• AXA partners with By Miles on UK’s first real time pay-by-mile car insurance policy

    April 12th 2018. Posted in Insurance

    AXA UK has partnered with pay-by-mile insurtech start-up By Miles.

    • AXA partners with By Miles to underwrite its motor insurance policies
    • The new product is aimed at motorists who drive under 7,000 miles a year (around 140 a week)
    • Motorists pay a fixed annual cost to cover their car when it’s parked, then pay for any miles they drive each month
    • All policies include No Claims Bonus protection at no extra cost, with access to driving and car care tools via the company’s app

    AXA UK has partnered with pay-by-mile insurtech start-up By Miles.

    By Miles, which will launch its first policies and driving app to waiting list members next month, is aimed at motorists that drive infrequently – typically under 7,000 miles a year.

    Rather than paying an annual premium, drivers pay a lower fixed amount each year to cover their non-driving risks, such as theft and vandalism, then pay for the rest of their cover monthly, based on how many miles they drive. All policies will include No Claims Bonus protection at no extra cost.

    By Miles measures each journey using a matchbox-sized black box device called a Miles Tracker, with drivers able to access the cost of each trip through a smartphone app. In addition to giving By Miles members transparent access to their own spending and driving data, the company’s app and web dashboard offer chat support and a range of additional features that make owning a car easier.

    The partnership with By Miles is part of a wider AXA strategy to work alongside companies looking at innovative ways to price risk, while the move enables By Miles to bring its first pay-by-mile product to UK drivers.

    “Our partnership with By Miles fits with our focus on finding innovative ways to reach customers – especially those whose needs differ from the wider market. By Miles will benefit motorists who spend less time behind the wheel, allowing them to pay for their insurance based on their usage and take control of what they pay for their cover.” [Neil Mercier, head of motor, AXA UK]

    “We created By Miles to help UK motorists take back control of their car insurance, combining smarter and fairer pricing with a better and more personalised service. AXA is one of the most experienced insurers in the world, and welcoming them as our underwriting partner will give our members the peace of mind that they’ll be protected by the best if the worst happens.” [James Blackham, co-founder and chief executive, By Miles]

    With a full launch scheduled for later in the year, drivers can join the By Miles waiting list on its website to get early access. Motorists can also use the By Miles mileage calculator to see if a policy could work for them.

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    The AXA Group is a worldwide leader in insurance and asset management, with 165,000 employees serving 105 million clients in 64 countries. In 2017, IFRS revenues amounted to Euro 98,5 billion and IFRS underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017. In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare and AXA Ireland. AXA UK & Ireland employs around 10,000 staff. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.


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