At Berkshire Hathaway’s annual conference, the deputy chairman Ajit Jain said that the insurer was now “just as much as everyone else in telematics”, warned that it is too early to explain the full success and found that continuing progress is necessary.

The Geico car insurance from Berkshire Hathaway has made progress in improving its technology in order to better coordinate prices with risks, said the deputy chairwoman of Berkshire, Ajit Jain on Saturday.

Jain, who has the daily surveillance of Berkshires insurance operations, spoke to the shareholders’ questions at the annual conference of the conglomerate in Omaha, Nebraska, where he, chairman Warren Buffett, and deputy chairman Greg Abel.

In 2024 Geico achieved significantly improved results because it complied with its appetite for the issue of new guidelines and at the same time reduces the percentage of the premiums that were paid for accident claims.

The deputy chair said that Geico had made “quick progress in telematics” and now “is” just like everyone else “. Jain praised Geicos CEO Todd Combs for reducing the company’s workforce. Geico set more than 2,300 jobs last year.

“All of this made it possible Geico to become a more focused competitor,” he said, adding that it was too early to “have fulfilled mission. We have achieved a lot, but we have to do a lot more.”

At Berkshire’s 2023 Jain annual conference that Geico was behind the curve in the telematics, where devices installed in vehicles were able to monitor behavior such as speed, brakes, kilometers and distracted driving.

Insurers can then adequately reward secure drivers with discounts and price guidelines for other drivers.

Then Jain complained to BERKSHIRE’s 2024 that Geico was “still after”, but hoped to conquer competitors in data analyzes, including the pricing for risks, even though Geico still enjoyed lower operating costs as “practically every”.

Published on May 3, 2025