Covéa Insurance has revealed its recent collaboration, procuring a deal with By Miles, a usage-based car insurance provider. The deal provides Covéa policyholders access to the comprehensive cover by pay by miles insurtech firm, which offers drivers a low fixed upfront cost.
The covered offered through this collaboration will cover damage, vandalism, and theft and permits them to pay monthly based on the exact mileage driven instead of the traditional way of an annual premium.
The collaboration comes as a requirement for usage-based insurance (UBI) products rocketed amidst the COVID-19 pandemic, with By Miles documenting more than 150% growth in sales of policies in March compared to last year.
In an announcement, Covéa said that the collaboration is a part of its broader strategy to provide an option and more flexible results by working with unique businesses.
James Gearey, Covéa’s Managing director of personal lines and protection commented, “Our collaboration with By Miles is a thrilling collaboration reflecting the varying requirements of motorists and letting genuine flexibility for clients. We are excited to be working with them to push better results for more clients.
Meanwhile, By Miles remarked, “The collaboration adds the ability to reach even more clients and deliver the claims experience which will be market-leading. James Blackham, Chief executive and Co-founder of By Miles commented, “When we started By Miles, we wanted to provide fairer car insurance to more UK drivers. It is great to collaborate with an experienced business like Covéa who is encouraging our liberal approach to car insurance.