Direct Line acquires By Miles
Direct Line Group has acquired By Miles, a UK-based insurance startup launched in 2016 to offer pay-per-mile insurance.
Direct Line Group already underwrites By Miles’ new business and the acquisition has negligible impact on the Group’s capital position, according to the company.
By Miles, which raised $26.5 million in funding, has sold over 100k policies since launching and it currently has 50k customers, writing £26 million of gross written premium.
In 2021, By Miles introduced By Bits, a platform for insurers to create usage-based car insurance products. Callum Rimmer, the co-founder of By Miles who led the B2B initiative which now seems inactive, left the company in January according to LinkedIn data.
“We’re excited to join forces with By Miles – they are an entrepreneurial team that have built fantastic capability and, like us, are focused on delivering every day for their customers. It’s a perfect fit because we’re creating easy, digital-first journeys to enable customers to pick the motor insurance cover that best suits them. Combining our customer-friendly brands, underwriting and data expertise with By Miles’ innovative connected car capability and engaging customer proposition is an exciting prospect. We can’t wait to get started because it provides exciting potential for the Group to meet more of the needs of more customers.” – Andy Broadfield, Ecosystems and Partners lead, Direct Line Group.
“We’re delighted to be joining Direct Line Group. When we started By Miles back in 2016, we wanted to build a new kind of insurance that would better fit the lives of drivers today and would continue evolving to support the way drivers get around in the future. Direct Line’s underwriting data and insight, commitment to customer experience and comprehensive knowledge of building household brands chimes perfectly with our mission of bringing the benefits of fair, data-led pricing to as many UK drivers as possible. Having proven the demand for usage-based insurance, we’ve made great progress building out our connected car data platform. With these solid foundations and the support of Direct Line Group, we’re excited to take our business to the next stage.” – James Blackham, CEO of By Miles.
Bottom Line: Better than Brolly.