At Mile Auto Insurance, we’ve had enough of this – and are fixing it with an innovative pay-per-mile approach. Using just their smartphone cameras, our drivers can accurately capture their mileage and pay for their insurance based on how far they actually drive. Even better, Mile Auto never “tracks” where or how you drive, eliminating privacy concerns – and helping you be more eco-friendly by saving you money for driving less.
Huge distribution channels are in place, and our patented technologies are ready to operate – it’s time to step on the gas and change the industry!
Auto insurance companies, as you may imagine, place a high amount of value on this – with up to 70% of your risk determined by how many miles you drive. Unfortunately, traditional auto insurance companies don’t set their prices this way. Even those few that offer “low mileage discounts” charge you based on an estimate of your mileage. And because they know those estimates tend to be lower than reality — particularly for higher mileage drivers — they simply create a mileage “adjustment” for everyone.
Typical auto insurance policies overcharge the 70% of drivers who drive less than 10,000 miles per year, with those driving more than 15,000 getting a break. Their systems and profits might be based on this, but it’s flat out unfair to most of us.
Some insurance companies try to use plug-in hardware devices, or fancy smartphone software, to try and measure your mileage. While that approach has the potential to rectify the overcharge issue, these methods are not particularly accurate for measuring mileage — although they do “track” your every move! Clearly, a more accurate and cost-effective odometer monitoring solution is needed. One that appeals to the millennial generation with more of a digital user experience would go even further – and have the potential to usher in a new generation of lifetime customers.
At Mile Auto Insurance, we’re changing the game in the auto insurance industry with a pay when you drive, save when you don’t approach. The days of traditional policies and paying for other people’s miles are over – now, you’ll pay only for the actual miles you drive. Our system is completely built around tracking odometer readings in both an accurate and cost-effective manner.
Leveraging our patented mileage-collection technologies, we’re eliminating high mileage subsidies with a remarkably simple and efficient process. The Mile Auto user experience is pay-per-use and completely mobile-ready – bringing today’s younger generations the convenience they’ve grown to expect. And, it’s been shown to save low-mileage drivers about 50-60% (or more) against traditional auto insurance policies depending on how many miles are driven. That’s around $400-500 per vehicle, per year for sub-10,000 mile drivers!
Our technology makes it super-simple for you to take the photo, which is automatically uploaded to our processing system. There, it is authenticated, the odometer reading is extracted, and then translated into the actual mileage. We even send you a reminder text or email when it’s time for a new reading! The mileage reading is then used to determine your insurance bill for that month – with 100% accuracy every time. The entire process takes less than a minute.
Since we don’t use tracking hardware and GPS systems, Mile Auto doesn’t invasively track a customer’s location and other private personal information like other companies do. Not only does this produce a big day one cost advantage of $150 through no hardware installation and support, it also puts us in good standing with regulators – which is a key factor in our industry. The relationships our team has already forged with regulators helps this along even more.
Here’s a great example of how 2 customers are saving big on unnecessary auto insurance expenses with our pay-per-mile approach:
With our technology and team now in place, things are getting exciting here at Mile Auto. Here’s a look at some of our most impressive achievements to date that helped us arrive at this point:
Key tech partnership formed. We’ve entered into an agreement with Vehcon, our sister company, for the patented mileage collection technology. The technology already has several thousand satisfied users.
Making product development strides. In addition to the mileage collection technology, we’ve also completed the build-out of a policy management system – and are now busy integrating it with our smartphone platform.
Forging other key relationships. Initial distribution is already lined up through the largest online auto insurance agency in the US, and we are in active discussions with other distribution partners. These partnerships put us in a strong position to achieve rapid market penetration, at reduced marketing expense verus a pure direct-to-consumer model. .
IP protection secured. A portfolio of 3 issued patents, in addition to 2 more pending, provides us with valuable protection of our various image processing technologies.
Clearing these hurdles gives us a great starting foundation – but plenty of hard work remains. Now that our concept has been proven, the near-term future is all about bringing it to market. Over the next few months we will finalize the remaining regulatory aspects in our target launch states – and once that’s done, will launch fully in each. In fact, we are already capturing mileage data in Washington and California. In the slightly longer term, we plan to take over complete ownership of the technology and patents from our sister company in a multi-year transition, while continuing to expand distribution nationwide.
Our day-to-day leader has a unique perspective into the future and a deep understanding of telematics’ role within it. This was on full display at Hughes Telematics, which he Co-Founded in 2006 and would later sell to Verizon for $750 million. At Hughes, he designed and built connected vehicle data systems for companies like Mercedes Benz and State Farm Insurance, including the product currently known as Hum – which has sold over $150M of units. In total, Fred has 10 patents issued in telematics, connected vehicle data, and usage-based insurance.
Joe’s a seasoned entrepreneur and electrical engineer with multiple patents in his own right. His versatile skill set includes expertise in mobile data collection using smartphones, including creating mileage-data collection systems – making him an ideal fit as our CTO. He has full responsibility over all technological facets of our company.
Jim’s held a variety of roles during his 21-year auto insurance career, including serving as President of an agency with 50 offices and $125 million in annual premiums. He also created a proprietary in-market insurance policy management system, which is a huge benefit to us at Mile Auto. He’s controls the pulse of the day-to-day operations of the company.
Highly experienced in his own right, Scott has carved out an impressive career as an underwriter during the past 23 years. He’s got a knack for designing and pricing auto insurance products, and for navigating the regulatory process – and actually helped build the largest online auto insurance agency.
Make sure to request access to the Business Plan tab of this profile to find out more about Mile Auto and how you can get involved!