Key Information & Contact Details - By Bits Platform - UNDER EMBARGO UNTIL
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UNDER
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26 January 2021
By Bits Platform
Key Information & Contact DetailsCompany Background
About By Bits
By Bits is a new technology platform for the motor insurance
industry to transform the customer experience and bring fair
and transparent pricing to drivers. The 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. The platform has been brought to market
by the co-founder of By Miles, the UK’s only pay-by-mile motor
insurance product.
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021Company Background
Continued
How it works What it does
Available to insurance companies both nationally and As well as facilitating and accelerating the development of
internationally, By Bits provides two main services – an insurance usage-based insurance products, By Bits enables insurers to
rating engine and an insurance policy management system. develop genuinely customer-centric products and services.
The By Bits rating engine enables insurance The platform can integrate data and generate insight
companies to calculate insurance premiums using to support compelling mobile applications which
modifiable underwriting and rating rules. For insurers give customers real-time data on car usage and
implementing a pay-per-mile product, it will split the savings and tailored communications at each stage
premium into a fixed amount and a per mile amount. of the customer journey. This allows providers to
establish more meaningful, long-term relationships
The policy management system enables insurers to with customers, helping to address low retention
manage every aspect of the lifecycle of a car insurance levels across the industry.
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.
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.
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021The Market
Today Tomorrow
Customers expect insurance products and services to measure up New rating engines and new products are only part of the solution.
to the experiences they enjoy with their other consumer purchases.
They expect to be able to review their usage data in real-time, like How insurers interact, engage, communicate and
manage data will also be critical. Customers will want
they do with their fitness apps, access financial statements like they to know how answering a set of questions can truly
do with their banks (Monzo) and communicate like they do through reflect their premium price fairly. The data that can
messaging apps. be provided at the onset (and during the life of the
project) from open banking integrations, activated
vehicle safety features, use of assisted driving features
However, the insurance industry has been slow to adapt and usage data are all elements that will contribute to
to technology innovation, and efforts to digitise and future policies.
optimise customer experience have largely failed.
Insurance has rested on its laurels for too long. Insurers
should already be considering how to embrace these
consumer trends in their products and also considering
how they scale for the future. If they do not then their
customer retention and revenue will shrink. They must
catch up to meet the demands of today and they need to
plan and scale for the changes and challenges to come.
The average insurer spends around 3.5% of its total
Gross Written Premium (GWP) on the technology
needed to manage its product portfolio, which is
£700million per year
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021About the Founder
Callum Rimmer
Callum made his first website in 1999 to sell T-Shirts
online. This led to a career in software development and
consulting since leaving university in 2002. Callum’s first
funded start-up was in 2004 and called iFrame. It was a
cloud-based tool for making and hosting websites.
Subsequently, Callum has worked as a software By Miles Group has received invested from Octopus
consultant for large multinational companies, Ventures, CommerzVentures (the fintech investment
including Goldman Sachs, Deutsche bank and Tesco. fund backed by Commerzbank), InMotion Ventures (the
venture investing arm of Jaguar Land Rover), Hambro
Callum founded By Miles in 2016 with James Blackham. Perks and the Insurtech Gateway, 14W and JamJar (the
Callum and James met when they worked together at fund backed by the founders of Innocent drinks).
Goldman Sachs leading the creation of the bank’s next
generation, API based client platform, called Marquee.
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021UNDER
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26 January 2021
By Bits Press Release
Launch AnnouncementLaunch Announcement
New technology platform
finally puts customers first
in motor insurance industry
By Bits enables insurance firms to transform
customer experience and meet the growing
demand for usage-based insurance
Company behind UK’s only pay-by-mile motor
insurance provider delivers technology platform
for wider industry
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021Launch Announcement
Continued
By Bits, a new technology platform for the motor
insurance industry, has launched today with a
promise to transform customer experience and
bring fair and transparent pricing to drivers.
