Founded in 2016, the UK-based By Miles aimed to build a new kind of insurance that would better suit the needs of modern drivers and evolve to support future changes in mobility.
The acquisition will leverage Direct Line’s underwriting data and customer experience expertise to further expand the benefits of fair, data-led pricing to more UK drivers.
Acquisition by Direct Line follows underwriting partnership with By Miles
Andy Broadfield, who leads Direct Line Group’s Ecosystems team, said: “We’re excited to join forces with By Miles – they are an entrepreneurial team that have built fantastic capability and, like us, are focused on delivering every day for their customers.
“It’s a perfect fit because we’re creating easy, digital-first journeys to enable customers to pick the motor insurance cover that best suits them. Combining our customer-friendly brands, underwriting and data expertise with By Miles’ innovative connected car capability and engaging customer proposition is an exciting prospect. We can’t wait to get started because it provides exciting potential for the Group to meet more of the needs of more customers.”
James Blackham, CEO of By Miles said: “We’re delighted to be joining Direct Line Group. When we started By Miles back in 2016, we wanted to build a new kind of insurance that would better fit the lives of drivers today and would continue evolving to support the way drivers get around in the future. Direct Line’s underwriting data and insight, commitment to customer experience and comprehensive knowledge of building household brands chimes perfectly with our mission of bringing the benefits of fair, data-led pricing to as many UK drivers as possible.
The combination of Direct Line Group’s customer-friendly brands, underwriting expertise, and data capabilities with By Miles’ innovative connected car platform and engaging customer proposition is seen as a perfect fit to create easy, digital-first journeys for customers to choose motor insurance cover that best suits their needs.
With its proprietary, cloud-based platform, By Miles currently serves around 50,000 customers and has sold over 100,000 policies, with £26 million of gross written premium. The acquisition presents exciting potential for Direct Line Group to meet the evolving needs of more customers and drive further innovation in the insurance industry.
Direct Line Group’s acquisition history includes Churchill Insurance, Green Flag and Privilege Insurance
