What is Snapshot?
Snapshot is Progressive’s user-based insurance (UBI) program that offers customers a personalized rate based on driving characteristics that they can actually control.
When a customer says “Yes” to Snapshot, they’ll immediately receive a discount at the point of sale up to 10%, just for signing up.
The customer decides if they would like to participate using the Snapshot mobile app or plug in device. The mobile app will be presented as an option whenever it is available. Either way, they must download and register the app or plug in within 45 days of enrollment to prevent being opted out of the program. If the customer does not do this, they risk losing the participation discount mid-term, which will result in an increase in their premium.
The customer drives as usual for their first policy term and we’ll measure factors such as hard brakes, driving duration, time of day, hard accelerations, and trip regularity. For customers who are participating using the mobile app, we also measure in-hand phone use while driving.
At renewal the participation discount will be replaced by a personalized rate that reflects the driver’s Snapshot results. Good news – when a personalized driving score is earned, it is applied for the life of the policy. Four out of five customers will continue to receive a discount and 50% of all customers will receive a discount of 10% or more. One out of five customers will see an increase based on their driving habits. If the customer is unhappy with their result, they can always try again.
The mobile app provides feedback to the customer on their driving data. If they have the plug-in device, they can access their information on Progressive.com/agent.
If the customer replaces a Snapshot vehicle with a new vehicle in the future, the personalized driving score transfers to the new vehicle. When the customer is receiving a Snapshot discount, this is a nice feature for retention.
Note: If customers change their mind and want to opt out after downloading the Snapshot mobile app or plugging in the device, they have 45 days from the enrollment date to do so without a late opt out penalty at renewal.