Technology platform offers motor insurers new take on pricing and policy management

New technology platform By Bits aims to help insurers bring usage-based motor policies to market in a faster and more efficient way.

By Bits provides an insurance rating engine and an insurance policy management system. The rating engine enables insurers to calculate premiums using flexible 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 the lifecycle of a car insurance policy ranging from quotation to renewal.

By Bits said both services are able to be deployed as modular solutions that can be integrated with existing software or used as standalone products.

Callum Rimmer, founder and CEO of By Bits, said: “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.”

Phil Ost, head of personal lines at Zurich Insurance Group, said: “Whilst price will always remain hygiene, we see a move away from a pure price dominated model with its “arms race” to source incremental data to compete for the best risks and its reliance on price ranked comparison engines.

“In the new environment, in order to attract and retain customers for the long-term, the market will have to shift its thinking to the wider customer proposition including the service it delivers and the services it offers. As a key enabler, technology and digital delivery will undoubtedly play a significant part in this journey, whether it’s the smart use of telematics across the value chain or tools to speed up the settlement of claims.”

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