USAA to acquire Noblr
USAA announced that it plans to acquire insurtech company Noblr , to offer usage-based insurance (UBI) to its members. USAA expects the acquisition to close later this year. Terms of the transaction were not disclosed. The transaction is subject to regulatory approval.
“The acquisition of Noblr, Inc. increases our competitiveness in the marketplace and adds the choice of UBI capability for our members. 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.” – Wayne Peacock, USAA President and CEO.
“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. We look forward to being a part of the USAA team as they embark on their next century.” – Gary Tolman, Noblr, Inc. CEO and co-founder.
USAA plans to roll out UBI nationally over the next three years, starting with the eight states where Noblr is currently available and expanding to additional states this year. The acquisition complements the news that USAA’s behavior-based insurance (BBI) program, SafePilot, grew 200% in 2020 and that nearly half of new policyholders in the states where SafePilot is available opt-in to the program. Noblr’s UBI program will be separate from SafePilot, which “primarily uses behavioral data.”
Late last year, Coverager reported that USAA was engaged in acquisition talks with Metromile, another usage-based insurance provider. At the time, a Metromile spokesperson said that this is “categorically not true” and USAA’s communications team stated that they do not comment on speculation.