Pay-by-mile auto insurance startup raises $90 million

Metromile, a San Francisco-based pay-by-mile auto insurance and automated claims processing company, raised $90 million in Series E funding.

Why it's a big deal: Because while everyone seems focused on an autonomous driving future, there are still plenty of present-day usage trends that require updated solutions.

• Tokio Marine and Intact Financial co-led the round, and were joined by return backers NEA, Index, Future Fund and Section 32.
• Bottom line: "As baby boomers retire and millennials flock to cities, two insurance giants are making a bet on people driving a lot less." — Julie Verhage, Bloomberg