Launch of By Bits - the motor insurance platform putting customers first
by Startacus Admin
By Bits enables insurance firms to transform customer experience and meet the growing demand for usage-based insurance
Innovation news in the motor insurance industry today with the launch of By Bits, a new technology platform aiming to transform the customer experience and bring fair and transparent pricing to drivers.
The new platform enables motor insurance providers to create innovative, personalised 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.
The By 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.
“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.”
As well as 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.
The By Bits platform is delivered through a software as a service (SaaS) model and can be integrated into existing technology systems or used as a stand-alone, white label solution. It provides insurers with best-in-class documentation and APIs, significantly reducing the cost and time required for insurers to develop their technology stack to meet the customer-centric demands of an evolving insurance 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.
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Published on: 25th January 2021
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