Lob, Metromile Eliminate Insurance Touchpoints, Streamline Clunky Processes

Metromile Inc MILE, an insurance-focused fintech powered by data science and machine learning, had its cloud-based technology platform, Metromile Enterprise, integrated by leading direct mail platform Lob.

About: Founded in 2011, Metromile caters to non-traditional car owners, such as those that use transportation services like Uber Technologies Inc. UBER and Lyft Inc. LYFT.

Using big data and intelligent systems, the company tailors its rates to driver behavior, resulting in lower premiums.

What Happened: Licensing is also a big part of Metromile’s business.

Metromile STREAMLINE – a core fraud, underwriting, and AI technology – integrated by Lob, who automates direct mail for more than 8,500 businesses, allowing leading insurance companies to send trusted offline communications with the speed and flexibility of digital engagements.

With STREAMLINE, Lob will tap into Metromile’s Enterprise’s no-code claims automation, allowing end property and casualty insurers to process claims and payouts quicker, at less cost.

“Consumers look to insurance companies to help make them whole again after a claim as quickly as possible. Metromile STREAMLINE gives insurance carriers a tool to eliminate the hassle and error-prone processes and make claims payments faster, improving customer, claimant and employee satisfaction,” said Amrish Singh, Metromile Enterprise general manager.

Why It Matters: Property and casualty insurers mail more than 75% of insurance claims payments, which means claimants, in some cases, wait weeks to access funds.

Together, Metromile Enterprise and Lob will help insurance carriers eliminate touchpoints, as well as reduce costs to print and mail checks, and issue payments sooner.

“Consumer expectations have forced changes in every industry, including insurance, where digital transformation is accelerating, particularly post-pandemic,” said Divya Chittor, VP of product at Lob. “Automating these processes has made a significant impact on our customers. Lob is focused on enhancing the customer experience, and our partnership with Metromile Enterprise does just that - by streamlining paper payments, it provides a safe, secure, and timely return on investment for the customer.”