Progressive Insurance: All the Information You Need
6300 Wilson Mills Road, Box W33, Mayfield Village, Ohio 44143 is the location of the company’s headquarters.
$40.6 billion in net premiums issued (2020)
Written policies: 24.7 million (2020)
Assets totalling $64.1 billion (2020)
Expertise in Vehicle, Property, Commercial, and Personal Underwriting
Tricia Griffith, President and Chief Executive Officer; Karen Bailo, President of Commercial Lines; Steve Broz, Chief Information Officer; Pat Callahan, President of Personal Lines; Jeff Charney, Chief Marketing Officer; Dan Mascaro, Chief Legal Officer; John Murphy, President of Customer Relationship Management; Lori Niedert, Chief Human Resource Officer; Andrew Quigg, Chief Strategy Officer; John Sauerland, Chief Financial Officer; Michael Sieger, President of Claims
Pros
Offers adaptable auto and home insurance coverage
In addition to providing a variety of qualifying discounts, auto insurance discounts are among the greatest in the industry.
Customers have access to a variety of intuitive online tools and information.
Above-average grade in A.M. Best’s rating demonstrates the company’s solid financial health
Cons
In terms of claims satisfaction, J.D. Power ranks home and auto insurance plans below the industry average. Power’s indices
Options for life insurance policies are limited in comparison to other providers.
Provides few alternatives for supplemental home insurance coverage
Many of the NAIC’s insurance products have a relatively high number of complaints, according to the NAIC’s complaints index.
Common coverage policies
Progressive Insurance: All the Information You Need
6300 Wilson Mills Road, Box W33, Mayfield Village, Ohio 44143 is the location of the company’s headquarters.
$46.4 billion in net premiums paid (2021)
Written policies: 26,4 million (2021)
Total revenues: $47.7 billion (2021)
Expertise in automobile, real estate, business, and private insurance
Tricia Griffith (president and chief executive officer), Karen Bailo (president, commercial lines), Steve Broz (president, chief information officer), Pat Callahan (president, personal lines), Remi Kent (president, chief marketing officer), Dan Mascaro (president, chief legal officer), Lori Niederst (president, customer relationship management), Bill Clawson (president, chief human resource officer), Andrew Quigg (president, chief strategy officer), John Sauland (president, chief (claims president)
Pros
Progressive Insurance provides auto and insurance coverage that can be customized.
In addition to offering a variety of qualifying discounts, its auto insurance discounts are among the greatest in the market.
Customers of Progressive Insurance have access to a variety of user-friendly online tools and information.
The firm’s A.M. rating is above average. The rating from Best implies solid financial health.
Cons
J.D. Power ranks the company’s home and auto insurance policies below the industry average in terms of client satisfaction. Power’s evaluations.
Progressive Insurance offers fewer life insurance policy alternatives than other carriers.
In addition, it provides limited possibilities for extra home insurance coverage.
Many of the NAIC’s insurance products have a relatively high number of complaints, according to the NAIC’s complaints index.
