(Bloomberg) – Allstate Corp., the largest publicly traded U.S. home and auto insurer, said the country's transportation network is highly inefficient, with vehicles sitting idle for most of the day, and that the company is betting on inevitable changes to the system.
"Even moderate increases in effectiveness and efficiency have the potential to raise household income by 5 percent annually," Allstate Chief Executive Officer Tom Wilson said Tuesday at a conference held by Barclays Plc. "I know of no other economic opportunity to generate this much wealth for Americans. Now, Allstate is leaning in to this opportunity."
Some patterns have already shifted, with many young adults shunning car ownership and preferring to arrange trips through ride-sharing services such as Uber Technologies Inc. That company has announced plans to allow consumers in downtown Pittsburgh to summon self-driving cars from their phones.
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