Progressive Corporation

Progressive, Valdosta

Progressive Corporation is an American insurance company, one of the largest providers of car insurance in the United States. The company also insures motorcycles, boats, RVs, and commercial vehicles, and provides home insurance through select companies. Progressive has expanded internationally as well, offering car insurance in Australia. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield Village, Ohio.

History

Progressive Corporation was established in 1937 by Jack Green and Joseph M. Lewis as an auto insurance company. It was one of the first to offer drive-in claims service and installment payment of premiums, setting it apart from its competitors. Over the years, Progressive has been an innovator in the insurance industry. In 1990, it became the first auto insurance company to have a website where customers could compare their insurance rates with other companies. In 2003, Progressive introduced a usage-based insurance program, Snapshot, which personalizes rates based on actual driving.

Products and Services

Progressive offers a wide range of insurance products including:

• Auto insurance: Personal auto, commercial auto, and truck insurance.
• Motorcycle insurance
• Boat insurance
• RV insurance
• Home insurance: Offered through third parties.
• Renters insurance
• Life insurance: Provided by third parties.

The company is also known for its innovative tools like the Name Your Price tool, which allows customers to state their price for auto insurance, and the company provides a package that matches the price if possible.

Financials

As a publicly traded company, Progressive reports its financials regularly. It is known for its consistent growth in premiums written and policies in force. The company's financial strength allows it to underwrite a wide range of policies and to handle claims effectively.

Corporate Social Responsibility

Progressive engages in various corporate social responsibility (CSR) initiatives, focusing on environmental sustainability, community support, and governance. The company has been recognized for its efforts in reducing its carbon footprint and for its philanthropic contributions.

Controversies

Like many large corporations, Progressive has faced its share of controversies, including disputes over claims and concerns over data privacy with its Snapshot program. However, the company has generally been proactive in addressing these issues.

See Also

• Insurance
• Auto insurance
• Home insurance
• Commercial vehicle insurance

   This article is a insurance-related stub. You can help WikiMD by expanding it!