From Yahoo Finance: 2025-05-03 11:11:00

Berkshire Hathaway’s Geico car insurance unit is upgrading its technology to improve rate matching with risk, according to Vice Chairman Ajit Jain. Geico saw improved results in 2024 by reducing new policies and accident claim payouts. The company has made progress in telematics under CEO Todd Combs, cutting 2,300 jobs to become a focused competitor.

Jain praised Geico’s advancements in telematics and workforce reductions, but emphasized the need for more progress. Geico is working to catch up in data analytics and pricing for risk by the end of 2025. Despite being behind rivals in some areas, Geico maintains lower operating costs than many competitors.

At Berkshire’s annual meetings in 2023 and 2024, Jain highlighted Geico’s progress in telematics and data analytics. The company aims to reward safe drivers with discounts using technology that monitors behavior like speed, braking, and distracted driving. Geico is focused on improving its technology to better compete in the insurance market.



Read more at Yahoo Finance: Berkshire’s Jain says Geico has made “rapid strides”