Snapshot Auto Insurance Symposium Charlotte, NC March 23, Chris Ziance Senior Counsel

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1 Snapshot 2012 Auto Insurance Symposium Charlotte, NC March 23, 2012 Chris Ziance Senior Counsel

2 Agenda UBI background Progressive s history with UBI The future

3 Usage Based Insurance Determining an insurance rate based on actual usage/driving data How much? Mileage. To some this is pay as you drive. How? Fast acceleration; Hard braking; Turning; Cornering. When? Time of day or night. Where? Territory; Road type. Driving data is integrated with traditional rating factors: claims history; vehicle make and model; financial stability; demographics

4 Usage Based Insurance Why do it? Innovative changes the way insurance is priced Intuitive Empowers customer New product and services which gives consumers choice differentiates Progressive It has the potential to reduce negative externalities

5 Restroom in Salem, OR

6 UBI Who benefits? Price sensitive Drivers those who seek control of their driving costs Low Mileage Drivers those who drive less, use public transportation Parents of Teen Drivers those who want to help teach young drivers to be safer behind the wheel Green Drivers those concerned about climate change/traffic congestion Safe Drivers those who demonstrate safe driving behavior Vehicles > Drivers those who own an extra car

7 Challenges In vehicle technology Consumer acceptance Marketing Profitability Regulation Intellectual property Information technology

8 SNAPSHOT CHALLENGE TAKE RATE What % of your new Progressive policies will take advantage of Snapshot?

9 SNAPSHOT > FIT FACTORS

10 SNAPSHOT > A PRICING GAME CHANGER

11 Progressive s investment in UBI >Research started in 1992 >Autograph > Usage based insurance patent filed by Progressive > Texas pilot: ~1,200 devices with hard install >Rated on where, when and how customers drove >Tripsense (renamed to MyRate in 2008) >2004 Minnesota pilot >Self installed & manual data transmission >Rated on when, mileage and speed > 75 mph >2006 Michigan and Oregon >Rated on when and mileage >MyRate (renamed to Snapshot Discount in 2010) >2008 / 09 Pilot in six states >~1 billion miles of data measured >2010 Snapshot rollout >Optional program vehicle level >Discount-only model >Discount up to 30% at 30 days of connectivity

12 UBI Telematics >Like all technology, it has gotten smaller, less expensive and more powerful

13 UBI EVOLUTION > SNAPSHOT >>> March 2011, National Launch Autograph MyRate

14 SNAPSHOT HOW IT WORKS Customer Signs Up for Snapshot and we mail Device 1 Customer Plugs In device Earns Initial Discount at Day 30 (0 30%) Ongoing Discount For Future Terms (0 30%) Customer Returns Device (or $50 fee) days 3 Until renewal quote 4 Snapshot Monitoring Period Customer keeps renewal discount without device

15 HUB PAGE Reports: Performance Factors Lists enrolled vehicles What the current and projected renewal discount is for each enrolled vehicle Last day the MyRate device was contacted Links to vehicle specific reports Displays factors that make up the current discount applied 15

16 REPORTS: TRIP DETAILS Reports: Weekly Trip Avg. Displays graph of brakes during the day or individual trips in that day Displays total driving time and mileage for day or individual trips in that day Displays weekly average or last 7 days of certain factors Time spent in High Risk Driving Times Mileage No. of Hard Brakes 16

17 ON-LINE REPORTS SUPPORT PAGE Video showing device being plugged in Links to online tool to locate ODB port in vehicles Information on returning the device and a link to request new return envelope 17

18 Snapshot Availability UBI available for > 82% of national WP. Direct UBI available in 41 states and DC. DE next on March 30th. Agency available in 36 states. DE next on March 30th. WA and IN UBI trade secret bills cleared House and Senate. Awaiting Governor.

19 MILES APART FROM OUR RIVALS Technology Data Scale Customer Experience 3 Billion miles

20 Own the Space March 14 th ad launch Strong focus on acquisition & discount. Integrated marketing strategy. TV, radio, print, e ads, banner ads, site masthead, social media,agent marketing support. 48M PR impressions to date. 20,000 agents say sign me up. Employee engagement. 20

21 Snapshot Creative: An Evolving Brand 21

22 AWARENESS AND ATTRIBUTION Snapshot Awareness Attribution to Progressive

23 THE ADAMS AGENCY Vehicle Level >1996 Model Yr. Easy to Install Monitors Vehicle Use Time of Day Mileage Braking NO GPS NO Risk of Rate Inc. Biggest Discount Ever!

24 Future of UBI It s all about the vehicle data Multiple sources for the driving data Smart phones Devices OEMs More applications of the data Behavior modification Claims applications Value Added Services More insurance options Wide availability More product/service models UBI mandatory with some competitors 24

25 Next Gen: Motional Axes of the Car Z axis (upward) Y axis (lateral) X axis (forward)

26 Mobile App Surrogate for Device

27 Value Added Services 27

28 What Are the Competitors Doing? State Farm In Drive Allstate Drive Wise OEMs 3rd party driving data suppliers 28

29 UBI Competitive Landscape Mass Market Offering (Onboard Advisor for Commercial Auto in 24 states sold through Safeco in IA channel) Segmented Offerings (~4,000) (~2,000) (~20,000) Market Test (1 state AZ) (~3,000) (Powersports) (~500) (Rewind in OH & CO) (~500) 0 1,000 1,000 5,000 5, ,000 >100,000 Units Cumulative Experience Sources: AT Kearney, Progressive CI Team October 2010

30 Summary Progressive has the dominant lead in technology, data, scale, customers and experience. We launched Snapshot advertising nationally in Q exploiting our first mover position. We are busy building the Snapshot brand to be recognized as the leader in UBI. Snapshot rolled out in 41 states + DC. Available in Agency and Direct channels. Snapshot model is performing well. Consumers like it. We are assessing further next generation moves. Competitors are responding aggressively. State Farm and Allstate have launched their first generation UBI product and services. It is the future in our industry.

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