feedback clearly shows they want more in the way of value. And are willing to pay for it!

Turning the Insurance Product into a Lifestyle Product

The advances in digital technology in the last decade have given insurers the means by which they can create “sticky” insurance products. Once they’ve “won” a customer, they can now hang on to them. They use enabling tech such as telematics, mobile apps, wearables, IoT devices to create ways of connecting and engaging with customers continuously.

The adoption of this enabling technology gives insurers the ability to dynamically improve risk ratings, to personalize premiums and adjust policy conditions on an ongoing basis. The traditional approach of a single, point in time questionnaire can be replaced by an ongoing assessment and review approach enabled by these new technologies.

As a result, we’ve seen the introduction of digital engagement products based on new sources of data, personalized to the specific risk conditions of the customer. These new technologies enable insurers to radically shift from being the provider of an enforced product to a provider of a value added service.

As Maria Ferrante-Schepis writes in Flirting with the Uninterested, “Insurance companies, when you really think about it, are not just in the protection business. They are in the ‘lifestyle continuity business.’”

Digital Engagement Insurance In Action

Great examples in Life and Health are Vitality and Oscar along with InsurTech platforms such as Fitsense and Sureify. Here, wearable devices combined with mobile apps enable digital engagement with the insurance brand to promote a healthy lifestyle. In so doing, the app becomes a lifestyle product, part of the customer’s daily routine. This makes it a lot harder to churn come renewal time.

In Home, the adoption of IoT devices has done more than (just) create a means for digital engagement. The IoT enabled smart home moves the insurer into the Loss Prevention space. Now, insurers can build insurance products that are focused on preventing the loss altogether. Prevention is always better than cure, right!?

Metromile Are the Pioneers of Digital Engagement

Metromile represents everything that defines #InsurTech as we know it today, and yet they pre-date the social media tag by half a decade! Metromile is a 7-year-old U.S. auto insurer I first wrote about back in 2015. Their business model is based on a pay-per-mile insurance product which they then wrap with other services to enhance the car ownership experience for their customers.

To enable continuous customer engagement, Metromile use tech in the form of the Metromile Pulse (a device that plugs into the car’s on board diagnostic port) and a smart driving app on the customer’s mobile. They recently announced Series C and D investment rounds that took the total money raised to $205m. It’s an impressive sum that puts them in the InsurTech fundraising upper quartile.

The thing that struck me about Metromile is that they don’t say anything about “insurance” when they describe what they do. Here’s what they say “About Us” on their website.

At Metromile, our mission is to empower drivers by creating a more connected and informed car ownership experience.

By taking our deep understanding of data and transforming it into information and services that make having a car less expensive, more convenient, and smarter, we aim to make the urban car experience as simple as it can be. And for some, we hope to make car ownership a possibility where it wasn’t before.

They’ve literally taken an insurance product and turned it into a lifestyle product!

Leveling the Playing Field for Low-Mileage Drivers

When it comes to auto insurance, the main risk factor is how often drivers are on the road. If you’re not on the road then factors such as claims history, driving behavior or condition of car, are insignificant. In the case of auto, this means those that don’t drive very much subsidize the higher mileage drivers. This is because traditional auto insurance products take a blunt instrument approach to assessing driving time.

Metromile say that customers can save on average $500/year on auto insurance (which is roughly 40-50% of the typical cost of insurance). You will see something similar in the UK from Cuvva. They claim their Pay-as-you-Drive insurance can save drivers up to 70% of traditional insurance premiums.

Creating Value that Every Insurance Customer Gets

In a recent call I had with CEO Dan Preston, I asked him about digital engagement and the Metromile model. He told me, “There are typically 3 interactions the insurer has with their customers. When they sell a policy, when they renew and when they receive a claim. There’s nothing in those interactions that adds value. Even the claims process is so full of friction that it becomes an unpleasant experience for the customer. It’s the place where NPS goes to die!

“When we started Metromile we quickly learned that customers want more than just a good claims experience. They want value through digital engagement.”

Metromile-AVA-System-Desktop-Mobile

Here’s the thing that Metromile figured out early (and earlier than most). By creating value over and above the insurance product, they create value that EVERY Metromile customer benefits from, not just those that might go through a successful claims experience.

Dan explained, “We set out to build Metromile into more than just an insurance business. We wanted to help our customers manage the cost of running a car. This includes everything from maintenance and regular servicing, to parking and speeding tickets.

“One of the early features on the app was a feature to help drivers avoid parking tickets by informing them of street sweeping schedules. We took publicly available data in the San Francisco area and laid that over our customers’ movements. Using the app, we were able to direct customers to parking areas that would not risk parking tickets. Some customers reported that the savings in parking fees more than paid for the cost of our insurance!”

