Progressive Corporation
From Wikipedia, the free encyclopedia
| Progressive | |
|---|---|
| Type | Public (NYSE: PGR) |
| Founded | 1937 |
| Headquarters | Mayfield Village, Ohio |
| Key people | Glenn Renwick, CEO Peter Lewis, Chairman of the Board (Non-Executive) |
| Industry | Vehicle Insurance |
| Revenue | $14.7 Billion USD (2007) |
| Employees | 26,851 (2007) |
| Website | www.progressive.com |
The Progressive Corporation (PGR), Progressive Casualty Insurance Company, through its subsidiaries, provides personal automobile insurance, and other specialty property-casualty insurance and related services in the United States. The company operates in three segments: Personal Lines, Commercial Auto, and Other-indemnity. The Personal Lines segment writes insurance for private passenger automobiles, motorcycles, boats, and recreational vehicles through both an independent agency channel and a direct channel. The Commercial Auto segment writes primary liability and physical damage insurance for automobiles and trucks owned by small businesses primarily through the independent agency channel. The Other-indemnity segment provides professional liability insurance to community banks, principally directors, and officers liability insurance. It also provides insurance-related services, primarily providing policy issuance and claims adjusting services in 25 states for Commercial Auto Insurance Procedures/Plans. In 2008, the company was ranked 175 in the Fortune 500.
The company was co-founded in 1937 by Jack Green and Joe Lewis and is headquartered in Mayfield Village, Ohio. [1]
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[edit] Industry information
Progressive is the third-largest auto insurer in the United States, in terms of active policies, behind State Farm, and Allstate, and ahead of GEICO, Farmers Insurance Group, and USAA. Progressive primarily offers its services through the Internet or by phone and through independent insurance agents. Progressive is available through 1-800-PROGRESSIVE and the Progressive Web site. Progressive's Agency business sells insurance through more than 30,000 independent insurance agencies and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.
[edit] Marketing and operations
Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto polices through the phone and through its Web site.
Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes. [2] Every major metropolitan area has a claim office while remote areas are serviced by field adjusters.
[edit] Basis of premium charges
Itemized insurance quotes can be viewed on the company website and insurance policies can be purchased online as well. The website allows the buyer to compare various coverage selections such as "minimum coverage," "economy coverage," "recommended coverage," "plus coverage," and a user defined "custom coverage." Insurance premiums quoted by the company take into account factors such as vehicle make and model, age and gender of driver and location. Violations and accidents found on the drivers history also may affect the premium charged. Progressive looks back 35 - 36 months depending on the state (39 months in New York) to determine eligible accidents and violations.
[edit] Concierge Level of Claims Service
Progressive will work with local body shops and car dealerships to repair an insured's vehicle, or a vehicle damaged by an insured, at one of its more than 50 service centers. This is a free service for any Progressive insured or claimant who lives close enough to one of the facilities. A damaged vehicle can be taken to the service center - the day following a claim being reported for an insured or after liability has been accepted for a claimant - based on schedule availability and convenience of the vehicle owner. There a rental vehicle can be obtained and Progressive will handle the entire repair process from that point forward.[3]
[edit] Corporate Sponsorship
In January 2008, Jacobs Field in Cleveland, Ohio, home of the Cleveland Indians, was renamed Progressive Field. Progressive signed a 16-year contract for the naming rights, as well as sponsorship rights to become the Official Auto Insurer of the Cleveland Indians. The agreement costs around $3.6 million per year [4].
In March 2008, Progressive announced its title sponsor of the Progressive Insurance Automotive X PRIZE and their funding of the $10 million prize purse. The Progressive Automotive X PRIZE is an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles. The competition is open to teams from around the world that can design, build and bring to market 100 MPGe (miles per gallon energy equivalent) vehicles [5].
[edit] Index memberships
[edit] References
- ^ PGR: Profile for PROGRESSIVE CP - Yahoo! Finance
- ^ Null, Christopher. "The Check Is in the Car...", CNN Money, July 1, 2003.
- ^ Progressive's Concierge Level of Claims Service
- ^ Paul Hoynes. Cleveland Indians formally announce naming rights sold to Progressive Insurance. Cleveland Plain Dealer. Retrieved on 2008-01-11.
- ^ Progressive Insurance Automotive X PRIZE.
