Innovation in the insurance industry
The world is in a constant change, is becoming digital, and new digital generations of people are growing up, this means that every business need a big change if they want to survive and be successful in this hard competitive world, even the most essential and biggest industries such as banks and insurance. The digital side is really important in every business, that’s why this article is focused on highlight the aspects that make of Metromile a great example of a disruptor in the insurance industry.
Metromile is an American car insurance start up that offers an innovator pay-per-mile insurance method and a driving app. MetroMile is just available in California, Illinois, New Jersey, Oregon Pennsylvania, Virginia and Washington. Metromile
Getting an insurance has always been really tedious process because it involves important things such as your car, your business, your house and even your life. But the main question here is, getting an insurance can be easier, faster and have the same or even better results?, my answer: why not?. If you visit Metromile’s web page you’ll see a modern and friendly design which is a great first impression of the company. Metromile wants to let us know that to sell an insurance you don’t need an old and serious page to be credible.
But, what’s the key of innovation that Metromile offers?, Internet of things!, Metromile uses a device called Metromile Pulse, that track your trips, your millage, your car’s health and always knows where your car is. So, Metromile is not limited to just insuring your car, it gives a plus to the insurance industry with this device and a mobile app in which you can see all the information of your car where ever you are and when ever you want.
An important topic, money. Sometimes you can think, ‘hey, I want to insure my car but I don’t use it enough to pay all the money that the insurer company asks per month, I’ll better take the risk’, and that’s how a company losses a client. The main purpose of the Metromile pulse is to track how many miles you drive, based on this you’ll pay a lower or higher rate. So for example if you are on a trip for a month and you don’t use your car, you will only pay the base rate of the insurance.
Now that we have seen how Metromile has a great understanding of what people want and need, I’m really sure that this can be extended to health insurance, maybe tracking your vital signs and charge based on your habits?, offering a special deal? a lot of new proposals can be given, but there’s just one thing that is sure, insurance companies that take full advantage of the technology will be a step ahead of the others.