USAA Made a Smart Acquisition to Its Car Insurance Team
Lisa Steuer McArdle
· 3 min read
Texas
-based insurer USAA
is acquiring Noblr, a small company that offers personalized car insurance
based on driving behaviors through its app.USAA, which is available to the members of the
military
and their families, plans to add Noblr’s product lines to its operations, offering customized car insurance with continuous, real-time rates. USAA did not reveal the purchase price, but the deal is expected to close later this year. The company says this acquisition will make it more competitive by modernizing its offerings, according to
Insurance Journal
.
How will USAA and Noblr work together?
Noblr, which launched in 2017, works by scoring your driving to help you
save money
on car insurance. Driver scores through Noblr are calculated trip-by-trip. A better score means a better insurance rate. Through the app, you can save money if you drive less, don’t text and drive, brake and accelerate mindfully, take a safer route, and avoid driving late at night. Some scoring factors vary depending on what state you live in.
USAA plans to offer the usage-based program at a state level for the next three years, starting with the eight states where Noblr is currently available. USAA plans to expand the service to additional states through the year.
Noblr currently has 50 employees that will stay on, continuing working with Noblr customers as USAA moves to offer the same products to its own members. The Noblr name is expected to remain for now, with USAA to examine branding opportunities after the acquisition is complete.
Under the new company, Noblr will offer members personalized pricing that fits their risk and usage profile and they will have more control over the cost of their car insurance policies.
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USAA: A trusted car insurance company
USAA continues to be one of the most trusted car insurance companies, with some of the best discounts, in the country. Last year, it was even rated one of the top-rated car insurance companies in America, along with
State Farm
.In fact, the compay already has a behavior-based program called SafePilot, which also offers savings for safer driving. Noblr and SafePilot will be separate programs at USAA and both will be optional to members. The company says it’s important to have usage-based insurance products for its active military members since they are frequently deployed and mobile.
It also recently announced it is expanding SafePilot, which is currently available in 12 states. There are plans to continue adding new states to the list in 2021.
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