As Metromile moved into new jurisdictions, they found that the data they wanted and needed to support the value-add services in the app were not always universally available.

Dan explained, “Ultimately it became a data collection exercise for us to collect data unique to the car and the driver as we went into new areas. In many places, the data we needed was in PDF format. We found ways to extract the data and still provide the features in the app.”

Metromile’s Win-Win Through Value and Loyalty

This is the real point of digital engagement – creating a win-win.

The customer gets value from the digital engagement with a lifestyle product (and tangible benefits such as less parking fees!). And insurers see less churn, better (risk) data about customers and a greater sense of loyalty/connection/trust.

This is where behavioral economics kick in. It is this sense of trust and loyalty that directly links to lower levels of claims fraud and embellishment. None of this would be possible in a traditional auto insurance product. Metromile has exploited technology to enable this digital engagement. The key is the Metromile Pulse; a dongle that customers plug into their car to read the on-board telematics data and connects to the mobile phone and the Metromile app.

This allows Metromile to know when the car is being driven and when it is not. In turn, this allows Metromile to price on a per mile basis for insurance, turning it off and on accordingly

Metromile’s AVA Delivers an Automated Claims Experience

Metromile’s latest tech addition enables an automated claims experience. At the time of an incident, data captured by the app and the dongle is used by Metromile to settle a large number of claims. Many of them automatically and instantly.

They can do this because they are not waiting on a claims adjustor to collect information to support a claim. Instead, through the customer’s Pulse device, Metromile is able in many cases to verify and validate a claim without human intervention. In these scenarios, there is no reason to not pay a claim instantly.

The turning point for Metromile came about a year ago when they became a fully licensed carrier. Dan told me, “We’ve been handling claims in-house for about year now. In that time we’ve launched AVA, our AI claims assistant and the most exciting product launch to-date at Metromile! We wanted to create a different experience for customers, one that was different to the traditional experience, with much less friction for customers.

“For the customer, all they want is to get back on the road. But for the traditional carrier, they won’t settle until they’ve got all the evidence that they need to justify the claim. In the traditional claims experience, often the problem is that the carrier only has the word of the customer to go on. Trust isn’t very strong in this relationship and the result is that it takes time.

“With Metromile, the Pulse can verify what the customer is telling us. Our tech can verify facts such as speed and location and time. The customer doesn’t need to provide this data because we already have it. This leads to instant payout or for the Metromile app to organise the repair and servicing of the vehicle.

“It’s another win-win because the instant and automated approach delivers a better customer experience by reducing cycle time and making it easy to claim. For Metromile, it lowers the cost of handling claims, which benefits customers in the long run by lowering premiums.”

Carrie Dolan Joins Metromile as Chief Financial Officer

We are excited to announce that Carrie Dolan has joined Metromile as our Chief Financial Officer. With decades of strategic financial experience and a proven track record of scaling high-growth consumer brands, we’re excited to have her here to help drive Metromile’s next stage of growth.

carrie_dolan_Metromile_CFO

Carrie comes to us from Lending Club, where as CFO she helped scale the company, increasing annual revenue by over 7000% during her 6-year tenure. Joining Metromile is a natural next step as our mission closely aligns to how Lending Club transformed the banking industry, using technology and data to offer better rates for borrowers. Here at Metromile, we use data and technology to more efficiently underwrite risk and process claims, providing low-mileage drivers with affordable premiums and better service.

Prior to Lending Club, Carrie spent 10 years at Charles Schwab & Co, where she was Senior Vice President and Treasurer, as well as CFO, Schwab Bank, which she helped launch in 2003. Early in her career, she held various financial positions at Chevron where she launched the Chevron Credit Bank, which offered proprietary credit cards, eventually serving on its board of directors as CFO. She holds both a bachelor’s degree in business and an MBA from UC Berkeley Haas School of Business.

In addition to her professional successes, Carrie has received several industry accolades. She’s been named one of the Most Powerful Woman in Finance by American Banker, featured in the San Francisco Business Times Forever Influential List, and recognized as the Financial Woman of the Year by The Financial Women of San Francisco for her commitment to her profession, service to community and support for the advancement of women.

In addition this important hire, Metromile also announced four recent promotions that further support our growth initiatives: James Moorhead to Chief Operating Officer, Sean Griswold to Chief Customer Officer, Katy Allen to VP of Business Development and Jason Foucher to VP of Insurance Product. We’re really kicking things into high gear, so stay tuned to see what we have planned next!

Introducing the Metromile Claims Team

We recently announced that we are bringing claims in-house, and with this exciting update comes a whole new department here at Metromile. So, without further ado, here are some of the hardworking and dedicated members of the new Metromile Claims Team.

