Facts About Progressive Insurance Everyone Should Know
The Facts About Progressive Insurance company, one of the largest providers of car insurance in the United States. The company insures motorcycles, boats, RVs, and commercial vehicles and provides home insurance through select companies.
Progressive Insurance provides home, auto and life insurance coverage to millions of Americans. But should you be one of them? That’s the question this guide is built to help you answer. From info about Progressive’s rates to common complaints, this is the ultimate resource for deciding whether Progressive is right for you!
What Is Progressive Insurance?
Progressive Mutual Insurance Company – established in 1937 by Joseph Lewis and Jack Green – started as an opportunity to give vehicle owners “security and protection” and has since helped revolutionize the insurance industry. Over the last several decades, Progressive has grown to become one of the largest insurers in the nation.
In fact, Progressive was the first to introduce drive-in claims service and paying insurance premiums in installments, which aimed to make auto insurance easy and accessible for all customers. Since its founding, the company has expanded to encompass many insurance offerings.
Facts About Progressive Insurance Everyone Should Know
1: History
Progressive was founded in 1937 by Joseph Lewis and Jack Green as Progressive Insurance Company. Starting in 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis, son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of Progressive. In 1987, the sum of the company’s written premiums breached $1 billion. In 2016, that number crossed the $20 billion mark. It has generally attempted to live up to its name by being innovative in the industry. It boasts being the first auto insurance company to have a website, allow customers to purchase policies via that site, and later to pioneer allowing the use of mobile browsers and smartphone apps for rating and managing policies. It was also the first to offer 24/7 claims reporting. As it has grown, Progressive has sought to be a one-stop insurance provider for families in order to more competently compete with other top-insurers.
2: Segments
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 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 2011, the company was ranked 164 in the Fortune 500.
3: Industry information
Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force, along with State Farm, Allstate, GEICO, Nationwide Mutual Insurance Company, Farmers Insurance Group, and USAA. Progressive primarily offers its services through the Internet or by phone and through independent insurance agents. 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.
In December 2009, Progressive announced it was selling car insurance in Australia. Initially called Progressive Direct, it rebranded as Progressive in 2011, and later rebranded as PD Insurance in 2019.