7 August 2018Insurance

Tokio Marine partners with insurtech MetroMile for AI platform

San Francisco-based insurtech startup MetroMile has entered into a strategic partnership with Tokio Marine Holdings following a  $90 million investment by the Japanese property/casualty insurer and Intact Financial.

Tokio Marine has become the first insurance carrier to license Metromile's Connected Intelligence Platform that the start-up claims will lower the operating costs for insurers through data and automation. The artificial intelligence (AI) platform is designed to provide real-time insights into a customer's lifetime value and improve the claims journey through the collection and integration of targeted data throughout the customer lifecycle.

Metromile aims to “transform” the claims and customer experience by leveraging machine learning and AI, and is now seeking to license those advantages to other insurers looking to digitize, improve combined ratios, and offer “seamless claims experiences” to their customers.

MetroMile operates in the personal auto insurance market leveraging digital technologies, such as machine learning and data analytics capabilities. Founded in 2011, MetroMile offers pay-per-mile car insurance and is led by CEO Dan Preston.

Makoto Okada, Tokio Marine Holdings group chief digital officer, said: "Metromile has built the most advanced claims automation process assisted by AI and machine learning, and we look forward to enabling our customers to experience a faster, no hassle claim filing with this technology."

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Nephila gains approval for Lloyd's managing agency; appoints leaders

Swiss Re to benefit from ReAssure IPO

Argo expands 12% in US in Q2

California wildfire now largest in state history

5 hurricanes, 1 major hurricane predicted for upcoming season

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
10 August 2018   Japan-based Tokio Marine Holdings reported ordinary profit of ¥138.06 billion ($1.24 billion) for the first quarter of its 2018 financial year (April-June), up 11.7 percent year on year.
Insurance
3 September 2018   Insurance group Tokio Marine Holdings (TMH) has appointed Munich Re's Daljitt Barn to the newly-created post of global head of cyber risk.
Insurance
12 February 2020   Metromile’s technology is expected to save Tokio Marine millions of dollars.