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.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Got a business in the manufacturing sector? These tips on how you can reduce energy costs while being more sustainable are well worth a read...

Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.

Nassia Skoulikariti, Director of IoT Programmes, Mobile Ecosystem Forum shares some insights on how IoT is having a significant impact on all our lives.

Roger James Hamilton, Founder and CEO of Genius Group, a world-leading entrepreneur Edtech and education group, discusses how introducing a globalized curriculum will help better prepare students.

SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.

41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.

Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.

Thingtrax Secures £4.3M to Empower Manufacturers to Build the Factories of the Future

A measure of inflation relief for small firms sees transport costs fall but service price increases remain elevated

Bedfordshire-based HR tech startup HR DataHub has built a range of tools for HR departments
Published on: 25th January 2021
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.







- SureIn Secures €4M to Close the SMB Insurance Gap 15th Aug 2023 Innovative InsurTech startup SureIn announces a €4M Seed round to further its mission of making insurance easy, transparent and hassle-free for SMBs.
- SuperFi raises $1M pre-seed funding round 28th Jul 2023 SuperFi, the debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
- Startups rely on AI & sustainability for new partnerships 27th Jul 2023 41 startups from 13 countries, including the UK, have been selected for the 8th Kickstart Innovation program, one of Europe’s leading innovation platforms.
- Another Round closes £300k Seed round to revolutionise personal training 21st Jul 2023 Personal training platform Another Round has secured £300k in its latest fundraise, including investment from angels and its community.