Earlier last month Progressive reached a deal with UBER to insure their drivers in Texas, and it will use a novel technique to price their coverage. As part of their agreement, the insurer will use its Snapshot device to monitor the rideshare drivers. During a May 6 question-and-answer session, Progressive CEO Glenn Renwick told analysts that with this technology “we know what the vehicle is doing, where it’s going, route intensity, braking intensity.” Together, these data points can help Progressive to better model the risk of insuring drivers, which can allow them to better decide what premiums to charge.

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