Progressive: Auto, Home, Motorcycle, Boat, RV, Renters Insurance

Progressive

www.progressive.com
NYSE: PGR
(Finance: Insurance Services)

Progressive Corporation was co-founded in 1937 by Jack Green and Joe Lewis. Today the company employs 25,000 (est.) workers and is headquartered in Mayfielf Village, Ohio. Progressive is a major provider of auto coverage in the U.S. and mainly offers its services through independent agents, the internet, and by phone.

Contact Info
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Services
Auto Insurance, Homeowners Insurance, Motorcycle Insurance, Boat Insurance, Condominium Insurance, Commercial Insurance, Renters Insurance

Overview
Progressive Corporation is a leading insurance provider that has over ten million policies in force; mainly offering automotive and motorcycle insurance throughout the United States. Progressive covers most types of vehicle insurance, including RV, Boat, and Snowmobile coverage. The company even offers Segway insurance. Segway is the name given to the two-wheeled electric vehicle made by Segway Inc.

Progressive makes online claims easy through their award winning website. Customers have multiple claim options to select from when filing a claim, including repair estimates, windshield and glass repair, and concierge service. Concierge service through Progressive allows the insurance company to manage the repair process. In addition, if you car is damaged beyond repair, Progressive concierge service can help customer to find a new car.

Additional services offered to customers include roadside assistance and immediate response vehicles. Progressive is a customer service oriented insurer and offers twenty-four hour access to resources. The company also offers mobile service and apps for accessing your account through your mobile device.

For those who are shopping insurance carriers, Progressive’s online quote service will quickly show their rates plus insurance quotes from other leading companies. Plus Progressive offers several discounts for their services ranging from e-signing to accident forgiveness for new and current customers.

As a long-time leader in nonstandard, high-risk personal auto insurance, the Progressive Corporation has recently moved beyond to issue standard-risk and preferred auto insurance policies. In addition, Progressive is making a push to increase its consumers of motorcycle, snowmobile, and other recreational vehicles, plus commercial insurance policies that cover heavy duty trucks, delivery vans, and light-weight trucks for business use. An interesting note on Progressive is that they also provide professional liability insurance for directors’ and officers’ insurance of community banks, Marketing is conducted through television commercials, by phone, and internet advertising. The company also relies heavily on its 30,000-plus independent agents, which accounts for nearly 60 percent of Progressive’s new business.

Automotive insurance is the company’s core, and while Progressive ceased to provide homeowners insurance several years ago, the company still offers coverage to its auto insurance customers through third party company Homesite Insurance. Umbrella insurance, which helps to cover the costs associated with personal injury and legal defense fees, is offered through Progressive directly.

Over 90 percent of Progressive’s revenues are derived from policy premiums, which is unlike many of the company’s competitors who rely heavily on earnings from investments and other interests. This business model helped Progressive to maintain its composure during severe market fluctuations. Unfortunately for the company, they too experienced losses due to subprime investments in 2007. In 2008 Progressive reported its first loss in more than 26 years.

Despite these losses, Progressive’s insurance operations remained profitable and experienced significant growth as it entered into new markets and expanded its distribution of personal automotive products online. Progressive is the third largest auto insurer in the US, behind State Farm and Allstate insurance companies.

In 2009 Progressive made a bold move to introduce its services and products to residents in Australia. While the international expansion has not shown to be a major success, the company believes that the timing was right.

Chairman Peter Lewis, a supporter of legalization of marijuana and collector of contemporary artwork, is also the son of one of Progressive’s original founders. Lewis is credited for building the company from a small regional operation to a nationally recognized company and he currently controls more than 5 percent of the company.

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