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.
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.
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.”
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.
“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.”
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 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 TimesForever 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!
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.
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 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.
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…)
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.
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.
We are excited to share that Metromile is among the winners of the annual Glassdoor Employees’ Choice Awards, a list of the Best Places to Work in 2017!
This is such an honor for us because the award was determined entirely by those that know us best, our employees. To determine the winners of the awards, Glassdoor evaluates all company reviews shared by employees over the past year. We were included as sixth on the list of small and medium-sized companies (less than 1,000 employees) and the only car insurance company represented.
Metromile rates highly on Glassdoor with 4.7 out of 5 stars from more than 40 reviews. 94 percent of people would recommend working for Metromile, 99 percent have a positive business outlook and 100 percent approve of the CEO, Dan Preston. Some of the reasons why Metromile ranks so highly include smart and motivated colleagues, transparent leadership, unique and groundbreaking products and great benefits. We work hard to not only create fiercely loyal customers, but also fiercely loyal employees. This award is evidence that our efforts are working!
We’ve been a little silent on the news front lately but it’s because we’ve been building up to this announcement. Today, we are thrilled to announce $191.5 million in funding, bringing our total capital raised to $205.5 million. Investors like Intact Financial, CPIC, Index Ventures, New Enterprise Associates (NEA), First Round Capital, Mitsui, SV Angel, Metromile Founder and Chairman David Friedberg and well-known entrepreneur Mark Cuban participated in our recent financing events.
We’ll use the money to fuel growth initiatives, advance nationwide expansion and acquire an insurance carrier. Yep, you read that correctly- Metromile has acquired an insurance carrier meaning that we will underwrite our own policies and manage the entire claims process from start to finish, providing our customers a faster, more fair and seamless claims experience.
Metromile is licensed nationwide but as of today, we’re underwriting policies in NJ, OR and PA, and will underwrite policies in CA, IL, VA and WA in the coming weeks. If you’re a customer, you’ll be able to take advantage of this when your policy renews (we’ll send a note as this time approaches). With the new and improved claims experience, if a customer needs to file a claim, they will have a dedicated claims representative to ensure the claim gets filed quickly and fairly. Our claims team is comprised of industry experts with over 200 combined years of experience at major insurance companies, with both extensive knowledge of best practices as well as innovative plans to improve the experience. As a technology-driven company, we’ll also be introducing new updates and features that will continuously improve the experience.
Now that the cats out of the bag, you can expect to hear more from us as we focus on rapid state expansion in the coming year. Sign up for our waitlist if you would like to be notified when we arrive in your state! To see more announcements from Metromile, visit our Press page. And if you are interested in our pay-per-mile insurance offering, you can learn more here.
At Metromile, we believe that car insurance should never be a hassle. We even go the extra mile to make car ownership simple and seamless, with an app that has helpful features like street sweeping alerts and a car locator. Now, we are introducing a totally redesigned dashboard that makes it easier than ever to access the information you care about the most.
Get a quick snapshot of your balance and trips.
If you are currently a Metromile customer, just log-in and your new dashboard will be waiting for you. At first glance, you’ll see your current balance, miles driven and overview of miles per day. If you have a bill that is due, you’ll also see that information, as well as a button that allows you to pay with one click. It’s never fun to pay bills, so we wanted to make it as painless as possible! Scroll down and you can view your car’s location and recent trips. If you have multiple cars on your policy, you will see information broken down by vehicle.
Better understand your bill.
Want to get more detailed? Head to the new “billing” section, where you will see a graph that correlates daily mileage with your bill. You’ll also see a list of the trips you’ve taken in your billing cycle. Click on a date and an interactive map will appear, giving a visual snapshot of a day’s worth of driving. Again, if you have multiple vehicles on your policy, you can easily toggle between them to view detailed information for each. Now, you can see how each trip affects how much you pay. You might even be inspired to make adjustments to your commute to save more money!
Easily access policy information.
In the “policy” section, you’ll see an overview of all of your insurance information. This has everything you could ever want to know about your policy and is also where you can access policy documents and your proof of insurance card. We wanted to add some fun to typically stagnant insurance information, so you’ll see a customizable avatar and illustration of your car (you can even pick the color).
The best part is that we’re only getting started. We have a lot of exciting updates in the coming months, so if you aren’t yet a Metromile customer, make sure to get a quote now so you can take advantage of everything we have in store!
Research has shown that our signature pay-per-mile car insurance offering has customers ditching their cars, many for their own two feet. Today, we’ve announced a new insurance offering to cover you from the disasters you could potentially face on foot: walking insurance.
Metromile’s walking insurance functions through its new smart walking app: the Metromile Pace. Several factors will be considered when creating your unique per-step rate, including broken bone history, clumsiness score and type of walking shoes.
Customers who sign up for the Metromile Pace will be covered in the event of:
Being caught in an unexpected rainstorm
Losing footing, tripping or falling
Worn out socks and shoes
Emergency walk-side assistance
It’s time to toss your pedometers! Users will see increased benefits with the walking insurance feature, including tracking number of steps, miles logged, shoe health and more. We’re especially excited about the “Walk Much?” feature that is able to gauge fall severity based on impact and immediately alerts emergency operators.
We’re offering a safe-walker discount for walkers who commit to not walk-and-text, use the handrail when available, and follow the safe route recommended by their Metromile Pace. There is also a bonus offer for adding a foot care package to your walking insurance, which includes a monthly pedicure and new pair of socks.
April Fools’! While we don’t actually offer pay-per-step walking insurance, we do offer pay-per-mile car insurance for low-mileage drivers. Get a free quote here.