San Antonio-Based USAA Purchases California Insurance Technology Company – About Your Online Magazine

The 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
prepaid custom prices.

The company said usage-based insurance is a good option for members of the military, who are highly mobile and frequently deployed.

“The acquisition of Noblr, Inc. increases our competitiveness in the marketplace and adds the option of UBI capability to our members,” said Wayne Peacock, USAA President and CEO. “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 the Noblr, Inc. technology platform is another example of our commitment to providing world-class services and experiences to our members,” added Peacock.

“This is a wonderful opportunity for the Noblr team to rapidly and significantly expand the deployment of usage-based telematics to more states and to serve our USAA member military families,” said Gary Tolman, CEO and co-founder of Noblr, Inc. “ We look forward to being part of the USAA team as they embark on their next century.”

The 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 other states this year, according to a press release.

USAA expects the acquisition to be completed later this year and is subject to regulatory approval. Terms of the transaction were not disclosed.

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Paula Fonseca