Pay-per-mile car insurance company Metromile has entered into a partnership with Tokio Marine Holdings to license its Connected Intelligence Platform.
By leveraging Metromile’s Connected Intelligence Platform, Tokio Marine is claimed to be able to offer frictionless customer experience at the lowest operating cost in industry through data and automation.
Metromile stated that its Connected Intelligence Platform is artificial intelligence-based (AI) and was designed to provide real-time insights into a customer’s lifetime value and improve the claims journey through the collection and integration of targeted data throughout the customer lifecycle. This is claimed to result in greater efficiency and better customer experience.
Metromile CEO Dan Preston said: “We are excited to expand the Connected Intelligence Platform’s reach beyond Metromile policyholders.
“The platform will significantly increase Tokio Marine’s ability to understand customer behaviors and respond to their needs while improving the claims experience through machine learning and automation.”
By using machine learning and AI, Metromile is transforming claims and customer experience. It now seeks to license these advantages to other insurers looking to digitize, improve combined ratios and offer seamless claims experience for their customers.
The platform has two core products Customer Intelligence and Claims Intelligence. And, these will be rolled out in the coming months.
By using advanced machine learning techniques, Customer Intelligence can help insurance carriers in better targeting risk at an individual level across their marketing investments and throughout the policy purchase flow. It also allows for real-time underwriting on an individual customer basis.
Claims Intelligence harnesses machine learning to automate and identify fraud. It expedites and processes majority of auto insurance claims and can drastically improve customer experience while reducing Loss Adjustment Expense (LAE) and Loss Ratio (LR). The Claims Intelligence product is powered by AVA, Metromile’s AI claims system.
Tokio Marine Holdings group chief digital officer Makoto Okada said “Metromile has built the most advanced claims automation process assisted by AI and machine learning, and we look forward to enabling our customers to experience a faster, no hassle claim filing with this technology.”