Mile Auto Enhances Insurance Experience for Low-Mileage Drivers with Verisk Telematics

Insurtech innovator Mile Auto has integrated telematics solutions from Verisk (Nasdaq:VRSK), a leading global data analytics provider, to help consenting, low-mileage drivers easily access affordable car insurance based on how much they drive. By connecting to the Verisk Data Exchange™ and its network of automakers, Mile Auto will be able to deliver an efficient, customer-centric purchase experience to the growing number of connected car drivers.

Mile Auto is fueling its growth as a managing general agent (MGA) by using two Verisk solutions: Discount Alert and DrivingDNA Mileage. With Discount Alert, Mile Auto will be able to use anonymized telemetry data to target low-mileage drivers of connected cars and provide a prompt to request a Mile Auto quote. With DrivingDNA Mileage, Mile Auto will be able to access verified odometer readings.

Leveraging both solutions, Mile Auto plans to deliver a lightning-fast quote experience and provide accurate, mileage-based savings of up to 40 percent for drivers who opt to share their mileage data with Mile Auto.

“The evolution of commuting and travel patterns has resulted in many people driving less and seeking to reduce their insurance premiums,” said Fred Blumer, CEO of Mile Auto. “But it’s often been a challenge for insurers to identify and determine how much individuals are actually driving. With Verisk’s telematics solutions, we’re able to find consenting, low-mileage drivers and quickly provide them with precise premiums based on mileage data from their connected cars.”

DrivingDNA Mileage will help Mile Auto access verified mileage information from the broadest network of automakers in North America, collectively representing nearly 50 percent of new vehicle sales in the United States. Collected directly from connected cars, this verified mileage data is delivered upfront in the quote flow, eliminating the need for eligible applicants to install third-party hardware or mobile apps to collect such mileage information.

“Mileage information and odometer readings are highly predictive but have been notoriously difficult for insurers to access or trust,” said Joe Wodark, general manager of Verisk’s telematics business. “The verified data we provide through DrivingDNA Mileage will help overcome those challenges, supporting Mile Auto’s pay per mile insurance program and enhancing their customer experience.”

The Verisk Data Exchange is an award-winning Internet of Things (IoT) and telematics platform that is helping personal and commercial lines insurers harness the power of data from the connected world. The Exchange works with numerous automotive manufacturers and applies advanced analytics and artificial intelligence to generate insights that enable superior decision-making across the life cycle of insurers’ telematics programs.