Metromile Plans to Adopt Bitcoin to Offer Drivers More

Metromile Plans to Adopt Bitcoin to Offer Drivers More

SAN FRANCISCO, May 06, 2021 (GLOBE NEWSWIRE) — Metromile, Inc. (NASDAQ: MILE, MILEW), a number one digital insurance coverage platform and pay-per-mile auto insurer, right now introduced it should quickly permit policyholders the choice to pay for insurance coverage and obtain fee for eligible and permitted insured claims in bitcoin or {dollars}. Metromile would be the first insurance coverage firm to each settle for premiums and pay claims in cryptocurrency.

Metromile will buy $10 million of bitcoin in Q2 2021 to undertake cryptocurrency as an extra selection for insurance coverage premiums and fee of claims. Metromile believes permitting cryptocurrency funds will assist its dedication to fairer insurance coverage and promote monetary resilience for policyholders as cryptocurrency turns into mainstream and a extra significant slice of shoppers’ property.

“Metromile provides drivers management over how they need to pay for insurance coverage. We began by giving drivers a chance to save 47% a 12 months by paying per mile, and now we wish to supply folks the pliability to pay and be paid how they need,” mentioned Metromile Chief Executive Officer Dan Preston.

Drivers pay just for what they use with Metromile’s real-time, personalised auto insurance coverage insurance policies priced and billed by the mile. Claims are dealt with rapidly, and in lots of instances, are absolutely automated. Metromile continues to add new options to its digital insurance coverage platform to give drivers extra selection and suppleness to complement their life-style and particular person wants.

As a part of its dedication to being a accountable steward for its clients and shareholders, Metromile will probably be working intently with regulators to fulfill any issues, with the objective of serving policyholders’ rising curiosity for extra fee choices and quicker claims decision.

“We imagine within the transformative potential of blockchain know-how. We are nonetheless within the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring benefits in insurance coverage, however we imagine that providing bitcoin as an choice for premium and claims funds could be an essential first step,” added Preston. “Technology has at all times led our work at Metromile, and the fast change in monetary infrastructure being realized now have to be embraced as we chart our course for the many years forward.”

About Metromile
Metromile (NASDAQ: MILE, MILEW) is a number one digital insurance coverage platform within the United States. With knowledge science as its basis, Metromile presents real-time, personalised auto insurance coverage insurance policies by the mile as a substitute of the trade’s reliance on approximations which have traditionally made costs unfair. Metromile’s digitally native providing is constructed across the trendy driver’s wants, that includes automated claims, complimentary good driving options and annual common financial savings of 47% over what they have been paying their earlier auto insurer.

In addition, by Metromile Enterprise, it licenses its know-how platform to insurance coverage firms all over the world. This cloud-based software program as a service allows carriers to function with better effectivity, automate claims to expedite decision, scale back losses related to fraud, and unlock the productiveness of workers.

For extra details about Metromile, go to www.metromile.com and enterprise.metromile.com.

Contacts
Rick Chen, Metromile
[email protected]
415-676-7744

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