|[March 20, 2014]
Progressive Snapshot Reaches 10 Billion Mile Mark
MAYFIELD VILLAGE, Ohio --(Business Wire)--
Insurance has collected over 10 billion
miles of driving data with Snapshot®,
its Pay As You Drive® program, since introducing its first
wireless device in January 2008. Progressive leads the usage-based
insurance (UBI) industry with the most miles collected and two million
vehicles that have participated in the program. In 2013, Snapshot
accounted for $2 billion in written premium.
The value of 10 billion miles
The insurer's Big Data set is equivalent to 50 round trips from the
Earth to the sun. Broken down even further the data equates to:
1.5 billion trips in the car from Snapshot customers
6.6 average miles per trip
1.5 million average "calls" per day from Snapshot devices transmitting
data to Progressive
110 terabytes of data - that's over seven times the amount of all the
data stored in the Library of Congress, according to its own website.
Research and development
The current Snapshot program uses three predictive factors to determine
a driver's discount - mileage, time of day and hard braking. Progressive
looks to gain an even deeper understanding of predictive modeling by
piloting GPS-enabled devices in the coming year. A sample of
participants will take part in research to examine how factors like
highway versus city street driving contribute to predicting future
losses and potentially bigger discounts for customers.
Other opportunities to advance UBI may reside in the use of smart
technology, like mobile and original equipment manufacturer (OEM)
telematics. "OEMs in-car technologies have the capability to transmit
driving data, so we're exploring options like this that would ultimately
replace the customer's need to plug in a separate device," says Dave
Pratt, Progressive's General Manager of usage-based insurance. "We're
also exploring using technology people already carry with them, like
smartphones, to do the same measurement."
Open call for app developers
With nearly 60 percent of U.S. mobile subscribers carrying smartphones
according to Nielsen, Progressive is working with application developers
to try leveraging mobile phones to measure customers' driving behaviors.
"This is a very entrepreneurial space right now and we're seeing
promising results," says Pratt. Progressive is currently working with
app developers to test solutions. Progressive has an open call for app
developers. Companies that think they have a viable solution should
contact Progressive's Product Development Manager, Bill Everett at Bill_Everett@Progressive.com.
The Progressive Group of Insurance Companies makes it easy to
understand, buy and use auto
insurance. Progressive offers choices
so consumers can reach it whenever, wherever and however it's most
convenient-online at progressive.com, by phone at 1-800-PROGRESSIVE, on
a mobile device or in-person with a local agent.
Progressive also offers insurance for personal and commercial autos and
trucks, motorcycles, boats, recreational vehicles, as well as home
insurance through select carriers. It's the fourth largest auto insurer
in the country, the largest seller of motorcycle
insurance and a leader in commercial
auto insurance. Progressive also offers car
insurance online in Australia at http://www.progressiveonline.com.au.
Founded in 1937, Progressive continues its long history of offering
shopping tools and services that save customers time and money, like Name
Your Price®, Snapshot®
The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, trade publicly at (NYSE:PGR).
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