Earlier today, the O’reilly Radar blog had an interesting post about an innovative new auto insurance company, of all things. They’re called MileMeter, and the thing that makes them different is that you buy your car insurance from them by the mile, not by the quarter, year, etc. This is obviously going to be a better deal for people who drive less, but it could also create some incentives to encourage high mileage drivers to scale back a bit.
Particularly interesting to me, is that it appears the founders of MileMeter are outsiders to the insurance industry. That’s how innovation seems to work — fresh brains who are unconstrained by tradition and how things are “supposed to work”. I wish them the best!
MileMeter was also a finalist in the Amazon Web Services Startup Challenge, which just wrapped up. You can see their contest video on Amazon’s website (I originally had it embedded below, but I didn’t think you’d appreciate the auto-play).