Congratulations to our portfolio company By Miles, which is now officially regulated by the UK’s Financial Conduct Authority. This allows the pay-per-mile car insurer to act as an insurance intermediary, bringing the company a step closer to its UK launch, planned for later in 2018.
“We’re delighted to now be authorised and regulated by the Financial Conduct Authority,” says James Blackham, co-founder and CEO of By Miles. “While customers have already been test-driving our technology in a private beta trial, this is a significant milestone for us as we’re now officially regulated to provide car insurance. We’re looking forward to helping car insurance in the UK evolve by offering drivers a fairer, more flexible way to insure their cars.”
Insurance industry specialists welcomed the news. Rod Jones, insurance expert at uSwitch.com, says:
“It is refreshing to see new entrants such as By Miles challenging the established car insurance providers with its customer centric proposition. By only charging drivers for the miles they actually drive, it could provide some welcome relief following a series of price hikes over the past eighteen months. This kind of innovation has been lacking in recent years, as insurers have fallen behind the technological boom we are currently experiencing within the motor industry.”
Read more on the By Miles blog.