By Bits, a new technology platform for the motor insurance industry to transform customer experience and bring fair and transparent pricing to drivers. New platform enables motor insurance providers to create innovative, personalized services for customers and bring usage-based policies to market in a fast and cost-effective way. In doing so, insurers can meet heightened consumer demand for pay-by-mile insurance products, a trend that has been accentuated during the COVID-19 pandemic, when millions of people have continued to pay the same insurance premium despite doing significantly less driving. Bits Platform has been brought to market by the co-founder of By Miles, the UK’s only pay-by-mile motor insurance product, which has won a string of industry innovation and customer services awards.
Facilitating and accelerating the development of usage-based insurance products, By Bits also enables insurers to develop genuinely customer-centric products and services. The platform can integrate data and generate insight to support compelling mobile applications which give customers real-time data on car usage and savings, and tailored communications at each stage of the customer journey. This allows providers to establish more meaningful, long-term relationships with customers, helping to address extremely low retention levels across the industry. Available to insurance companies both nationally and internationally, By Bits provides two main services – an insurance rating engine and an insurance policy management system. The By Bits rating engine enables insurance companies to calculate insurance premiums using modifiable underwriting and rating rules. For insurers implementing a pay-per-mile product, it will split the premium into a fixed amount and a per mile amount. The policy management system enables insurers to manage every aspect of the lifecycle of a car insurance policy ranging from quotation to policy and renewal. Both services are able to be deployed as modular solutions that can be integrated with existing software or used as standalone products.