How Metromile is Defining a New Category of Car Insurance

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Companies can define fresh, promising new categories in the unlikeliest industries – like, for instance, car insurance. Metromile, based in San Francisco, is defining the category of “car insurance based on how much you drive,” as the company says on its web site. It’s simple and addresses the problem of city dwellers who use a car sparingly and ride-share drivers who drive in spurts.

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Based on its category potential, the company has raised more than $200 million. From Venturebeat: 

Metromile, a car insurance platform that allows drivers to pay based on their actual number of hours on the road, has raised $90 million in a series E round of funding co-led by insurance giants Tokio Marine Holdings and Intact Financial. NEA, Index Ventures, Future Fund, and Section 32 also participated in the round…

 

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