SAN FRANCISCO, May 6, 2021 (GLOBE NEWSWIRE) – Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-kilometer auto insurer, today announced that ‘ it would soon offer policyholders the ability to pay for insurance and receive payment for eligible and approved insured claims in bitcoins or dollars. Metromile will be the first insurance company to accept premiums and pay claims in cryptocurrency.
Metromile will buy $ 10 million worth of bitcoin in the second quarter of 2021 to adopt cryptocurrency as an additional choice for insurance premiums and claims payment. Metromile believes that allowing cryptocurrency payments will support its commitment to fairer insurance and promote the financial resilience of policyholders, as cryptocurrency becomes mainstream and forms a larger share of consumers’ assets. .
“Metromile gives drivers control over how they want to pay for their insurance. We started by giving drivers the option to save 47% per year by paying per mile, and now we want to give people the flexibility to pay and get paid however they want, ”said Dan Preston, CEO of Metromile.
Drivers only pay for what they use with Metromile’s personalized real-time auto insurance policies billed and billed by the mile. Complaints are processed 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 be a responsible steward for its customers and shareholders, Metromile will work closely with regulators to address any concerns, with the aim of serving the growing interest of policyholders for more payment options. and faster resolution of complaints.
“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 lasting benefits in insurance, but we believe that offering bitcoin as an option for paying premiums and claims would be an important first step, ”added Preston. “Technology has always driven our work at Metromile, and the rapid change in financial infrastructure now underway must be embraced as we chart our course for decades to come.”
Metromile (NASDAQ: MILE, MILEW) is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers personalized, real-time auto insurance policies by the mile instead of relying on guesswork that has historically made pricing unfair. Metromile’s native digital offering is built around the needs of modern drivers, with automated claims, free smart driving features, and average annual savings of 47% over what they paid their old 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 operators to operate more efficiently, automate complaints to speed resolution, reduce losses associated with fraud, and unleash employee productivity.
For more information on Metromile, visit www.metromile.com and enterprise.metromile.com.
Rick Chen, Metromile