The Travelers Companies is planning to launch a new private passenger automobile product, Quantum Auto 2.0, which would offer more customized and segmented services, increased competitive pricing features, and new discounts for consumers.

The company said that the product will initially be debuted in Arizona, Colorado, Illinois, Missouri, Nevada, Ohio, South Carolina and Wisconsin, starting later next month, reports Insurance Journal.

At the Barclays Capital Global Financial Services Conference held in New York, the Travelers CEO Jay Fishman revealed his company’s personal auto strategy.

The company further said that new accounts would be marketed under Quantum Auto 2.0, and the product would be available to agents at their discretion for existing accounts, in states where the product becomes available.

Fishman was quoted by the news agency as saying, "We remain very pleased with the execution of the strategy of seeking improved rate and we remain committed to it in our insurance business."

"We continue to seek improved profitability, as we continue to seek mid-teens return on equity over time," Fishman added.