car insurance telematics, entered into an R&D collaboration to improve
their individual data analytics capabilities and foster product offering.
Thanks to this agreement the two groups will share knowledge in
telematics to benefit from synergies of scope, scale and expertise.
Leveraging their experience as the leaders in the markets in which they
operate, Generali and Progressive will further innovate their behavioral
profiling systems to explore a new generation of customized car
telematics solutions which will reward safer drivers, helping them to
improve their driving through personalized customer feedback.
Valter Trevisani, Chief Insurance Officer of Generali, said: “The
collaboration with Progressive allows Generali to accelerate the
execution of the strategy in regards to Connected Insurance and advanced
analytics. Joining forces with a leading player like Progressive will
enable a further step in sophistication of our product offering and data
analytics capabilities, to support an additional improvement of our
Pat Callahan, Personal Lines President of Progressive Insurance,said:
“Progressive pioneered telematics usage in the US auto insurance
marketplace, and we’re constantly striving for customer-centric
improvements to those capabilities. Consumers continue to opt into our
voluntary Snapshot program with increasing frequency and we know that
key driving behaviors – like actual miles driven, braking, and time of
day of driving – can carry more than twice the predictive power of
traditional insurance rating variables, like a driver’s demographic
profile, and the year, make and model of the insured vehicle.
Collaborating internationally with Generali allows us to further expand
and deepen our customer insights in order to help safer drivers save
even more money through our Snapshot program.”
In Europe Generali has a leading position in car telematics and in
Italy, in 2011, it was the forerunner in introducing a pay-how-you-drive
solution with Genertel, the Group direct insurance company.
Generali has more than 1 million policies concentrated in Italy with a
wide range of solutions tailored to serve different customer segments
varying from mileage-based to behavioral ones and sold both by agents
and direct channels. In mid-2015 Generali acquired full control of
MyDrive Solutions, an English start-up founded in 2010, among the
leading companies in the use of data analytics tools to profile driving
styles with the aim of identifying innovative and tailor-made products
for the customers and favorable tariffs for low risk drivers.
Progressive is the US leader in usage-based insurance. Since introducing
the first wireless telematics device in 2008, more than 4 million
drivers have tried Snapshot and during that time Progressive has
collected more than 15 billion miles of driving data. Snapshot is a
voluntary discount program in which drivers can save money on their car
insurance by sharing a picture of their driving habits with Progressive.
People who drive less, in safer ways and during safer times of day are
most likely to get a discount.
ABOUT THE GENERALI GROUP
The Generali Group is one of the largest global insurance providers with
2015 total premium income of more than €74 billion. With above 76,000
employees in the world serving 55 million clients, present in over 60
Countries, the Group has a leading position in Western European
Countries and an ever more significant presence in the markets of
Central and Eastern Europe and in Asia. In 2015, Generali was the sole
insurance company included among the 50 smartest companies in the world
by the MIT Technology Review.
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 provides insurance for personal and commercial autos and
trucks, motorcycles, boats, recreational vehicles, and homes. Home
insurance is underwritten by select carriers, including its
majority-owned subsidiary, American Strategic Insurance (ASI).
Progressive is the fourth largest auto insurer in the country; a leading
seller of motorcycle and the #1 insurer of commercial auto insurance;
and through ASI, one of the top 20 homeowners carriers. 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®, and Service Centers.
The Common Shares of The Progressive Corporation, the Mayfield Village,
Ohio-based holding company, trade publicly at (NYSE:PGR).