MILE - MILE STOCK NEWS

Metromile, a digital insurance platform and pay-per-mile auto insurer, announced its fourth-quarter and full-year 2021 financial results. However, due to a pending transaction with Lemonade, no conference call will be held. Metromile utilizes data science to offer personalized, mile-based insurance, achieving an annual average savings of 47% for its users compared to traditional insurers. The company also licenses its technology platform through Metromile Enterprise, enhancing efficiency for insurance companies worldwide.

Metromile (NASDAQ: MILE, MILEW) announced that its stockholders have approved the merger with Lemonade, Inc. (NYSE: LMND) during a Special Meeting, with over 95.9% voting in favor. The transaction is structured as an all-stock deal and is expected to close by Q2 2022, pending regulatory approvals and other conditions. Metromile's innovative pay-per-mile auto insurance model aims to enhance Lemonade's offerings. The merger marks a significant step in utilizing data science for personalized insurance.

Metromile, a digital auto insurer, reported Q3 2021 results with flat Policies in Force but growth seen in October. The company faced high customer acquisition costs and elevated loss ratios of 81.6%, impacted by industry inflation and Hurricane Ida. An all-stock acquisition by Lemonade was announced, valuing Metromile at $500 million. Key metrics included a 6.7% increase in Direct Earned Premium to $28.5 million and a 65% one-year new customer retention rate. Metromile also saw an increase in operating expenses due to growth initiatives.

Lemonade (NYSE: LMND) has announced its acquisition of Metromile (NASDAQ: MILE, MILEW) in an all-stock deal valued at approximately $500 million. Each Metromile shareholder will receive Lemonade common shares at a 19:1 exchange ratio. This acquisition aims to enhance Lemonade's newly launched car insurance service by integrating Metromile's data-driven technology and telematics. The deal is expected to close in Q2 2022, pending regulatory and shareholder approvals. Metromile holds substantial assets, including over $250 million in cash and licenses in 49 states.

Metromile, Inc. (NASDAQ: MILE, MILEW) has appointed Scot Rankin as its Independent Agency Relationship Manager, enhancing its Independent Agents program. The integration with EZLynx Rating Engine provides agents access to Metromile’s customizable pay-per-mile auto insurance, promising significant savings. Rankin, a 30-year insurance veteran, aims to expand agent support and infrastructure. Currently, 880 agents are on the platform, with many more expected. The initiative targets the growing population of low-mileage drivers, spurred by remote work trends, offering quick quoting and improved claims processing.

Metromile Enterprise Solutions has partnered with Buckle to enhance the claims experience for rideshare and delivery drivers in the U.S. This collaboration involves the implementation of Metromile REPORT, a digital first notice of loss solution that offers 24/7 access to claim services. The solution enables drivers to file claims easily from their devices, aiming to accelerate their return to work. Buckle's utilization of REPORT will streamline the claims process, reducing costs and enhancing customer experiences.

Metromile announced an integration with Dwolla to offer digital, real-time claims payments via its no-code automation platform, Metromile STREAMLINE. This partnership enables insurers to expedite claims resolution through methods like RTP® Network and ACH transfers, improving customer experience and reducing costs associated with paper checks. Over 75% of claims are currently paid by check, leading to delays and higher transaction expenses. The integration aims to modernize insurers' claims processes and provide improved flexibility in payment options.

Metromile Enterprise has partnered with Tokio Marine Group, Japan's largest insurance group, to implement its fraud-detection product, Metromile DETECT. This system aims to enhance the accuracy of detecting fraudulent claims across Tokio Marine's property and casualty lines of business. Metromile DETECT enables rapid fraud checks on new claims, significantly improving customer satisfaction. The integration was completed in less than four months, demonstrating efficiency over typical industry timelines. This collaboration underscores Metromile's commitment to reducing insurance fraud using advanced artificial intelligence.

Metromile, a digital insurance platform and pay-per-mile auto insurer, announced its financial results for Q2 2021. The company highlights its innovative approach to auto insurance, enabling real-time, personalized policies, resulting in annual savings of 47% for customers. Metromile also provides its technology platform to insurance companies globally, enhancing operational efficiency and fraud reduction.

A conference call is scheduled to discuss the results, available on Metromile's investor relations website.