London-based pay-per-mile car insurance provider By Miles has launched By Bits , a car insurance platform for insurers to offer usage-based car insurance.
By Bits provides two main services – an insurance rating engine and an insurance policy management system. The rating engine enables insurance companies to calculate insurance premiums using modifiable underwriting and rating rules. For insurers implementing a pay-per-mile product, it will split the premium into a fixed amount and a per-mile amount. The policy management system enables insurers to manage every aspect of the lifecycle of a car insurance policy ranging from quotation to policy and renewal.View Article