text/Silicon Valley Spy Interpretation of Silicon Valley in the most vivid way
Peter is a good child, alone in San Francisco, and lives thrifty.
carefully calculates various living expenses every month.
But when he checked the bill in his hand, he couldn't help but feel confused,
because he found that the water bill was calculated based on the actual water consumption per month;
electricity bill was also calculated based on the actual electricity consumption;
and what about the insurance premium of the car? You have to pay a high premium regardless of whether you drive or not! ! !
This has a great trouble for Peter, but it can only express helplessness.
In reality, 64% of car owners drive less than 10,000 miles per year, but
pays the same premium as those of a few drivers who often drive and have high accident rates.
In other words, this 64% premium is subsidized for these few people.
Is this fair to us ordinary drivers?
This issue of investigation: Metromile
When the Internet encounters car insurance
Metromile solves your problem:
Metromile provides car insurance billed by mileage. For car owners who drive less than 8,000 miles a year, they can save about $424 a year.
only needs to pay a low basic fee every month. The remaining ones are calculated based on mileage, and the mileage exceeding a certain one in a day will be automatically capped. Metromile can also match Metromile Pulse's smart ODB (diagnostic device), which can easily calculate the mileage per trip after being connected to the car.
ODB can connect with the APP, and its functions include: parking lots to locate your car, detect the health status of the car, provide the best navigation routes for overhead, find nearby car repair companies with one click, street cleaning prohibited parking prompts and check whether the car has a ticket.
Metromile also provides Metromile Tag for non-insurance users, a lightweight smart device that implements Metromile Pulse similar functions, in addition to detecting car health.
Company Profile
Date of establishment: 2011
Home location: San Francisco
Founding team:
Official website:
Contact information: [email protected]
Applicable area: California, Oregon, Washington, Illinois and Virginia
(source: crunchbase.com)
Finance situation
A round: US$4 million December 5, 2012
Investment company: First Round, Index Ventures, New Enterprise Associates, SV Angel
B round: US$10 million April 30, 2013
Investment company: Felicis Ventures, Index Ventures, New Enterprise Associates
Spy takes you to use the product
Currently Metromile has updated the device, this tag is suitable for all users who want to try and understand how much it can save for themselves. Metromile users use Metronome to insert into the OBD-II port. Metromile tag uses iBeacon technology to connect wireless network to your mobile phone (currently tags are suitable for 4 states in the United States and for cars after 1996; tags cannot detect car health problems at present)
Step 1: The main page after registering, after registration, Metromile company will send you a tag. Remember to turn on the Bluetooth mobile phone when using it. All the functions are available: car location, health issues, itinerary, insurance, etc.
Step 2: Preview page, summary of fuel consumption in the past week, concise and clear, fuel consumption, fuel expenses and driving time, and car health problems.
Step 3: When I woke up in the morning, I suddenly forgot where the car was parked? This function saved my life, always positioning the car's location and the mileage to walk to the car.
Step 4: Metromile always checks your car's health problems, including power system, body, chassis and network. If you have any health problems, find a skilled worker with one click.
Step 5: Itinerary browsing: Every trip is recorded in detail.
Step 6: Want to know how much money Metromile has saved you? One-click comparison!
Metromile records your mileage, driving time, fuel expenses, average fuel consumption and street sweeping reminders. Each month, you will summarize it by text message or email.
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Continue, look at the market
Market share:
US car insurance market is about 180 billion US dollars a year.
Business model:
’s main business is insurance services, monthly basic fees, plus mileage billing.
At present, the Internet and cars are becoming more and more closely related. Of course, in addition to mobile phones, we have also been in cars for quite a long time. Metromile seized on the traditional fixed insurance premiums and solved the pain point of paying the same fee for car owners with a minimum mileage. Metromile's business model provides users with insurance flexibility by selling insurance. It collects user data information, mileage, fuel consumption, oil price, etc. Through data tracking, customers can compare themselves, which is fair, reasonable and transparent.
Metromile is not just a company that sells insurance, it is a company that helps you save time and money.
Competitor
1. Mojio
Established time: 10, 2012
Company Location: Canada
Contact information: [email protected]
Founder: Jay Giraud, Narayan Sainaney, Richard Woodruff
Website:
Mojio is a company that detects the health problems of your car. It has location tracking and health detection functions like Metromile. Its main function: driving habit analysis. It uses a 3G connection so you don't have to worry about losing your phone's battery. This device costs $149. Compared to metromile, it is more like a car's health expert, and you can prescribe medicine for your car at any time.
2. Zubie
Established time: 05, 2012
Company Location: South Carolina, USA
Contact information: [email protected]
Founder: Tim Kelly, Ari Silkey, Holly Rapken
Website:
Zubie also has location tracking and health detection functions. It records car and driving data and reminds you. Interestingly it revolves around a very special module: the family. Ensure the safety of family members, locate the family’s geographical location at any time, create a family group, and compare who has better driving habits and higher scores.
Listen to what the user says
This user from Sanfan City said:
"These people are amazing! Metronome is just a small plug-in connected to your phone to record the mileage, car status and other problems, and can also be drawn on the cute green map. After using Metronome for a year, I registered their insurance by phone.Their staff was very sweet and helpful and quick to do. I just got my first month’s bill this week and I was really surprised and couldn’t believe that the traditional insurance of the past wasted so much money. "
This user from Minnesota commented:
" I registered this insurance in Illinois as an Uber driver. I did some research on rideshare insurance and there is no better option in Chicago than this one. With a very simple operation, I saved $153 in the insurance premium in one month. I'm very happy to see Metromile leverage rideshare insurance, offering us uber drivers a special insurance option. ”
Special investment guests commented
Jun Li, Managing Partner of Beyondsoft US Investment
Beyondsoft (IPO)
Microsoft t
Tsinghua Entrepreneur and Executive Club
Location: San Francisco/Seattle
1. Business model - There are innovations in collecting insurance by mileage, which may be the most attractive part of this case. But there are two things to be confirmed in the middle.
1) The company has already raised the B round in 2013, but I haven't heard of it very much. What caused the slow progress? Usually the most important part that affects premiums is the driver's driving record. Is it really important to record the mileage accurately every day? Which insurance company now allows this model? Is the risk cost of insurance companies flexible enough to reduce insurance costs based on real-time mileage changes?
2) The most suitable application scenario is probably the Rideshare scenario. Rideshare is probably one of the important means of transportation in the future. As Zip car is the choice of more and more urban people, how to solve insurance will be a problem. I don't know that Zip now How does car charge insurance? But will Zip car provide this insurance solution by itself?
2. There should be nothing special in technology. There are many apps for measuring the mileage of the car and the health of the car. In the future, new car manufacturers will have their own mobile system and diagnostic system. It is difficult to compete with the manufacturer's app.
3. Since technology is not a barrier, innovation in business models is the main key, so it is the first one. Mover. However, because the main value is reflected in the rideshare scenario, the market expansion is limited. If there is a market, it will compete with existing insurance companies.
Xiaotan has something to say
Metromile is a startup that combines smart devices, data services and insurance services, creating a small Internet of Vehicles ecosystem. Just when other companies are competing with smart devices and networking as the core competition for Internet of Vehicles, Metromile chose to use smart devices as the introductory point to invest the competition focus in the huge insurance services in the market. Providing the concept of charging by mileage can undoubtedly win over most car owners with low average annual mileage, and it is also a good entry point. The data of the Internet of Vehicles has developed a fairer and more scientific charging model, which will also accelerate the transformation of the traditional insurance industry.
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