Metromile creates a new car insurance experience for Ford
Metromile, which was recently placed seventh on our ‘’ list, is renowned for its leading ‘pay-per-mile’ approach to car insurance, wherein competitively priced base-level premiums are supplemented in small increments dependant on the policyholder’s accumulated mileage.
Combining cutting-edge machine learning technology and a simplified customer interface, the company is an exemplary example of how insurtech is disrupting the rigid paradigms of ‘legacy insurance’.
A new experience
Buyers of eligible Ford dealership models will have integrated connectivity to Metromile, which subsequently uses in-built sensors capable of relaying streams of real-time data to analytical software. Miles recorded by the car’s odometer are then recorded and added to the driver’s policy accordingly.
“This is an important milestone for Metromile, and it’s even more important for drivers. That’s why I’m so excited about it,” said Dan Preston, CEO, in a blog post.
“Ford will help us rapidly evolve how we price insurance, measure real-time risk, and put drivers in control of an individualised pay-per-mile rate based on how and how much you drive. Connected vehicles like Ford’s, packed with sensors and safety features, open up myriad opportunities for us to leapfrog ahead in each of these areas.”
Metromile’s business model has taken on even greater precedence in recent times; as the COVID-19 pandemic continues to reduce the necessity for commuting or car usage in general, consumers stand to make significant savings by choosing insurance cover which takes their reduced activity into account.
Regarding this latter point, Alex Purdy, Director of Business Operations, Enterprise Connectivity, Ford Motor Company, , “Metromile’s approach to insurance is an excellent example of how connected vehicles can help people save money by simply paying for only what they use.
“This is another way Ford’s latest connected vehicles are improving the ownership experience for our customers.”
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.