USAA, a property-casualty insurer in the US, has agreed to purchase insurance tech firm Noblr to offer usage-based insurance (UBI) to its customers.
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The financial terms of the deal were not disclosed.
Noblr is an auto insurer that provides customised insurance solution based on time of driving, quality of driving, and miles driven.
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By GlobalDataAdding a UBI product is part of USAA’s strategy to provide its customers personalised pricing, which matched their risk and usage profile.
It will also leverage Noblr’s technical advancement to provide better control and end-to-end
digital experience.
USAA president and CEO Wayne Peacock said: “The acquisition of Noblr increases our competitiveness in the marketplace and adds the choice of UBI capability for our members.
“USAA has always been an innovator, and the addition of Noblr, Inc.’s technology platform is another example of our commitment to deliver world-class service and experiences to our members.”
USAA plans to roll out UBI nationally over the next three years, starting with the eight states where Noblr is currently available and expanding to additional states this year.
Noblr CEO and co-founder Gray Tolman said: “This is a wonderful opportunity for the Noblr team to quickly and significantly expand the implementation of usage-based telematics to more states and to serve our military families, USAA members.”
The deal, which is subject to regulatory approval, is expected to close later this year.
USAA (United Services Automobile Association) was founded in 1922 by a group of military officers.
It provides insurance, banking and investment and retirement solutions to 13 million members of the US military, veterans and their families.
Headquartered in San Antonio, Texas, USAA announced its entry into the small insurance business market in January this year.
