Capital One Marketing Veteran Joins Metromile to Lead Growth and Nationwide Expansion

Rhea-AI Summary

Metromile, Inc. (NASDAQ: MILE, MILEW) is set to expand its pay-per-mile auto insurance to new states in 2021. Capital One veteran Troy Dye will join as Senior Vice President, Growth, starting May 24, overseeing marketing and brand strategies. Metromile aims to provide fairer, real-time insurance to over 100 million drivers. The company's recent data shows driving is rebounding to 95% of pre-pandemic levels, with a focus on low-mileage drivers. Metromile offers digital, personalized policies with an average customer savings of 47% compared to previous insurers.

Positive

• Hiring of Troy Dye as SVP of Growth to accelerate marketing initiatives.
• Plans to expand pay-per-mile auto insurance to new states.
• Average customer savings of 47% compared to previous insurers.
• Driving activity nearing 95% of pre-pandemic levels, indicating market recovery.
• Focus on low-mileage drivers aligning with changing consumer behaviors.

Negative

• None.

Leading digital insurance platform to bring its pay-per-mile auto insurance to new states in 2021

SAN FRANCISCO, May 14, 2021 (GLOBE NEWSWIRE) -- Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced Capital One marketing veteran Troy Dye will join the company in the new role of Senior Vice President, Growth on May 24, 2021. He will oversee a fast-growing team of growth, acquisition, brand and marketing professionals as a member of the leadership team.

Dye will be responsible for bringing Metromile’s vision of fairer and real-time insurance to more drivers at a time when consumers increasingly seek pay-per-mile auto insurance and greater flexibility and digital experiences from their insurer.

“Having spent more than 20 years at Capital One, Troy stood out as a disciplined, data-driven marketer who balances growth and profitability,” said Metromile Chief Executive Officer Dan Preston. “Troy joins at a critical juncture as we rapidly scale the business in our existing footprint and lay the groundwork to bring Metromile to more than 100 million drivers nationwide. He is a hands-on team leader, strategist and operator, and I am confident he will drive our growth engine forward.”

Dye has focused his marketing career transforming brands and marketing machines for large, data-driven and digital personal finance products. He was most recently Managing Vice President and Head of Card Marketing, Engagement and Insights for Capital One’s (NYSE: COF) domestic consumer credit card business.

Previously, he held executive roles leading marketing for Capital One’s small business credit card and partnerships divisions and the brand strategy for the U.S. credit card business and the marketing team in Canada.

He was also a Practice Manager for the small business practice at Corporate Executive Board, helping Fortune 500 companies effectively market to small business owners.

“As a Metromile customer, I have seen firsthand how the company sets itself apart through its personalized experience and impactful savings,” said Dye. “I am thrilled to join Metromile as pay-per-mile auto insurance hits a tipping point, and I look forward to providing drivers a better value proposition and expanding our reach across the country.”

Dye also serves on the board of directors of NextUp, a nonprofit organization focused on providing quality after-school programs for middle school students in Richmond, Virginia. He is an alumnus of the University of Virginia and the United States Naval Academy.

Metromile will begin expanding nationwide in the second half of 2021. The digital insurance platform’s data from the first three months of 2021 indicates driving is returning to as much as 95% of pre-pandemic levels. Social trends, such as increased remote work and larger suburban and rural communities, point to a new normal with more Americans changing how they get around and becoming low-mileage drivers, looking for new ways to save.

About Metromile
Metromile (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.

Contacts
Rick Chen, Metromile
press@metromile.com
415-676-7744

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d03a6fd-75af-4295-bd11-fce3f0cfd1e0

FAQ

What is Metromile's plan for expansion in 2021?

Metromile plans to expand its pay-per-mile auto insurance to new states in the second half of 2021.

Who is the new VP of Growth at Metromile?

Troy Dye, a marketing veteran from Capital One, will join Metromile as Senior Vice President, Growth on May 24, 2021.

What savings can Metromile customers expect?

Metromile customers can expect annual average savings of 47% over what they paid their previous auto insurer.

How is driving behavior changing post-pandemic according to Metromile?

Metromile's data indicates that driving is returning to as much as 95% of pre-pandemic levels.