Allstate: One Billion Miles Driven on UBI Product Drivewise

Allstate says it has hit a major 'mile'stone in July as its Drivewise customers register more than one billion miles driven over the course of about 38 million driving hours of data.

Meanwhile, the usage-based insurance product launched in Kentucky and Montana on Sept. 9, making the product available in 22 states.

Drivewise measures drivers' mileage, hard braking, excessive speed, and the time of day when an automobile is used to calculate insurance premiums savings. Once a driver is signed up to use Drivewise, he receive savings equal to 10 percent of premium. After the first six months of use, customer savings are based on driving performance calculated from the data collected.

Allstate says seven of 10 Drivewise users are saving money and no one gets premiums increase for using the product. Of those getting a discount, the average savings is about 14 percent per vehicle.

RELATED: Addressing Drivers’ Telematics Concerns Key to Cashing in on ‘Latent Demand’

Allstate Product Operations Executive Vice President Steve Sorenson says, in a statement, "We are proud to offer customers a deep view into the way they really drive and, at the same time, reward them for safe driving habits – habits that can help make the roads safer for themselves and others."

Allstate continues its expansion plan with Drivewise and expects to see the program available in the majority of the country by year end. 

During a Barclay’s investor conference in New York on Sept. 9, CEO Thomas J. Wilson said Allstate is "moving from a relationship with customers that's based on restoration to one that's more aligned with the concept of prevention."

He told investors Allstate agencies are selling Drivewise and "customers have responded well."

RELATED: Allstate Has Upper Hand on Geico: CEO

Comments

Resource Center

View All »

Contractors General Liability Coverage 102

What is a prior work exclusion? Which option is right for my client? Why do...

Sign up today to get a 50% matching credit -...

Insurance marketing sometimes seems like it's a game of swings and misses, but we're here...

Guide: 5 Steps to Selling Cyber

Cyber risk and data security is on the agenda of every business owner and executive....

Citation Correlation

Do rigger and signalperson qualifications correlate with the cause of crane and rigging accidents? ...

Complete Guide to Electronic Signatures in Property & Casualty Insurance...

In property and casualty insurance, closing new business quickly is key. Learn how to leverage...

INSTANT ACCESS: Complimentary Sales Closer Questionnaires

Help property owners or managers compare your commercial residential property insurance coverage vs. the competition....

Determining Vacant Property Perils and Valuations

Are your clients fully covered for Vacant Properties? In this economic climate, your insureds may...

Risk Management for Law Firms

This package of 3 concise risk management articles offers straightforward content and practical suggestions law...

Guide: Top 15 E&O Risks-And How To Avoid Them

Accidents happen. But when it's an errors and omissions oversight, that accident can open your...

We'll Show You How to Reach Your Sales Goals

Whether you work alone or have a team of agents working for you, we can...

Tech Digest eNewsletter

Technology related insights for insurance professionals including key developments, solution providers and news briefs from the carrier front – FREE. Sign Up Now!

Advertisement. Closing in 15 seconds.