San Antonio-Based USAA Purchases California Insurance Technology Company
San Antonio-based USAA has announced plans to acquire San Francisco-based insurance technology company Noblr, Inc. to offer usage-based insurance, also known as UBI, to its members.
USAA officials said such insurance comes with lower premiums based on mileage variables and good driving habits to create
pay-as-you-go personalized pricing.
The company said usage-based insurance is a good fit for its military service members who are highly mobile and frequently deployed.
“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.
“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 the eight states where Noblr is currently available and expanding to additional states this year, according to a news release.
USAA expects the acquisition to close later this year and is subject to regulatory approval. Terms of the transaction were not disclosed.
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