Metromile_claims_team

Thomas Turner, Claims Compliance & Ethics Specialist 
Around the office he’s known as the walking rolodex. According to Thomas, “Metromile offered me a great opportunity to build something really neat and useful from the ground up. I walked away from my first meetings here with the impression that my co-workers were bright, driven, interesting folks with whom I’d enjoy spending time–all of which has turned out to be true.” As the “compliance guru” he’s tasked with making sure the company meets our regulatory responsibilities on all levels, in every area, on a state-by-state basis. His goal is to have the “Metromile equivalent of The Hitchhiker’s Guide to the Galaxy, but focused on the claims universe and with a set of ethics guidelines to go along with it.”

Chis Laurent, Claims Business Analyst
Known as the “tech guru” within the claims team, Chris has a background of nearly seven years of working in claims. He analyzes business requirements of systems for our end customers in order to effect and improve efficiency and help make sure there is always smooth claims handling for everyone. He says that when he joined Metromile “I was excited and up for the challenge. I always like trying new things and expanding my experience within in the industry. I love cars and have a background in glass installing, which makes me passionate about insurance.”

Carolyn Wilson, Claims Training and Process Consultant
Carolyn is tasked with keeping the team organized and disciplined. Starting in claims almost 20 years ago as a claims rep, she found herself with a terrific opportunity to take her passion (mentoring new people) to being a state trainer and eventually moved into corporate training. She says: “I wanted to join Metromile because I enjoy being on the ground floor and involved in things I would never have had the opportunity to do. Also, it’s so much fun to work with people far smarter than me to turn ideas into reality.” When there are new hires on the claims team, she works with a few other great people to help onboard and train them. Mostly, she “takes the creative minds of everyone on our team and helps to figure out what the process might be.”

Dara Miller, Subrogation Representative
Dara has worked in the claims environment for 11 years working on everything from personal lines insurance and special lines insurance to being a claims processor, loss assignor and also a claims representative in the past. When a Metromile customer is in an accident and not at fault, she works to collect money back from the at fault insurance company to reimburse the customer’s policy and deductible. She says she “joined Metromile because of the people and the amazing culture. I love the innovation of Metromile and I am so glad I am a part of this company.”

We are so excited to have them a part of our Metromile family. They truly do so much for our company and help create fiercely loyal customers. You can learn more about our claims process here.

2016 Year in Review

2016 was a big year for us here at Metromile. From acquiring an insurance company to launching our in-house claims service, we found many new ways to provide fair and seamless insurance for our customers. Here’s a glimpse of what the year looked like for the Metromile community.

Metromile_2016

Average Miles Driven
According to the U.S. Department of Transportation Federal Highway Administration, the average American drives 13,476 miles each year. Metromile customers in major cities drive an average of 6,000 miles each year, less than half of the national average! Here’s a breakdown:
Seattle- 4,481 miles
San Francisco- 5,443 miles
Chicago- 5,691 miles
Portland, Ore.- 5,720 miles
Los Angeles- 5,905 miles
Oakland, Calif.- 6,239 miles
Philadelphia- 6,329 miles
San Jose, Calif.- 6,980 miles
San Diego- 6,998 miles (more…)

Metromile Introduces New Automated Claims Service

We recently shared the good news that Metromile had acquired an insurance carrier, enabling us to manage the entire claims process from start to finish. The good news keeps coming — our new and improved claims service is already here! This includes our automated claims tool that gives many customers the option of filing their claim online without ever talking to someone on the phone.

metromile_claims

In the event that a Metromile insurance customer needs to file a claim, the entire process will be much more seamless. Our brand new claims tool uses data and automation to reduce the pain points of traditional insurance. Unlike other major insurance companies that only allow you to start the beginning of a claim online, our customers can file everything right from their online dashboard or mobile phone. Also unique is our claims algorithm that dynamically serves questions depending on the situation, making sure the experience is streamlined and tailored to you.

We understand the importance of getting claims filed quickly and fairly. Customers can opt-in to use data provided from their Metromile Pulse device to expedite the claims process. Qualified claims can even be resolved and paid out within hours.

We’ve also updated our glass and roadside assistance. You can now instantly make a request from our app or online dashboard. If you are requesting roadside assistance, you can even track where your tow truck is in real time.

While we pride ourselves on being a tech-forward company, there are plenty of talented people working behind the scenes. Our claims team is comprised of people with over 200 combined years of experience at major insurance companies. Even though the whole claim can be filed online, customers will still have a dedicated claims representative to ensure everything is done quickly and fairly. We’ll do whatever it takes to get our customers back on the road as soon as possible.