Company Contact info

6300 Wilson Mills Road Mayfield Village, Ohio 44143


Progressive Insurance Company

Progressive Company Rating

Company Overview:

Progressive-Insurance Office Building The company “Progressive Insurance” was created in 1937 with longer name – “Progressive Mutual Insurance Company” and very soon was known as one of the most progressive insurance companies in United States due to the idea of paying the premiums in installments and offering the service of claims concerned with driving issues. In almost twenty years from opening, which is really fast, a new field was presented to the customers – Progressive Casualty Insurance Company that was dealing with high-drivers auto insurance. The fact that for long time Progressive was specialized in insuring and underwriting drivers of higher risk made the company able to successfully insure and handle claims of any type and degree of risks.

Today Progressive is administrated through holding company – Progressive Corporation, that is traded publicly since 1965 and for today there are 67 branches of the corporation and a mutual partner. Since 1965 the number of employees had grown from 100 people to 27,000 thanks to Peter B. Lewis – entrepreneur, philanthropist and connoisseur of art that now owns 6.7% of the stock.

Through the wide range of branches and associates of Progressive insurance all over US you may easily get private and commercial car insurance, property and casualty coverage and other coherent services. These products were designed for protection of customers from consequences of collisions and damage of their personal vehicles, corporal injury, either un- or underinsured, as well as responsibility for damage and injury that may be caused by car accidents. Progressive as well offers their customers writing for recreational vehicles, mobile homes, special insurance for commercial vehicles and insurance of issues connected with credits.

Principle Sales Methods: Progressive Insurance is a company providing insurance plans for various types of vehicles, from traditional cars to RV’s, motorbikes, boats, snowmobiles and other innovative means of transport. With the help of such services like call-centers and Internet insurance is distributed directly to the costumers and this consolidates the status of innovative company that Progressive received from very beginning of its work. The company also has more than 30,000 exclusive agents working for them all over the country.

Auto Business: today Progressive is the 3rd biggest insurer in the field of auto insurance and has about 17% yearly in period between 1996 and 2005 that is, in money equivalent, is $14 Billion. It is well known in US that the company has the most innovative ways of distribution, claims and marketing efforts. Thus, while getting the quote from Progressive on the website, you will be offered to look at the quotes from up to 4 other companies. It is obviously made to show you the difference between the prices before you make up your mind about the insurance. Still, these quotes offered by other insurers may not include the reductions that you may get.

Progressive-Insurance_policy The lines of personal insurance in Progressive’s business provides the customers with the insurance plans for non-commercial passenger automobiles, recreation and others,  and this insurance totaled in 86% of all net premiums distributed in 2006. The strategy of Progressive is quite simple yet effective – the company is aimed at being the provider of all range of car insurance products at low cost but high quality service and distribution through all types of channels, so that the customers choose the one that is convenient for them. This strategy works well, in distribution as well - Progressive was third company in the sphere in 2005 that wrote insurance on the net. The company is competing with nearly 280 insurance companies, and every company has over $5 million clients for private passenger auto insurance in the United States every year.

For Progressive the number of private passenger auto insurance represented about 91% of personal line net premiums in 2006. Basically, personal line products consist of insurance for motorbikes, recreation vehicles, mobile houses, boats and personal watercrafts and other types of vehicles similar to these.  These insurance policies represented 9% of the whole personal insurance premiums and are usually distributed by independent workers. Progressive claims to be the top insurer selling PWC insurance policies for the last 5 years. One more product distributed today in several states by some of agents – personal umbrella insurance, is now considered to be an experimental program, but later it may become one of the most popular.

Personal line business is mostly distributed directly by phone or online, as well as generated by brokers and independent agents that are more than 30,000 all over US. This agents’ network is able to establish business connection with Progressive for coverage within underwriting lines, contrasting with company-mandated procedure. Progressive also insures business with other financial establishments. In 2006, the total of all premiums distributed through the agency business encountered 64% of all insurance lines for individuals, both sold through the website and by the phone.

One more option for business – commercial auto insurance covers liability and property damage for all types of cars that are part of small business and this sphere counted 14% of Progressive’s total net premiums received in 2006. Most customers that choose commercial auto insurance need policies for up to three vehicles. This one is mostly distributed through independent agents’ network.

Homeowners Business: lately Progressive started to fence-mend with Progressive Direct now works with Homesite and Liberty Mutual insurers. Obviously it is aimed at providing Progressive Direct clients with ability to purchase insurance for their dwelling of any type.

Progressive Company Financial Status