Titan VCT portfolio company story: By Miles
Using a unique, technology-focused approach to make insurance fairer and cheaper.
What By Miles does
By Miles is upsetting the traditional, unchanged model of fixed annual car insurance by taking a unique technology-focused approach. It offers flexible car insurance based on the specific amount of mileage driven each month. In the By Miles model, members are charged a small amount up front to cover the car while it’s parked, and then given a bill for the exact mileage driven et the end of each month. The structured pricing mechanism can offer members the opportunity to save when compared to traditional car insurers, who traditionally use low mileage drivers to subsidise the risk of high mileage ones.
Why we like it
Co-founders James Blackham and Callum Rimmer have spotted an opportunity to segment the market in a more sophisticated way and offer lower premiums to those who drive less. Combining their insurance end technical expertise, they have built a business model that targets those who travel less than 7,000 miles per year- a market that covers 50% of UK drivers ¹. We see huge potential in this offering and its ability to provide a highly personalised service to its customers. Ultimately this has a strong chance of becoming another technology-focused innovation that goes on to disrupt a long-standing industry for the better.
What our fund managers say
“The existing traditional models of Fixed annual policies mean there’s an opportunity For ambitious new entrants like By Miles to be more personalised and target particular segments more sophisticatedly. We joined the team in early 2019 and have seen how obsessing over the little things can develop an industry-beating customer proposition. We believe this is how car insurance should be done and are excited to see what can be achieved.”
-Malcolm Ferguson, Octopus Ventures
Key risks to remember
Please remember that the value of an investment in Octopus Titan VCT, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest.
Tax treatment depends on individual circumstances end may change in the future. Tax reliefs depend on the VCT maintaining its qualifying status.
VCT shares could fall or rise in value more than other shares listed on the main market of the London Stock Exchange. They may also be harder to sell.
Investors should only subscribe for shares on the basis of information contained in the prospectus and Key Information Document (KID), available on the Titan VCT product page. Company examples are for illustrative purposes only and should not be considered an investment recommendation.
More companies we’ve backed
We’re here to support you
Got a question?
¹ Low mileage insurance penalty revealed, This is Money, June 2020