With business models centered around pay-per-mile insurance and digital distribution of modern homeowners insurance, InsurTech leaders from Metromile and Hippo recently provided their assessments of the pandemic’s impact on the industry from their unique vantage points.
Dan Preston, chief executive officer of Metromile, speaking during an InsurTech NY webinar in mid-September, noted that his company’s revenue had dropped 30 percent. “When you don’t drive, you’re not paying for your insurance. Our customers ended up saving Day One. That is the purpose of the product.”