Intact Financial Corporation, the largest provider of property and casualty insurance in Canada, has made a strategic investment in Metromile, a usage-based insurance company offering products in seven U.S. states.
Metromile offers auto insurance policies that are priced based on miles driven, using an on-board telematics device in the car. Its target audience is urban drivers.
"Metromile is redefining the marketplace with its unique business model, innovations and smart technology offerings," said Karim Hirji, SVP, International & Ventures, Intact Financial Corporation. "This venture represents an exciting opportunity for Intact Financial to expand its core competencies which will ultimately enhance the customer experience."
"In 2015, pay-per-mile insurance saved our customers an average of $500 per year, and the Metromile app helped customers diagnose their car issues, avoid thousands of parking tickets, and more," adds Dan Preston, CEO at Metromile. "We are excited to partner with Intact Financial, who shares similar values in transparency, customer experience, and a technology-driven approach to insurance."
In the U.S., Metromile policies are underwritten by National General, formerly GMAC. It launched a product for Uber drivers last year.
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