Metromile Plans to Adopt Bitcoin to Offer Drivers More Choice
06 May 2021 - 10:00PM
Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance
platform and pay-per-mile auto insurer, today announced it will
soon allow policyholders the option to pay for insurance and
receive payment for eligible and approved insured claims in bitcoin
or dollars. Metromile will be the first insurance company to both
accept premiums and pay claims in cryptocurrency.
Metromile will purchase $10 million of bitcoin
in Q2 2021 to adopt cryptocurrency as an additional choice for
insurance premiums and payment of claims. Metromile believes
allowing cryptocurrency payments will support its commitment to
fairer insurance and promote financial resilience for policyholders
as cryptocurrency becomes mainstream and a more significant portion
of consumers’ assets.
“Metromile gives drivers control over how they
want to pay for insurance. We started by giving drivers an
opportunity to save 47% a year by paying per mile, and now we want
to offer people the flexibility to pay and be paid how they want,”
said Metromile Chief Executive Officer Dan Preston.
Drivers pay only for what they use with
Metromile’s real-time, personalized auto insurance policies priced
and billed by the mile. Claims are handled quickly, and in many
cases, are fully automated. Metromile continues to add new features
to its digital insurance platform to give drivers more choice and
flexibility to complement their lifestyle and individual needs.
As part of its commitment to being a responsible
steward for its customers and shareholders, Metromile will be
working closely with regulators to satisfy any concerns, with the
goal of serving policyholders’ increasing interest for more payment
options and faster claims resolution.
“We believe in the transformative potential of
blockchain technology. We are still in the early days of realizing
how this shift to decentralized finance and cryptocurrency will
create enduring advantages in insurance, but we believe that
offering bitcoin as an option for premium and claims payments would
be an important first step,” added Preston. “Technology has always
led our work at Metromile, and the rapid change in financial
infrastructure being realized now must be embraced as we chart our
course for the decades ahead.”
About MetromileMetromile
(NASDAQ: MILE, MILEW) is a leading digital insurance platform in
the United States. With data science as its foundation, Metromile
offers real-time, personalized auto insurance policies by the mile
instead of the industry’s reliance on approximations that have
historically made prices unfair. Metromile’s digitally native
offering is built around the modern driver’s needs, featuring
automated claims, complimentary smart driving features and annual
average savings of 47% over what they were paying their previous
auto insurer.
In addition, through Metromile Enterprise, it
licenses its technology platform to insurance companies around the
world. This cloud-based software as a service enables carriers to
operate with greater efficiency, automate claims to expedite
resolution, reduce losses associated with fraud, and unlock the
productivity of employees.
For more information about Metromile, visit
www.metromile.com and
enterprise.metromile.com.
ContactsRick Chen,
Metromilepress@metromile.com415-676-7744
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