Even though Metromile wasgroundbreaking with its pay-per-mile insurance, it certainly wasn'tthe first to provide usage-based cover.
In fact, the earliest documented paper insurance policy, acommercial policy, dated February 13, 1343, covered 10 bales oflinen on their trip from Pisa to Sicily on the SantaCatalina. It was a pay-per-use policy on a temporary shipmentof cargo — right in the midst of the Italian Renaissance.
Fast forward 673 years and we are entering an era whereusage-based insurance and pay-as-you-go (drive-live-travel-ship,and more) coverage is coming into vogue. The big difference withthis Renaissance, however, is that technology and insurancecoverage is unlikely to trend back toward aggregates and is highlylikely to trend permanently toward individualized, contextualized,point-in-time based, data and analytics based pricing and use.There's no going back … only forward.
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