Metromile Inc., a pay-per-mile auto insurance provider, raised $90 million in new financing designed to further expand the use of its technology, which includes artificial intelligence for fully-automated claims processing.
The San Francisco-based company’s insurance is currently available in eight states: Ariz., Calif., Ill., N.J., Ore., Pa., Va., and Wash., with plans to eventually market its pay-per-mile coverage nationally.
Tokio Marine Holdings and Intact Financial co-led the Series E round. Existing and new investors also participated: NEA, Index, Future Fund and Section 32, the venture capital firm founded by former Google Ventures CEO, Bill Maris.
Metromile’s pay-per-mile auto insurance product relies largely on a telematics device, an app and AVA, its AI claims system the insurer bills as “a first-of-its-kind smart claims system designed to speed up the process of verifying and paying out insurance claims.” The company’s Pulse sensor data gathered from the client vehicle lets AVA reconstruct the scene of an accident to instantly determine if details are accurate. Once the claim is verified, Metromile can automatically approve payments within seconds.
The company bills its advancements as tools that lower the cost of auto insurance through making technology a more prominent part of the process.
Metromile has demonstrated impressive premium growth – about 25 percent quarter over quarter –but it appears to not yet be profitable, according to a recent analysis of the company and a few of its major competitors.
In addition to the new financing round, Metromile announced the appointment of Stacy Smith as Independent Director to Metromile’s Board of Directors. Smith previously served at Intel Corporation as the executive vice president of Manufacturing, Operations and Sales and was also the longtime CFO.