The cost of living crisis and inflation has seen a rise in usage based insurance models
Open GI has teamed up with a new online insurance intermediary Love Your Miles to implement its latest digital solutions on its core platform.
Annouced yesterday (22 February 2023), the new partnership will see Love Your Miles bring its very first usage-based product to the UK for drivers and Open GI provide the full end-to-end technology solution for broking and policy administration.
Simon Badley, Open GI’s group chief executive, said: “We look forward to continuing the forward momentum together and to working with the Love Your Miles team as the brand grows and they realise their plans to diversify into further pay-per-usage vehicle markets.
“The partnership also marks a milestone for us as a business, as our first pay-per-usage digital client, with the relationship paving the way for us to meet the needs of the growing pay-per-usage proposition in the general insurance (GI) market.”
Usage-based on the rise
Incorporated in September 2021, Love Your Miles was launched to meet the growing demand and changing needs of customers who drive fewer miles.
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It does this by monitoring the number of miles customers drive using a telematics device called a MileMeter, in return for a fairer price on insurance.
The startup was founded by managing director Stuart Whalley and product director Chris Pryor.
Whalley said: “A pay-as-you-use culture is developing in the UK as a consequence of the cost of living crisis and in particular rising energy bills.
”Usage-based insurance can help money savvy customers save just like smart meters can help with energy bills. Love Your Miles is looking to meet these changing consumer needs and help contribute towards easing the strain people are feeling.
“We are seeing a change in our customer profile – people are driving less and demographics have shifted as more of us continue to work from home and establish a ‘new normal’ as a result of the pandemic.
”We believe this shift is contributing to the acceleration in customer acceptance of usage-based products as a result.”
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