Tokio Marine Holdings, the Japanese insurance giant, is the first carrier to license Metromile’s artificial intelligence-driven automated claims processing platform.
The deal, announced Aug. 7, comes about two weeks after Metromile disclosed a $90 million financing round led by Tokio Marine and Intact Financial. Metromile said at the time that the funding infusion would help, in part, to further expand the use of its technology.
Metromile is a pay-per-mile auto insurance provider that uses telematics, an app and AVA, its AI claims system, to focus on speeding up the process of verifying and paying out insurance claims.
In terms of what Tokio Marine will be licensing, Metromile refers to the system as its Connected Intelligence platform. The technology is what Metromile describes as a “first-of-its kind artificial intelligence platform” that can give carriers “real time insights into a customer’s lifetime value and improve the claims journey.”
How do you improve the “claims journey”? Metromile said that this is accomplished by using targeted customer data, a practice that boosts efficiency and improves the customer experience.
Metromile explained its full platform is actually two products—Customer Intelligence and Claims Intelligence—both of which will be “rolled out” in the coming months. Customer intelligence relies on advanced machine learning to help carriers better target and underwrite risks. Claims Intelligence uses machine learning to automate and identify fraud, process auto insurance claims and reduce loss adjustment expense as well as the loss ratio. AVA is part of this, according to the company.
Dan Preston, Metromile’s CEO, said in prepared remarks that its platform will “significantly increase Tokio Marine’s ability to understand customer behaviors and respond to their needs while improving the claims experience through machine learning and automation.”