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Thursday, 10 June 2021 18:25

USAA Announces Plans to Acquire Insurtech Company Noblr, Inc.

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USAA announced June 10 it plans to acquire insurtech company Noblr, Inc. to offer usage-based insurance (UBI) to its members.

UBI products offer a lower premium, along with a mileage variable, by combining usage and behavioral factors to create pay-as-you-go personalized pricing and opportunity for savings and rewards.

 

This is important for USAA's military service members who are highly mobile and frequently deployed.

 

Adding a UBI product helps USAA achieve its mission by serving members with personalized pricing and control over the cost of their insurance. USAA's financial strength makes acquiring new technologies one way to accelerate the association's innovation and speed its entry into this growing market.

 

"The acquisition of Noblr, Inc. increases our competitiveness in the marketplace and adds the choice of UBI capability for our members," said Wayne Peacock, USAA president and CEO. "Members will get personalized pricing that fits their risk and usage profile, better control over the cost of their auto policies and an exceptional end-to-end digital experience."

 

"USAA has always been an innovator, and the addition of Noblr, Inc.'s technology platform is another example of our commitment to deliver world-class service and experiences to our members," added Peacock. 

 

"This is a wonderful opportunity for the Noblr team to quickly and significantly expand the implementation of usage-based telematics to more states and to serve our military families, USAA members," said Gary Tolman, Noblr, Inc. CEO and co-founder. "We look forward to being a part of the USAA team as they embark on their next century."

 

USAA plans to roll out UBI nationally over the next three years, starting with...


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