Public Relations Manager
Mayfield Village - OH United States
The big idea: In 25 words or less, please tell us how this Fast 50 Nominee is helping to address the planet's problems.
Progressive’s usage-based insurance program – MyRate - gives drivers a financial incentive to drive less and safer. Less driving saves gas and reduces greenhouse gas emissions.
Please describe how this nominee is using business as a force of positive change. What technology, idea, or strategy is the nominee using -- and what problem, such as global warming, poverty, or pollution, does it address? (suggested length: 100 words)
MyRate combines driving data, wireless technology and our knowledge of predictive behavior to charge drivers a rate based on how they drive. When customers choose to participate, they receive a device that plugs into their car’s onboard diagnostic system. It records data including how much and how the vehicle is driven and teaches drivers about their driving habits.
Less driving reduces gas consumption by an average of 125 gallons a year. Providing a financial incentive to modify driving behavior leads to safer driving habits. Another benefit? We believe the level of greenhouse gas emissions released into the atmosphere and the number of brake pads left in landfills will be reduced.
What are the results, both financial and social? How has the nominee's business performed, and what impact has it had on the problem it addresses? (suggested length: 100 words)
Usage-based insurance promotes less and safer driving. We have operated profitably and saved drivers money on their insurance premiums while testing this product. During the pilot phase, we tracked more than 200 million miles driven. We learned that drivers participating in the pilot program are less likely to be involved in car crashes.
We have not tracked gas consumption savings or reduced greenhouse gas emissions and brake pad waste. But independent research shows that aggressive driving can burn an extra 125 gallons of gas per year and lower gas mileage by 33 percent on the highway and 5 percent in town.
