By Miles

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InsurTech: Personal Lines?
InsurTech: Infrastructure?

By Miles is a pay-per-mile insurance provider based in the UK. The company provides a tracker that plugs into the car to log miles driven, or, alternatively, uses built-in telematics on newer vehicles to track distance. The company offers value-added services such as vehicle tracking, troubleshooting, accident detection, and a 24-hour claims line. As of January 2021, By Miles served more than 25,000 customers. The company entered Italy in March 2022, in line with the company’s broader plans to expand its footprint further in Europe by 2023.

In January 2021, the company announced the commercialization of its internally developed usage-based insurance (UBI) platform “By Bits.” The new platform would be offered through a software-as-a-service (SaaS) model. By Bits can be used as a white-label solution by insurers that want to develop their own UBI products. The company claims that insurers using its platform can launch new UBI products in under 12 weeks. The platform integrates with existing insurer systems and includes features such as providing real-time data on car usage, estimating potential savings, and enabling tailored customer communications.

The company was acquired by Direct Line Group (one of its underwriters) in April 2023 for an undisclosed amount. Through the acquisition, Direct Line Group aimed to offer usage-based auto insurance.

Key customers and partnerships

The company entered a partnership with Ford in July 2021, allowing By Miles to provide usage-based auto insurance to Ford customers. As part of the agreement, By Miles will directly use Ford’s built-in connected vehicle systems without the need for additional telematics devices, making By Miles the first UK-based insurer to utilize Ford’s connected vehicle data to provide usage-based insurance.

Funding and financials

By Miles raised USD 18.3 million in Series B funding in May 2020, led by CommerzVentures. The company expected to use the funding to expand the team to keep up with growth.

HQ location:
2-14 Shortlands By Miles Hammersmith GBR
Founded year:
2016
Employees:
51-100
IPO status:
Private
Total funding:
USD 26.6 mn
Last Funding:
USD 18.2 mn (Series B; May 2020)
Last valuation:
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