Getting auto-insurance consumers to embrace telematics has been a tough sell so far, Progressive's president and CEO acknowledges, but he stresses that the company is up to the challenge and that it is committed to finding an effective message that speaks to customers.
In a transcript of a conference call with analysts yesterday, posted by Seeking Alpha, Progressive's Glenn M. Renwick said, regarding the insurer's commitment to its telematics product, Snapshot, "We're not turning back." He added, "The real issue is we're just going to keep body punching until we find a combination of messages that really makes sense because we think there is still a latent demand out there that, if they knew more and appreciated the benefits…then we win in a big way."
He noted strong retention among current Snapshot customers who realize savings, and stated that Snapshot will help the insurer get the "right kind of customers" who will remain with the company longer.
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