INSU Acquisition Corp (INAQ)

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Metromile, an insurance-focused fintech powered by data science and machine learning, on Tuesday, formally announced its intent to go public.

As part of the development, Benzinga chatted with Metromile communications director Rick Chen.

About Metromile: Founded in 2011, Metromile caters to non-traditional car owners, such as those that use transportation services like Uber Technologies Inc. (NYSE: UBER) and Lyft Inc. (NASDAQ: LYFT). The company’s pay-per-mile auto insurance leverages big data and intelligent systems to tailor rates to driver behavior, resulting in lower premiums.

Additionally, the company licenses out its core fraud, underwriting, and AI technology to help insurers automate and digitize their processes.

“At our core, we’re a data science company, and so we’re able to just be more agile and help other insurers kind of see that light,” Chen said.

What Happened: In partnership with INSU Acquisition Corp. II (NASDAQ: INAQ), a SPAC sponsored by the insurance-focused Cohen & Company Inc. (NYSE: COHN), Metromile announced it will become a publicly listed company that would trade on the Nasdaq exchange under ticker “MLE”.

Lead investors include shareholder Mark Cuban, as well as Social Capital, led by Chamath Palihapitiya, which tweeted earlier that the insurtech is disrupting car insurance.