Metromile Expands Reach Through Independent Agents

Rhea-AI Summary

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.

Positive

• Appointment of Scot Rankin increases expertise in Independent Agents program.
• Integration with EZLynx enhances agent access to customizable pay-per-mile insurance.
• Over 880 Independent Agents already on the platform, with plans for more.

Negative

• None.

Insurance Vet Scot Rankin Joins as Independent Agency Relationship Manager

SAN FRANCISCO, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Metromile, Inc. (NASDAQ: MILE, MILEW), a leading digital insurance platform and pay-per-mile auto insurer, today announced a significant expansion of its Independent Agents program, along with the appointment of Scot Rankin, a 30 year insurance veteran, as Independent Agency Relationship Manager.

Through an integration with the EZLynx Rating Engine, Metromile can now offer Independent Agents access to Metromile’s high quality, customizable pay-per-mile auto insurance, which features significant savings, standout customer experience, and easy bundling of home and auto insurance.

Rankin, who joins Metromile from Travelers, will build additional integrations and infrastructure to support Independent Agents and significantly scale the channel. Currently, the program offers agents a:

• Quote in under two minutes
• Dedicated in-house support team
• Easy-to-use agent portal
• Fast, stress-free claims filing for agents’ clients

“I’ve specialized in working with Independent Agents for more than 30 years, so I can attest to their position as a trusted resource for many consumers shopping for insurance. Independent Agents will play a valuable role in educating drivers on the benefits of data-driven insurance, the value of pay-per-mile, and the savings and experience unique to Metromile,” said Rankin.

More than half of the country’s drivers were already low mileage drivers pre-pandemic, driving 10,000 miles or less per year. This population is now growing as more of the country’s workforce forgoes the commute and settles into work-from-home routines. According to Upwork, 36.2 million Americans will work remotely by 2025, an increase of 16.8 million people from pre-pandemic levels.

Yet, too often, consumers do not realize that even if they get behind the wheel every day they may still be low mileage drivers—leaving cost savings from pay-per-mile on the table. Independent Agents have the expertise to recognize drivers who are a fit and educate them on high-quality alternatives to traditional, proxy-based static insurance.

“Independent Agents account for more than 30% of all auto insurance sales, and we believe there is significant opportunity to work with them to reach more low-mileage drivers now and in years to come as we expand nationwide,” said Troy Dye, SVP, Growth. “These agents want what's best for their clients, and they can appreciate our value proposition that combines high-quality insurance with lower rates. Gone are the days when paying less meant getting less.”

Metromile already hosts more than 880 Independent Agents on the platform, with more expected to be added in the coming weeks. Independent agents and agencies interested in learning more can visit https://www.metromile.com/agents.

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.

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 the significant savings and discounts from EZLynx, building additional integrations and infrastructure to support Independent Agents and significantly scaling the channel, growth in low-mileage drivers, increase in individuals working from home, and the addition of more Independent Agents to the platform. 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” in our Form 10-K filed with the SEC on March 31, 2021, Form 10-Q filed with the SEC on August 10, 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.

For more information:

Media: Press@metromile.com

Investors: IR@metromile.com

Agents & Agencies: agencyopscomms@metromile.com 

FAQ

What is Metromile's new initiative for Independent Agents?

Metromile has launched an initiative to strengthen its Independent Agents program, integrating with EZLynx for better access to their pay-per-mile insurance.

Who is Scot Rankin and what is his role at Metromile?

Scot Rankin is appointed as Independent Agency Relationship Manager, tasked with expanding the agency program and enhancing support for agents.

How does Metromile's insurance cater to low-mileage drivers?

Metromile offers pay-per-mile insurance tailored for low-mileage drivers, which has become increasingly relevant with the rise in remote work.

What is the significance of EZLynx for Metromile's agents?

EZLynx allows agents to quote Metromile's insurance quickly and efficiently, enhancing the overall customer experience.

How many Independent Agents are currently working with Metromile?

Metromile currently has over 880 Independent Agents on its platform and plans to add more in the future.