Love Your Miles, a new online insurance intermediary, has partnered with Open GI, implementing their latest digital solutions from its Core platform to bring its first usage-based product to UK drivers.
The start-up, founded by Stuart Whalley and Chris Pryor, Managing Director and Product Director respectively, offers mileage-based insurance policies, underwritten by a panel of experienced insurers. Launched to meet the growing demand and changing needs of customers who drive fewer miles, Love Your Miles monitors the number of miles customers drive using telematics technology, with a small device called a MileMeter, in return for a fairer price on their insurance.
The partnership sees Open GI provide the full end-to-end technology solution for broking and policy administration.
Stuart Whalley, Co-Founder and Managing Director at Love You Miles, says: “We are seeing a change in our customer profile, people are driving less and demographics have shifted as more of us continue to work from home and establish a ‘new normal’ as a result of the pandemic. We believe this shift is contributing to the acceleration in customer acceptance of usage-based products as a result.
“A pay-as-you-use culture is developing in the UK as a consequence of the cost-of-living crisis and in particular rising energy bills. Usage-based insurance can help money savvy customers save just like smart meters can help with energy bills,” continues Stuart, “Love Your Miles is looking to meet these changing consumer needs and help contribute towards easing the strain people are feeling.
“We also wanted to build an online business that customers can manage in their own time, so it was crucial for us to find the right technology partner to support our route to market and provide us with all the tools that meet the needs we have as a digital broker.
“Alongside the bespoke usage-based development and customisation that offers us additional functionality, the Open GI team have demonstrated the speed and agility that was paramount to support our ambitious launch plan,” concludes Stuart. “It includes fully integrated, customised portals that are built into our website and linked to the hosted platform. This means our customers can download and upload documents for their insurance policies online, as well as offering the option of mid-term adjustments (MTAs) to their policies at their own convenience.”
Commenting on the partnership, Simon Badley, Open GI’s Group CEO, said: “Our partnership with Love Your Miles, from the outset, has been a collaborative journey. We look forward to continuing the forward momentum together and to working with the Love Your Miles team as the brand grows and they realise their plans to diversify into further pay-per-usage vehicle markets. The partnership also marks a milestone for us as a business, as our first pay-per-usage digital client, with the relationship paving the way for us to meet the needs of the growing pay-per-usage proposition in the GI market.
Be the first to comment