The new platform enables motor insurance providers to Rimmer, founder and CEO of By Bits. “Because it is Because it is mandatory if you own a car, motor
create innovative, personalised services for customers mandatory if you own a car, motor insurance feels like
and bring usage-based policies to market in a fast a tax rather than a purchase decision. This needs to insurance feels like a tax rather than a purchase
and cost-effective way. In doing so, insurers can change. Insurance companies urgently need to put decision. This needs to change. Insurance companies
meet heightened consumer demand for pay-by-mile the customer first or they risk losing market share and urgently need to put the customer first or they risk
insurance products, a trend that has been accentuated becoming irrelevant.”
during the COVID-19 pandemic, when millions of losing market share and becoming irrelevant.
people have continued to pay the same insurance As well as facilitating and accelerating the development
Callum Rimmer
premium despite doing significantly less driving. of usage-based insurance products, By Bits also enables
By Bits, Founder
insurers to develop genuinely customer-centric
The By Bits Platform has been brought to market by the products and services. The platform can integrate data
co-founder of By Miles, the UK’s only pay-by-mile motor and generate insight to support compelling mobile
insurance product, which has won a string of industry applications which give customers real-time data on
innovation and customer services awards. car usage and savings, and tailored communications
at each stage of the customer journey. This allows
“Motor insurance pricing is seen as opaque and unfair, providers to establish more meaningful, long-term
and consumers are overwhelmingly dissatisfied with relationships with customers, helping to address
the level of service they are receiving,” said Callum extremely low retention levels across the industry.
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021Launch Announcement
Continued
This pandemic has changed driving habits for millions The By Bits platform is delivered through a software portfolio, which is over £700 million per year .
as a service (SaaS) model and can be integrated into Available to insurance companies both nationally and
and the need for the whole UK car insurance industry existing technology systems or used as a stand-alone, internationally, By Bits provides two main services –
to catch-up to customer expectations, grow with the white-label solution. It provides insurers with best-in- an insurance rating engine and an insurance policy
changing mobility landscape and create the freedom to class documentation and APIs, significantly reducing management system. The By Bits rating engine
the cost and time required for insurers to develop enables insurance companies to calculate insurance
innovate has never been more pressing. their technology stack to meet the customer-centric premiums using modifiable underwriting and rating
Callum Rimmer demands of an evolving insurance industry. rules. For insurers implementing a pay-per-mile
By Bits, Founder product, it will split the premium into a fixed amount
Rimmer continued: “Our tried and tested platform and a per-mile amount. The policy management
future-proofs insurers in an unpredictable market system enables insurers to manage every aspect
where mobility, customer expectations and of the lifecycle of a car insurance policy ranging
democratised data are dictating innovation. This from quotation to policy and renewal. Both services
pandemic has changed driving habits for millions are able to be deployed as modular solutions that
and the need for the whole UK car insurance industry can be integrated with existing software or used as
to catch-up to customer expectations, grow with the standalone products.
changing mobility landscape and create the freedom
to innovate has never been more pressing. We hope Prioritising the customer has been the hallmark of the
that in 10 years’ time people see the launch of By Bits By Miles offering. Despite only launching to the public
as an inflection point in the way motor insurance is in July 2018, it already has sold tens of thousands
delivered, in the same way that retail banking has been of policies and boasts market-leading customer
transformed over the last few years.” retention rates.
A recent study found that the average insurer spends For more information on the By Bits Platform,
around 3.5% of its total Gross Written Premium (GWP) please visit
on the technology needed to manage its product www.bybits.co.uk
Key Information – UNDER EMBARGO UNTIL 00:01 26 January 2021Notes to editors About By Bits
For more information, please contact
By Bits is a new technology platform for the motor
Tom Holland, Tempo Communications insurance industry to transform the customer experience
and bring fair and transparent pricing to drivers.
tom.holland@thisistempo.co.uk
The 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. The platform has been brought to
market by the co-founder of By Miles, the UK’s only
pay-by-mile motor insurance product.
Press Release – UNDER EMBARGO UNTIL 00:01 26 January 2021You can also read
