The Quest For Fairer Usage-Based Insurance

In 2016, myself and James Blackham decided that we’d had enough of the unclear, unfair and seemingly untrustworthy affair that is buying car insurance. As a mandatory addition to car ownership, we agreed that it felt more like a tax than any kind of informed purchase decision, with limited options and poor customer service. That’s why we decided to create By Miles, in a quest to disrupt the industry and provide customers in the UK, like us, with an all-round better experience.

James and I were on a mission to create insurance products that not only were fairer and more transparent, but that people would actually want to talk about in the pub and, for a change, in a positive way.

We and the team at By Miles developed the UK’s first and only pay-by-mile car insurance product, engaging with customers via an award-winning mobile app and using real-time data received from the customer’s car to offer a transparent and fair pricing structure that rewarded people for using their car less. Putting customers first has resulted in By Miles gaining over a 4.7/5 rating from over 3,000 Trustpilot reviews, insuring tens of thousands of customers covering hundreds of millions of miles, all whilst retaining a marketing leading number of customers every renewal.

When we first started By Miles, we went on the look-out for a technology platform that would help us fulfil our mission. Whilst evaluating all the major insurance industry technology platforms, we quickly learned they’d all been built for an insurance product that hasn’t changed much in forty years. We realised that to achieve our vision, we needed to create a completely new insurance technology stack that put customer experience first — from quote through to renewal — and was built from the ground up with real time usage data at its core.

4 years on, and tens of thousands of customers later, we made the decision to externalise the technology we developed as a cloud based, API driven platform, which we’ve called By Bits. By Bits is an evolution of the vision James and I had back in 2016, where the By Bits platform will significantly reduce the cost and time required for other insurers and insurtechs around the world to meet customer expectations in an evolving insurance industry.

Over the past year, a global pandemic changed driving habits for millions. The need for innovation in the industry to cater for changing needs and expectations has never been more in demand. Our research UBI Industry Report 2021 shows that the pressures on the industry for change are great and coming from multiple angles. You can read more on how rapidly changing dynamics of the motor insurance industry are driving Innovation in Global Insurance

We’re releasing the By Bits platform to enable visionary insurers who want to create better, more customer centric products to catch up and grow with the changing mobility landscape.

By Bits offers insurers a future proofed usage-based platform that enables the creation of innovative “Pay-per-mile” insurance products, no matter what the state of an insurer's existing tech stack. If you’d like to see how By Bits could help your organisation, get in touch for a chat and to arrange a demo