Common coverage types
| Auto insurance | |
|---|---|
| Standard coverage type | What it pays for |
| Liability coverage | Bodily injury or property damage caused by the policyholder while driving, up to the policy’s limits |
| Comprehensive coverage | Events out of the driver’s control, including fire, theft, vandalism, hitting an animal, glass breakage, or acts of nature |
| Collision coverage | Cost to repair or replace the damaged vehicle if it collides with another object such as a tree, guardrail, fence, or another vehicle |
| Uninsured/underinsured insurance coverages | Bodily injuries sustained by the policyholder and their passengers and cost to repair or replace their vehicle if the at-fault driver has no and not enough coverage. |
| Medical payments | Medical and funeral expenses for the policyholder and their passengers, regardless of who is at fault; also covers expenses if the accident happens in another vehicle the policyholder and their family members are riding in, or if they are hit while walking or riding a bicycle |
| Extra coverage | |
| Loan/lease payoff | Also known as gap insurance; can cover the difference between what the policyholder owes and what the vehicle is actually worth or up to 25% of the actual cash value |
| Rental car reimbursement | Car rental expenses up to driver’s policy limits while their vehicle is at the shop; routine maintenance is excluded |
| Custom parts and equipment (CPE) value coverage | Cost to repair or replace items that were not installed by the manufacturer, including stereo, navigation system, custom wheels, or even a paint job |
| Rideshare coverage | The gaps that the driver’s rideshare company does not cover such as while they are logged into a ridesharing app and waiting for a trip request |
| Roadside assistance | Towing services if the car breaks down for any reason; also covers lock-out service, flat tire changes, fuel/fluid delivery, and other related issues |
| Deductible savings bank | Subtracts $50 from the collision and comprehensive deductible for every claim-free policy period |
| Homeowners insurance | |
|---|---|
| Standard coverage types | What it pays for |
| Dwelling coverage | Damage to the house and anything permanently attached to it, including garage, roof, chimneys, deck, countertops, cabinets, flooring, and vanities |
| Other structures | Damage to structures not permanently attached to the house |
| Personal possessions | Personal belongings, including electronics, furniture, clothes, and tools/power equipment, if they are stolen or damaged |
| Loss of use | Temporary living expenses, including hotel, rent, and food, if the home is damaged from a covered loss and the policyholder cannot stay there |
| Personal liability | Legal expenses stemming from lawsuits against the policyholder or their family member due to injury or property damage |
| Medical payments | Medical bills if someone is hurt while on the policyholder’s property |
| Optional coverages | |
| Water back-up | Water damage from backed-up sump pumps and sewer systems |
| Personal injury | Uncommon but expensive lawsuits against the policyholder, including slander or libel, wrongful entry or malicious prosecution, wrongful eviction, and false arrest, detention, or imprisonment |
Perils that Progressive’s homeowners’ insurance covers
- Lightning
- Fire and smoke
- Tornadoes
- Power surges
- Damage from the weight of ice, snow, or sleet
- Volcanic eruption
- Windstorms and hail
- Theft
- Explosions
- Vandalism and riots
- Car/aircraft crashing into the home
- Falling trees or other objects
- Water damage (from leaking roofs, bursting pipes, or broken appliances, but not floods)
What’s not covered by Progressive’s homeowners’ insurance
- Floods
- Earthquakes, landslides, and mudslides
- Sinkholes
Progressive’s homeowners’ insurance discounts
- Bundle home and auto discount – An average of 5% discount for bundling home and auto insurance policies (savings applied on auto insurance)
- Safety and alarm discounts – If the home has safety features installed such as automatic sprinklers, security systems, and cameras
- Quote in advance – For customers who get a quote at least 10 days before their policy starts
- New purchase – For customers who are purchasing a new home (does not have to be newly built) or switching from a renters’ insurance policy
- Receive documents by email – For policyholders who opt to receive their documents via email
- New home construction – The newer the home, the bigger the discount
- Pay in full – For customers who pay for the full 12-month policy upfront
2021 J.D. Power customer satisfaction rating
821 out of 1,000 points (12th among home insurers in the US)
About
The Progressive Group of Insurance Companies (Progressive) is one of the most widely recognized insurance companies in the United States. The insurance titan claims to be the nation’s third-biggest auto insurer and the leading insurer of motorcycles and specialty recreational vehicles. Progressive competes with State Farm, Allstate, GEICO, and Farmers Insurance Group, and writes over 13 million auto insurance policies annually.
Progressive is best recognized for fostering innovation in the personal auto industry, but it also underwrites commercial auto and a variety of other personal lines risks, such as homeowners insurance. The company sells insurance to consumers either directly or through independent brokers. The Agency division of Progressive sells through more than 30,000 independent insurance agents in the United States.
Progressive Insurance: historical context
Joseph Lewis and Jack Green founded Progressive Mutual Insurance Company on March 10, 1937, to offer car owners with security and protection. Both were attorneys and believed that founding an insurance firm would be a worthwhile investment. Eighty years later, their wager appears to have paid off.
Progressive is dedicated to discovering creative methods to enhance the auto insurance market. It was the first auto insurer to offer drive-in claims assistance and the first to allow customers to pay their premiums in installments rather than annually.
