PriyaPatel
TL;DR:
- Mile Auto, an MGA company, focuses on telematics using only odometer readings.
- Customers submit dashboard pictures to track mileage, avoiding high-tech tracking devices.
Article Summary:
Fred Blumer, CEO of Mile Auto, has taken an old-fashioned approach to telematics by only focusing on odometer readings. This usage-based auto insurance company collects information from policyholders through pictures of their dashboards, eliminating the need for high-tech tracking devices. Mile Auto is available in six states and extracts car details and mileage from these photos to ensure accuracy and prevent manipulation. The company’s rates are based on a fixed base rate for the policy term along with a per-mile rate assessed monthly, similar to an electric bill.
Blumer’s prior experience in the insurtech industry has led him to prioritize consumer privacy, which is why Mile Auto avoids using in-vehicle telematics devices. The company has partnered with Porsche to offer a unique insurance product for Porsche buyers, which includes agreed value coverage and other customized services. While currently focused on personal lines auto insurance, Mile Auto sees future opportunities in other sectors like commercial vehicles.
