USAA to acquire Noblr, a telematics insurtech
The United Services Automobile Association (USAA) has today announced it will acquire the telematics insurtech company Noblr to allow it to offer usage-based insurance to its members.
Wayne Peacock, president and Chief Executive Officer of USAA, said: “The acquisition of Noblr, Inc. increases our competitiveness in the marketplace and adds the choice of UBI capability for our members.
“Members will get personalised pricing that fits their risk and usage profile, better control over the cost of their auto policies, and an exceptional end-to-end digital experience. USAA has always been an innovator, and the addition of Noblr, Inc.’s technology is another example of our commitment to deliver world-class service and experiences to our members”, he added.
What are UBI products?
UBI products offer a low insurance premium along with a “mileage variable” by combing both usage and behavioural factors to create personalised pricing, the USAA said. The company also claimed that this option was important for its customers, most of who are military personnel who are highly mobile and deployed frequently.
The USAA hopes to roll out UBI across the United States over the next three years, beginning with the eight states where Noblr is available, and then expanding into additional states. The acquisition comes off the back of news that the USAA behaviour-based insurance programme, SafePilot, saw a 200% increase in 2020, as nearly half of new policyholders in states with the availability of Noblr opted in for the programme.
Talking about the acquisition, Gary Tolman, co-founder and Chief Executive Officer of Noblr, said: “This is a wonderful opportunity for the Noblr team to quickly and significantly expand the implementation of usage-based telematics to more states and serve our military families, USAA members. We look forward to being a part of the USAA team as they embark on their next century”.