Posted on 23 Dec 2009
The Hartford Financial Services Group, Inc., has teamed with GreenRoad, a global pioneer in improving driving behavior, in a two-year non-exclusive strategic alliance. The alliance between GreenRoad and Hartford Ventures will focus on opportunities to use GreenRoad's products and technology-based service to help The Hartford's insurance customers improve driver safety and lower their overall vehicle operating costs.
"The Hartford is committed to an open innovation model of working together with strategic external partners to develop and bring to market creative solutions that meet the unique needs of our customers," said Jacqueline LeSage Krause, vice president of innovation and corporate venture capital at The Hartford. "We're pleased to be working with GreenRoad as part of this effort."
Through its Hartford Ventures division, The Hartford identifies and teams with leading private companies with expertise in areas of key strategic importance to the insurance industry. GreenRoad helps commercial fleets, insurers and consumers measure, improve and sustain safe and fuel-efficient driving behavior through the use of in-vehicle feedback, coaching, web-based reporting and risk analysis tools. These tools empower drivers to make immediate changes to their vehicle operating behavior.
"We are pleased to be working with The Hartford, a leading insurance carrier that shares our commitment to driving safety," said Eric Shishko, senior vice president of GreenRoad's global insurance businesses. "Through this strategic alliance, GreenRoad and The Hartford will define how GreenRoad's technology can be used to address the specific needs of The Hartford, its customers and the insurance industry overall."
GreenRoad is the pioneer and world's leading provider of a comprehensive service to improve driving behavior. GreenRoad helps commercial fleets, insurers and consumers measure, improve and sustain safe and fuel-efficient driving behavior. The service integrates real-time, in-vehicle feedback, coaching, reporting and risk analysis tools to empower drivers to improve immediately. GreenRoad's service is cost-effective, automated and fully scalable. Customers typically reduce crashes by up to 50 percent and cut fuel usage and emissions by up to 10 percent. The company is headquartered in Redwood Shores, Calif., with sales offices throughout the U.S. and UK and an R&D Center in Israel. Investors include Benchmark Capital, Virgin Green Fund, Amadeus, Balderton Capital and DAG Ventures. For more information, visit www.greenroad.com.
About Hartford Ventures
Hartford Ventures is the venture capital division of the Hartford Fire Insurance Company, a wholly-owned subsidiary of The Hartford Financial Services Group, Inc. Through its relationships, experience and support, Hartford Ventures seeks to accelerate the growth of early stage companies. As the only known dedicated corporate venture capital group in the insurance sector, Hartford Ventures provides its portfolio companies and co-investors with unique insights into the insurance industry. Hartford Ventures serves as a relationship liaison between its portfolio companies and internal Hartford businesses, providing top level access to potential customers, partners and external investors. For more information, visit www.thehartford.com/ventures.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an insurance-based financial services company that serves households, businesses and employees by helping to protect their assets and income from risks, and by managing wealth and retirement needs. A Fortune 500 company, The Hartford is recognized widely for its service expertise and as one of the world's most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.