Filed Under:Agent Broker, Personal Lines Business

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

NAPSLO 2016

 

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