Allstate makes leap into personalized auto insurance pricing

Allstate | March 30, 2020

Allstate has done it again. The forward-thinking, tech-savvy firm has become the first insurer to offer auto insurance pricing that fluctuates from week-to-week. This new option, referred to as personalized pricing, is the latest iteration of Allstate’s popular Milewise pay-per-mile insurance policy, which launched in 2018. Milewise is a telematics-based insurance program that uses a plug-in OBD2 dongle to collect driving data, which is then transmitted back to Allstate and presented to customers on the Allstate mobile app. The device records how many miles a driver has travelled and then deducts a set amount of premium for every mile driven using a prepaid system of billing. The program was initially aimed at drivers with low annual mileage, for example stay-at-home parents, retirees, and telecommuters, under the premise that they would achieve cost savings by opting for pay-as-you-go insurance.

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This material may be quoted or reproduced without prior permission, provided appropriate credit is given to the author and the James A. Baker III Institute for Public Policy. Wherever feasible, papers are reviewed by outside experts before they are released. However, the research and views expressed in this paper are those of the individual researcher(s) and do not necessarily represent the views of the James A. Baker III Institute for Public Policy

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Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.

Markel Corporation | November 16, 2021

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Fennia Mutual Insurance Company and CGI expand their Strategic Relationship for IT managed services to drive digitization

Cision PR Newswire | October 06, 2020

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