Progressive's Snapshot can raise your price. That's the point.
Since 2014 Progressive's Snapshot can surcharge risky drivers, not just discount safe ones. About 20% of participants pay more at renewal. In 2023 its combined ratio was 94.9 as premiums grew 20%.
Transcript
Progressive's Snapshot watches how you drive. Since 2014, it can raise your price, not just lower it. Would you have made that call?
Discounts only is easier to sell. Pricing both ways keeps your own pool clean while rivals' pools drift toward losses. Progressive chose both ways.
Today, about 20% of Progressive's Snapshot participants see their premium go up at renewal.
In 2023, Progressive's combined ratio was 94.9, better than its 96 target, while net premiums written grew 20% to $61.6 billion.
If your data can only lower prices, you are giving away margin, not pricing risk. Many things drive an insurer's results. Snapshot is one of them, not the whole story.
The records behind this video
Every figure in the video comes from this Decision Record, each with its sources.
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