Allstate says it has hit a major 'mile'stone inJuly as its Drivewise customers register morethan one billion miles driven over the course of about 38 milliondriving hours of data.
|Meanwhile, the usage-based insuranceproduct 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 tocalculate insurance premiums savings. Once a driver is signed up touse Drivewise, he receive savings equal to 10percent of premium. After the first six months of use, customersavings are based on driving performance calculated from the datacollected.
|Allstate says seven of 10 Drivewise users are saving money andno one gets premiums increase for using the product. Of thosegetting a discount, the average savings is about 14percent per vehicle.
|RELATED: AddressingDrivers' Telematics Concerns Key to Cashing in on 'LatentDemand'
|Allstate Product Operations Executive Vice President SteveSorenson says, in a statement, "We are proud to offer customers adeep view into the way they really drive and, at the same time,reward them for safe driving habits – habits that can help make theroads safer for themselves and others."
|Allstate continues its expansion plan with Drivewise and expectsto see the program available in the majority of the country by yearend.
|During a Barclay's investor conference in New York on Sept. 9,CEO Thomas J. Wilson said Allstate is "moving from a relationshipwith customers that's based on restoration to one that'smore aligned with the concept of prevention."
|He told investors Allstate agencies are sellingDrivewise and "customers have responded well."
|RELATED: Allstate HasUpper Hand on Geico: CEO
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