AXA backs insurtech for pay-by-mile car insurance in UK
The UK unit of French insurance giant AXA has partnered with pay-by-mile insurtech startup By Miles, which is launching a product aimed at motorists that drive infrequently – typically under 7,000 miles a year.
Rather than paying an annual premium, drivers pay a lower fixed amount each year to cover their non-driving risks, such as theft and vandalism, then pay for the rest of their cover monthly, based on how many miles they drive.
By Miles measures each journey using a matchbox-sized black box device called a Miles Tracker, with drivers able to access the cost of each trip through a smartphone app. In addition to giving By Miles members access to their own spending and driving data, the company’s app and web dashboard offer chat support and a range of additional features that make owning a car easier.
“Our partnership with By Miles fits with our focus on finding innovative ways to reach customers – especially those whose needs differ from the wider market,” said Neil Mercier, head of motor, AXA UK.
“By Miles will benefit motorists who spend less time behind the wheel, allowing them to pay for their insurance based on their usage and take control of what they pay for their cover.”
James Blackham, co-founder and chief executive, By Miles, added: “We created By Miles to help UK motorists take back control of their car insurance, combining smarter and fairer pricing with a better and more personalised service. AXA is one of the most experienced insurers in the world and welcoming them as our underwriting partner will give our members the peace of mind that they’ll be protected by the best if the worst happens.”
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