In the 1950s, successful expansion spurred a relocation to brand-new downtown Cleveland offices. After Joseph Lewis’s death in 1955, Jack Green became Progressive’s chief executive officer, and Joseph’s son Peter began a prosperous career with the company. He quickly investigated market-differentiating strategies for Progressive. In 1956, as a result of his efforts, Progressive Casualty Company was created to write auto insurance for high-risk drivers.
In 1965, The Progressive Corporation was founded as a result of continued growth and expansion in the early 1960s. In the same year, Peter Lewis was appointed CEO, a post he held for 35 years until Glenn Renwick took over in 2000. Tricia Griffith, the current CEO and president, succeeded Renwick in 2016
Internet adoption by Progressive Insurance
Progressive was the first major auto insurer to develop a website in the globe. In an innovative step, the website was established in 1995, and by 1996, users could access online rate comparisons. One year later, clients may purchase Progressive auto insurance coverage in real-time online.
In 2021, the insurer has a flourishing direct-to-consumer business, which is supported by a variety of digital tools available 24/7, such as online policy service and management, online claims reporting, rate ticker (a comparison tool), independent agent locator, chatbots, and an instant quoting service.
Progressive Insurance: product lines
Progressive is best known for its auto insurance offerings, but the company also provides coverage for a large array of personal and commercial risks. It offers, but is not limited to, auto insurance, condo insurance, boat insurance, pet insurance, home insurance, RV insurance, renters’ insurance, motorcycle insurance, life insurance, commercial insurance, and insurance packages.
Progressive Insurance: method of distribution
Progressive has been cultivating strong relationships with the independent agent channel for over seventy-five years. The company asserts that it is the leading provider of auto insurance coverage sold through independent insurance brokers. Progressive employs roughly 43,000 agents and brokers from hundreds of companies across the United States in 2021.
Progressive has never shied away from innovation despite its support for the independent agent channel. The insurer provides a variety of direct purchase choices and programs to meet the changing demands of its customers.
What characteristics does Progressive seek in a new independent agent partner?
Progressive’s website contains the following information: “You must have an active agency P&C Errors & Omissions policy with minimum aggregate limits of $300,000 and a valid agency license in good standing with the Department of Insurance in the state where you intend to write business.” During this process, we will also run a criminal background check on your agency to ensure that every Progressive consumer has the best possible experience.
Who exactly is Flo?
Anyone with a television in the United States has certainly seen Flo hawking Progressive insurance at some point in the past decade. Since 2008, the fictitious salesperson has appeared in more than one hundred television advertisements for the insurance company. She is noted for her cheery disposition, heavy makeup, and vintage hairstyles, for which she is known as a highly enthusiastic and helpful insurance salesperson. Flo is extremely popular on social media, with millions of Facebook likes and numerous Twitter followers.
Progressive’s auto insurance discounts
Combining auto insurance with other policies allows policyholders to save an average of 5% on premiums.
Multi-car discount: An average 4% discount for policyholders with multiple vehicles mentioned.
Customers who transfer to Progressive Insurance can save insurance based on the length of time they have been continuously insured with their former insurer/s.
Snapshot discount for safe drivers – The application customizes the policyholder’s premium based on their driving behavior.
Teen driver discount: Offsets a portion of the expense associated with adding a teen driver to the policy.
By adding a full-time student who maintains a B average or higher to their policy, drivers can save an average of 10% on their premium.
Drivers with a full-time student under the age of 22 who lives more than 100 miles away from home and does not have a vehicle while attending school are eligible for the distant student discount.
Homeowner reduction: Even if their home is not insured through Progressive Insurance’s network of home insurers, homeowners can receive a nearly 10% discount.
Online quotation discount: Customers who quote their auto insurance online or over the phone with a licensed agent can save an average of seven percent.
Sign online for savings: For policyholders who electronically sign their paperwork
For policyholders who elect to receive their policy documents through email, a paperless discount is offered.
Pay in full savings: For policyholders who pay the entire premium in advance
For policyholders who establish automatic payments from their bank account, credit card, or debit card.
