Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance
platform and pay-per-mile auto insurer, and Hippo Insurance
Services, a member of the Hippo group which is leading a new
standard of care and protection for homeowners, today announced
they will partner to offer consumers modern auto and homeowners
insurance with a new multi-policy discount.
Drivers and homeowners will be able to purchase
pay-per-mile auto insurance and homeowners insurance from Metromile
and Hippo, respectively, and save up to 15% on their auto and
homeowners insurance policies when bundled. The combination of
Hippo’s comprehensive home insurance policies with proactive
protection and Metromile’s real-time, personalized auto insurance
policies will bring consumers more ways to save on their
premiums.
Through the partnership, Metromile drivers and
Hippo homeowners will be able to insure their home, personal
belongings and vehicles and benefit from advanced smart devices and
technology.
“Offering choice and control are central to who
we are and what drivers have come to expect from us. The addition
of homeowners insurance through Hippo provides drivers with new
options, greater flexibility and a new way to save,” said Metromile
Chief Executive Officer Dan Preston. “We are excited to partner
with Hippo, as they, too, are creating more value as a
digital-first insurer using real-time data and technology to meet
the needs of today’s consumers.”
Hippo provides homeowners with access to smart
home devices and a protective home insurance platform that better
protects homes and offers access to premium discounts on home
insurance policies. Home maintenance is a cornerstone of Hippo’s
platform that includes smart home devices, homeowner education and
proactive alerts enabled by AI and data.
Consumers are increasingly choosing insurance
companies based on customer experience and service. Insurance
consumers rate digital features, including fully approved and
settled claims and smart technologies highest, according to the
2020 J.D. Power auto and homeowners insurance studies.
“We look forward to partnering with Metromile to
offer our customers auto protection that’s blending the best of
technology with top insurance coverages, just as we are on the home
insurance side, to bring customers the best possible coverage and
experience possible,” said Hippo President Rick McCathron.
Drivers and homeowners will be able to bundle Metromile auto
insurance with Hippo homeowners insurance in Arizona, California,
Illinois, New Jersey, Oregon, Pennsylvania, Virginia and Washington
state once the partnership launches. Later this year, the
partnership will expand to additional states.
Forward-Looking Statements
The information in this press release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “expect,” “possible,”
“will,” or the negative of such terms or other similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding our
expectation that we will expand our bundle to Metromile and Hippo
customers to additional states and the expected benefits. Any
statements that refer to projections, forecasts, or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
These forward-looking statements are subject to
known and unknown risks, uncertainties, and assumptions about us
that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results,
levels of activities, performance, or achievements expressed or
implied by such forward-looking statements.
These and other important factors are discussed
under the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our
Registration Statement on Form S-1 and Current Report on Form 8-K,
each filed with the Securities and Exchange Commission (the “SEC”)
on February 12, 2021, and in our other filings with the SEC. While
we may elect to update or revise such forward-looking statements at
some point in the future, we disclaim any obligation to do so.
About MetromileMetromile
(NASDAQ: MILE, MILEW) is a leading digital insurance platform in
the United States. With data science as its foundation, Metromile
offers real-time, personalized auto insurance policies by the mile
instead of the industry’s reliance on approximations that have
historically made prices unfair. Metromile’s digitally native
offering is built around the modern driver’s needs, featuring
automated claims, complimentary smart driving features and annual
average savings of 47% over what they were paying their previous
auto insurer.
In addition, through Metromile Enterprise, it
licenses its technology platform to insurance companies around the
world. This cloud-based software as a service enables carriers to
operate with greater efficiency, automate claims to expedite
resolution, reduce losses associated with fraud, and unlock the
productivity of employees.
For more information about Metromile, visit
www.metromile.com and
enterprise.metromile.com.
About HippoHippo Insurance
Services offers a different kind of home insurance, built from the
ground up to provide a new standard of care and protection for
homeowners. Our goal is to make homes safer and better protected so
customers spend less time worrying about the burdens of home
ownership and more time enjoying their homes and the life within.
Harnessing real-time data, smart home technology, and a growing
suite of home services, we are creating the first integrated home
protection platform. Hippo is headquartered in Palo Alto,
California, with offices in Austin and Dallas, Texas, and insurance
products available to more than 70 percent of U.S. homeowners in 34
states. Hippo Insurance Services is a licensed property casualty
insurance agent with products underwritten by various insurance
companies. Products and discounts vary by state and may not be
available in all states. For more information, including licensing
information, visit www.hippo.com.
Contacts
Metromile Public RelationsRick
Chenpress@metromile.com415-676-7744
Metromile Investor RelationsGarrett Edson ir@metromile.com
646-677-1889
Hippo Public RelationsCourtney
Klostermanpress@hippo.com
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