Chief Executive Officer Glenn Renwick told analysts in a conference call that despite the small amount of available data on the “snapshot” product, he finds it “very appealing.”  He said the “take-up” rate for the product is “very good” and the “overall retention is up meaningfully.”

Snapshot is a small device that drivers plug into their diagnostic system which tracks mileage, time of day and hard braking practices.  The driver returns the device to Progressive after 6 months to see if the driver is eligible for any discounts.  Renwick reported that many people are receiving discounts.

The insurer distributes its insurance products directly and through agents, who are competing with each other to come up with the best pitch for Snapshot, Renwick said.
He added that the advertising is getting people’s attention and generating interest.  He thinks it is just a matter of time for the Progressive agents and consumers to get in sync with the product.

Numbers released during the conference call:   Agency business grew 2 percent during the third quarter this year compared to last year. Direct business grew 5 percent.
Third-quarter net income fell more than 40 percent to $150.7 million compared to $261.1 million a year ago during the same quarter.