Tokio Marine, Intact lead $90m investment in insurtech MetroMile
Tokio Marine Holdings and Intact Financial are leading a $90 million investment in San Francisco-based startup MetroMile, according to a July 23 Bloomberg News report.
MetroMile operates in the personal auto insurance market leveraging digital technologies, such as machine learning and data analytics capabilities aiming to improve, among others, advertisement, policy purchasing and claims reporting. Founded in 2011, MetroMile offers pay-per-mile car insurance and is led by CEO Dan Preston.
Tokio Marine Holdings has made the strategic investment through its wholly owned subsidiary Tokio Marine & Nichido Fire Insurance. In addition to the investment, Tokio Marine has also entered into an exclusive alliance with MetroMile.
Tokio Marine said it will seek application of MetroMile’s technology, such as artificial intelligence and data analytics, in realizing faster claims adjustments and automated claims service processes in the Japanese market.
The companies have also agreed on other business alliances in Asia. The partnership will enable Tokio Marine to study and apply advanced insurtech owned by MetroMile and provide new products and services, the company said.
The deal follows a recent partnership between Tokio Marine unit Tokio Marine Kiln and NTT DATA UK to develop robotics services.
NTT DATA UK’s Cargo 10 Virtual Worker is the first of several planned robotic process automation (RPA) initiatives at TMK and will help automate marine transactions to deliver improved operational efficiencies and data quality, according to the company. The result will be faster transactions, fewer errors and the ability to process transactions out of office hours, the company added.
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