Direct Line Group has acquired insurtech company By Miles, which offers pay-by-mile car insurance, reflecting a strategic alignment with evolving market demands for flexible insurance solutions.

Information on the Target

By Miles is a UK-based insurtech company that revolutionizes the way car insurance is structured by offering a pay-by-mile insurance model. This innovative approach caters specifically to drivers who do not frequently use their vehicles, allowing customers to pay a fixed annual fee for periods when their car is parked, and an additional cost based solely on the miles driven each month.

Founded in 2017 and incubated by Insurtech Gateway, By Miles has swiftly gained traction in the insurance market. Over the years, the company has sold more than 100,000 policies to approximately 50,000 customers, generating a total of £26 million in Gross Written Premium.

Industry Overview in the UK

The UK's car insurance industry is undergoing significant transformation, driven by the emergence of digital technology and changing consumer preferences. Traditional insurance policies are increasingly being challenged by innov