SAN ANTONIO, June 10, 2021 /PRNewswire/ -- USAA announced today that 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 Chief Executive Officer. “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.