Insurtech By Bits has launched with a promise to transform the customer experience and bring fair pricing and motor insurance to drivers.

The platform allowed motor insurance providers to create personalised services for customers and bring usage-based policies to market in a fast and cost-effective way. As a result, insurers can meet consumer demand for pay-by-mile products.

By Bits has been launched by the co-founder of BY Miles, the UK-based pay-by-mile insurance product.

“Motor insurance pricing is seen as opaque and unfair, and consumers are overwhelmingly dissatisfied with the level of service they are receiving,” said Callum Rimmer, founder and CEO of By Bits.

“Because it is mandatory if you own a car, motor insurance feels like a tax rather than a purchase decision. This needs to change. Insurance companies urgently need to put the customer first or they risk losing market share and becoming irrelevant.”

In addition, the By Bits platform can integrate data and generate insight to support compelling mobile applications and provide customers with real-time data. This is then delivered with a SaaS model and can be integrated into existing technology systems or used as a standalone.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Rimmer continued: “Our tried and tested platform future-proofs insurers in an unpredictable market where mobility, customer expectations and democratised data are dictating innovation. This pandemic has changed driving habits for millions and the need for the whole UK car insurance industry to catch-up to customer expectations, grow with the changing mobility landscape and create the freedom to innovate has never been more pressing. We hope that in 10 years’ time people see the launch of By Bits as an inflection point in the way motor insurance is delivered, in the same way that retail banking has been transformed over the last few years.”

A number of motor insurers are increasingly targeting young drivers by launching pay-as-you-go insurance. However, with a greater number of consumers flagging a permanent change in driving behaviour, such insurance may benefit a wider range of customers.

GlobalData’s 2020 UK Insurance Consumer Survey finds that before the pandemic, 67.3% of consumers drove up to 7,999 miles on an annual basis.

However, due to lockdowns and restrictive measures introduced to curb the spread of coronavirus, 73.4% of policyholders expect their annual mileage to fall by up to 3,999 miles. With a large proportion of consumers decreasing their annual mileage, a wider range of motor policyholders would financially benefit from a usage-based insurance-style product.