Metromile Announces First Quarter 2022 Financial Results

Rhea-AI Summary

Metromile, Inc. (NASDAQ: MILE, MILEW) announced its first quarter 2022 financial results on May 10, 2022. The company will not hold a conference call due to its pending transaction with Lemonade, previously disclosed on November 8, 2021. Metromile specializes in pay-per-mile auto insurance, using data science for personalized pricing, leading to average savings of 47% for customers. Additionally, Metromile Enterprise licenses its technology to global insurance providers, enhancing operational efficiency and reducing fraud losses.

Positive

• Average savings of 47% for customers compared to previous insurers.
• Strong focus on data science for personalized insurance pricing.
• Licensing of technology through Metromile Enterprise enhances revenue streams.

Negative

• No conference call held for earnings release due to pending transaction with Lemonade.

SAN FRANCISCO, May 10, 2022 (GLOBE NEWSWIRE) -- Metromile, Inc. (“Metromile”) (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced financial results for the first quarter 2022 on its website. The results are accessible on Metromile’s investor relations website at ir.metromile.com.     

Due to the pending transaction with Lemonade announced on November 8, 2021, the Company will not host a conference call in conjunction with its first quarter 2022 earnings release. Please visit the Investor Relations section of the Company’s website at ir.metromile.com for the latest releases and information.

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

Metromile:

Media Inquiries: press@metromile.com

Investor Relations: IR@metromile.com

FAQ

What were Metromile's first quarter 2022 financial results?

Metromile's first quarter 2022 financial results can be accessed on their investor relations website.

Why did Metromile not hold an earnings call for Q1 2022?

Metromile did not hold an earnings call due to the pending transaction with Lemonade announced in November 2021.

What is the average savings Metromile offers to its customers?

Metromile offers an average savings of 47% compared to what customers were paying their previous auto insurer.

How does Metromile's pay-per-mile insurance work?

Metromile's pay-per-mile insurance charges customers based on actual miles driven, using data science for personalized pricing.