By Bits: a UBI platform that allows for the future of driving
Pay-how-you drive models and usage-based-insurance (UBI) have been around for more than a decade, yet insurers and customers are still searching for the model that will lead to the expected breakthrough. Either to make car insurance pricing fairer and more related to how often you are exposed to risk, because you drive less or drive safely, or to focus on sustainability and lower your carbon footprint.
In some countries UBI is more accepted than in others: the UK and Italy have been at the forefront for years. In Italy UBI is required in some regions and in the UK because insurance is very expensive for younger drivers unless they sign up to a kind of Telematics offer. Today’s awareness and need for a more sustainable world will help in getting UBI more accepted, which means insurers need a technology solution to track the driving behaviour of their customers and integrate these data into products and pricing.
By Bits offers a usage-based insurance technology platform that powers the biggest pay-by-mile insurers in Europe and supports hundreds of thousands of policies, 250 million miles and 100 million quotes worldwide. The platform has been created to provide motor insurers with an easy and cost-effective solution, allowing them to offer innovative and more personalised products to their customers in as little as 12 weeks.
How it works
By Bits offers a modular platform that provides an end-to-end solution for insurance providers to offer Pay-by-Mile or data-driven UBI policies, including pay-how-you-drive. Clients can purchase part or all of the solution and By Bits takes care of the integration with an insurer’s tech stack. The technology is telematic solution agnostic and includes:
- By Bits Rating Engine provides underwriting tools to build pricing models and acceptance criteria using GLM (General Linear Model) and AI.
- By Bits Policy Admin System to manage UBI policyholders; runs either stand-alone or integrated into core systems using API’s.
- Bits Mobile App offering a customizable and end-to-end customer journey, including in-app payments and a chatbot. Leading to a higher customer engagement and lower costs.
Why did we select By Bits for DIA Amsterdam 2022?
By Bits is an InsureTech platform that allows insurers to transition to a UBI model that is flexible and competitive. The platform makes it possible to do this without having to change legacy and with a minimal impact on in-house IT. And this flexibility is needed as new data sources, changing legislation and tax laws will require insurers to adapt continuously.
By Bits’ API driven platform enables insurers to become more flexible and improve their customer engagement, offering innovative products and services. The platform and model allow for an easy and transparent experience, using an app-based system that gives real-time updates on costs, usage updates and personalized renewal.
Samuel Knott, Head of Distribution at By Bits, will be on stage at DIA Amsterdam and talk about some recent client cases of By Bits. He will be joined by James Blackham, Founder and CEO of By Miles, and Robert Lumley, Director of InsurTech Gateway, to discuss their experience with By Bits and the future of UBI.
About By Bits
By Bits, By Miles and By Miles Europe are all part of the By Miles Group; they share the same board and are working together to revolutionise the global insurance landscape. The Group was founded in 2016 by Callum Rimmer and James Blackham who met while working together at Goldman Sachs creating the bank’s API based client platform. They first launched ByBits in the UK and by 2022 rolled out to Europe, kicking-off with Italy. In addition, By Bits launched an exclusive partnership with Koba for the Australian and New Zealand markets, bringing its usage-based insurance to Australia’s 10 million low mileage drivers for the first time.
By Miles Group has received investment from Octopus Ventures, CommerzVentures, InMotion Ventures, Hambro Perks and the Insurtech Gateway, 14W and JamJar.
“UBI is a fairer and better insurance model for customers, so it must be incorporated into the products and customer engagement offered by insurers. Our mission is to provide the insurance industry with a simple and cost effective tech platform to do that.”James Blackham, CEO By Miles Group
Learn more about By Bits by going to their website.
Watch their presentation at DIA Amsterdam 2022 here.