Lemonade (NYSE: LMND), the insurance company powered by AI and social impact, today announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS. EBS was Metromile’s SaaS claims automation and fraud detection platform which it licensed to large insurance carriers. The all-cash transaction was completed following the close […]
Lemonade Completes Acquisition of Metromile
Lemonade (NYSE:LMND) announced the closing of its previously announced acquisition of car insurance provider Metromile. Metromile shareholders received 7.3 million LMND shares, while Lemonade received a business with over $155 million in cash, over $110 million in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto […]
Metromile Stockholders Approve Merger Agreement with Lemonade
Metromile (NASDAQ: MILE, MILEW) the digital insurance platform and pay-per-mile auto insurer, announced that at the Special Meeting of Stockholders held February 1, the Company’s stockholders approved proposal to adopt the merger agreement entered into with Lemonade, Inc. (NYSE: LMND) to acquire Metromile in an all-stock transaction that was previously announced. The merger proposal was […]
Lemonade To Acquire Auto Insurer Metromile
Lemonade (NYSE:LMND) announced an agreement to acquire Metromile (NASDAQ: MILE, MILEW), the data science company focused on auto insurance, in an all-stock transaction that implies a fully diluted equity value of approximately $500 million, or just over $200 million net of cash. Under the terms of the transaction, Metromile shareholders will receive Lemonade common shares […]
Metromile and Ford Partner on Personalized Car Insurance
Metromile announced it is teaming up with Ford Motor Company to provide Ford connected vehicle owners with personalized car insurance to be more affordable and fairer. Ford is Metromile’s first agreement with a major manufacturer, and its models are the most popular domestic make among Metromile customers. Since its launch in 2012, Metromile has used […]
Metromile and Tokio Marine Expand Partnership with FNOL Technology
Metromile, the pay-per-mile car insurance company in the U.S. announced that Tokio Marine Group, Japan’s largest insurer, deployed the digital, first notice of loss (FNOL) product Metromile REPORT across its $13 billion auto insurance book. With Metromile REPORT, Tokio Marine expects to improve customer claims by enabling drivers to report accidents online and through its […]
Metromile Announces Strategic Enterprise Partnership With Tokio Marine to License Connected Intelligence Platform
Metromile, the pay-per-mile car insurance company in the U.S., today announced that Tokio Marine Holdings, Inc., the largest P&C insurance group in Japan, has become the first insurance carrier to license Metromile’s Connected Intelligence Platform. The company’s artificial intelligence (AI) platform was designed to provide real-time insights into a customer’s lifetime value and improve the […]
Metromile Announces Automated Direct Repair, Rental Car and Claim Payments Programs
With the pay-per-mile insurer’s AI smart claims system, eligible customers can opt-in to automate the collision repair shop and rental car experience as well as claim payments. Metromile, the pay-per-mile car insurance provider in the U.S., announced three new claim process enhancements with automated Direct Repair, Car Rental and Claim Payments Programs, powered by its […]
Metromile Announces Artificial Intelligence Claims System Using Sensor Data
Pay per mile insurer announced a new claim application it hopes will provide a frictionless experience enabling claims to be verified and paid out quickly. Metromile, a pay-per-mile car insurance provider in the U.S., is launching its new automated system powered by their AI smart claims assistant, AVA. According to the company using its Pulse […]