Tokio Marine partners with insurtech MetroMile for AI platform
San Francisco-based insurtech startup MetroMile has entered into a strategic partnership with Tokio Marine Holdings following a $90 million investment by the Japanese property/casualty insurer and Intact Financial.
Tokio Marine has become the first insurance carrier to license Metromile's Connected Intelligence Platform that the start-up claims will lower the operating costs for insurers through data and automation. The artificial intelligence (AI) platform is designed to provide real-time insights into a customer's lifetime value and improve the claims journey through the collection and integration of targeted data throughout the customer lifecycle.
Metromile aims to “transform” the claims and customer experience by leveraging machine learning and AI, and is now seeking to license those advantages to other insurers looking to digitize, improve combined ratios, and offer “seamless claims experiences” to their customers.
MetroMile operates in the personal auto insurance market leveraging digital technologies, such as machine learning and data analytics capabilities. Founded in 2011, MetroMile offers pay-per-mile car insurance and is led by CEO Dan Preston.
Makoto Okada, Tokio Marine Holdings group chief digital officer, said: "Metromile has built the most advanced claims automation process assisted by AI and machine learning, and we look forward to enabling our customers to experience a faster, no hassle claim filing with this technology."
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