Progressive Corporation
From Wikipedia, the free encyclopedia
| Progressive | |
 |
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| 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 | $14.29 Billion USD (2005) |
| Employees | +35,000 |
| Slogan | It's about you. And it's about time |
| Website | www.progressive.com |
The Progressive Corporation (PGR), 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.
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 and Farmers. Progressive primarily offers its services under two brands: Progressive Direct® and Progressive Drive®. Progressive Direct is available through 1-800-PROGRESSIVE and the Progressive Web site while Progressive Drive® is available through independent agents.
[edit] Marketing and Operations
Progressive's marketing campaign is known for offering quotes of its competitors along its own quote. It is the first major insurer to offer auto polices through the phone and through the Internet.
Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes. Every major metropolitan area has a claim office while remote areas are serviced by licensed 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 [1] 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 36 months (39 months in New York) to determine eligible accidents and violations.
