Private motor insurer Direct Line Group has acquired pay-by-mile insurance provider By Miles.
“We’re delighted to be joining Direct Line Group,” said James Blackham, chief executive of the managing general agent, in a release. “When we started By Miles back in 2016, we wanted to build a new kind of insurance that would better fit the lives of drivers today and would continue evolving to support the way drivers get around in the future.
‘Direct Line’s underwriting data and insight, commitment to customer experience, and comprehensive knowledge of building household brands chimes perfectly with our mission of bringing the benefits of fair, data-led pricing to as many UK drivers as possible.
“Having proven the demand for usage-based insurance, we’ve made great progress building out our connected car data platform. With these solid foundations and the support of Direct Line Group, we’re excited to take our business to the next stage.”
Andy Broadfield, who leads the ecosystems team at Direct Line Group, described By Miles as an entrepreneurial team that has built “fantastic” capability. Prior to the swoop, Direct Line Group already knew By Miles as it served as the underwriter of the latter’s new business.
“It’s a perfect fit because we’re creating easy, digital-first journeys to enable customers to pick the motor insurance cover that best suits them,” commented Broadfield.
“Combining our customer-friendly brands, underwriting, and data expertise with By Miles’ innovative connected car capability and engaging customer proposition is an exciting prospect. We can’t wait to get started because it provides exciting potential for the group to meet more of the needs of more customers.”
With its proprietary, cloud-based platform, By Miles currently has around 50,000 customers. The business has sold more than 100,000 policies, writing £26 million of gross written premium.
