By Miles launches B2B initiative By Bits

London-based pay-per-mile car insurance provider By Miles has launched By Bits , a car insurance platform for insurers to offer usage-based car insurance.

By Bits provides two main services – an insurance rating engine and an insurance policy management system. The rating engine enables insurance companies to calculate insurance premiums using modifiable underwriting and rating rules. For insurers implementing a pay-per-mile product, it will split the premium into a fixed amount and a per-mile amount. The policy management system enables insurers to manage every aspect of the lifecycle of a car insurance policy ranging from quotation to policy and renewal.

“Motor insurance pricing is seen as opaque and unfair, and consumers are overwhelmingly dissatisfied with the level of service they are receiving. Because it is mandatory if you own a car, motor insurance feels like a tax rather than a purchase decision. This needs to change. Insurance companies urgently need to put the customer first or they risk losing market share and becoming irrelevant.” – Callum Rimmer, founder and CEO of By Bits.

Recall insurers with B2B initiatives below.