Car Insurance Companies Reviewed
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Progressive Auto Insurance
Company Name: Progressive Casualty Insurance Company
History of the Company:
Founded in 1937 by Jack Green and Joe Lewis, the two young men do not even think about owning a business together, much less an insurance company. This is the Depression Era and business start-ups are not a good idea. As recent graduates of law school, in 1936, Ohio’s Attorney General asks Jack to investigate a group of salesmen selling car service contracts. Jack enlists Joe’s help and they find that although the scheme itself is illegal, the idea and the salesmen are above board. So on March 10, 1937 with ten thousand dollars, they form the Progressive Mutual Insurance Company.
Through the years the two men add experienced people to the company including the original salesmen that were the focus of the 1936 investigation. The company overcomes many obstacles at times appearing to fail but manages to continue. In 1955, Joe Lewis dies young and his son Peter begins full-time work at Progressive. In 1956, Jack starts a new company alongside Progressive Mutual called Progressive Casualty.
Progressive then, decides to service drivers in a specific niche – high-risk drivers – which brings added revenues and a new feature to the company. As Jack becomes ill with heart ailments, he sells the two companies in a leveraged buyout to Peter Lewis. The company is then called Progressive Corporation. In 1971, the company becomes publicly traded. Jack Green dies in 1982.
From 1982 until 2008, Progressive has continued to blaze the trail with many innovations and customer-oriented services.
Mission Statement:
Progressive’s original mission statement was to sell car insurance to the masses at affordable prices. Prior to 1937, only the rich and affluent possessed the financial means to buy car insurance. In addition to actually providing affordable insurance, Progressive allowed its customers to pay their premiums on a monthly basic at no extra charge instead of yearly like the rich people paid.
Basically, the company motto is to give customers what they want.
Coverage:
Progressive insures various vehicles such as cars, boats, recreational vehicles, motorcycles, snowmobiles and business vehicles.
Statistics:
• Ten million insured.
• One of the biggest auto insurers in the US – third largest in 2002
• First to offer real online buying with a “buy” button and payment processing.
• Number One spot for positive Web-based customer experiences in a study by The Customer Respect Group.
• Consistently the number one visited auto insurance website in the US.
• Close to twenty-seven thousand employees in fifty states.
Special Features that Differentiate Company from Others:
• Progressive was the first auto insurance company to recently offer Pet Injury Coverage. Other companies plan to follow suit but Progressive is still only one of two companies to offer this well-received feature.
• In 2008, the company launches “My Rate” a custom program that calculates premiums on how and when the driver uses the vehicle. Because of this additional savings are offered to safe drivers.
• The reintroduction of the “IRV” (Immediate Response Vehicle) has proved positive. Known by customers as the “white claims truck” Progressive endeavors to answer claims in a fast and efficient manner.
• Offers web services in Spanish as well as English.
Telephone: 1-800-Progressive
Website: http://www.progressive.com
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