Metromile Plans to Adopt Bitcoin to Offer Drivers More Choice
Digital insurance platform will be the first to accept insurance premiums and pay insured claims in cryptocurrency
SAN FRANCISCO, May 06, 2021 (GLOBE NEWSWIRE) -- Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars. Metromile will be the first insurance company to both accept premiums and pay claims in cryptocurrency.
Metromile will purchase $10 million of bitcoin in Q2 2021 to adopt cryptocurrency as an additional choice for insurance premiums and payment of claims. Metromile believes allowing cryptocurrency payments will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more significant portion of consumers’ assets.
“Metromile gives drivers control over how they want to pay for insurance. We started by giving drivers an opportunity to save 47% a year by paying per mile, and now we want to offer people the flexibility to pay and be paid how they want,” said Metromile Chief Executive Officer Dan Preston.
Drivers pay only for what they use with Metromile’s real-time, personalized auto insurance policies priced and billed by the mile. Claims are handled quickly, and in many cases, are fully automated. Metromile continues to add new features to its digital insurance platform to give drivers more choice and flexibility to complement their lifestyle and individual needs.
As part of its commitment to being a responsible steward for its customers and shareholders, Metromile will be working closely with regulators to satisfy any concerns, with the goal of serving policyholders’ increasing interest for more payment options and faster claims resolution.
“We believe in the transformative potential of blockchain technology. We are still in the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring advantages in insurance, but we believe that offering bitcoin as an option for premium and claims payments would be an important first step,” added Preston. “Technology has always led our work at Metromile, and the rapid change in financial infrastructure being realized now must be embraced as we chart our course for the decades ahead.”
Metromile (NASDAQ: MILE, MILEW) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile instead of the industry’s reliance on approximations that have historically made prices unfair. Metromile’s digitally native offering is built around the modern driver’s needs, featuring automated claims, complimentary smart driving features and annual average savings of 47% over what they were paying their previous auto insurer.
In addition, through Metromile Enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate with greater efficiency, automate claims to expedite resolution, reduce losses associated with fraud, and unlock the productivity of employees.
Rick Chen, Metromile