The Progressive Corporation (PGR), Progressive Casualty Insurance Company, through its subsidiaries, provides personal automobile insurance, and other specialty property-casualty insurance and related services in the United States. 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 small 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 2008, the company was ranked 175 in the Fortune 500.
Progressive is one of the largest auto insurers in the United States, in terms of active policies, along with State Farm, Allstate, GEICO, Farmers Insurance Group, and USAA. Progressive primarily offers its services through the Internet or by phone and through independent insurance agents. Progressive is available through 1-800-PROGRESSIVE and the Progressive Web site 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.
Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes. Every major metropolitan area has a claim office while remote areas are serviced by field adjusters.
Driving data is transmitted to the company using an on-board telematic device. The device connects to a car's OnBoard Diagnostic (OBD-II) port (all automobiles built after 1996 have an OBD-II.) and transmits speed, time of day and number of miles the car is driven. There is no GPS in the MyRate device, so no location information is collected. Cars that are driven less often, in less risky ways and at less risky times of day can receive large discounts. Progressive has received patents on its methods and systems of implementing usage-based insurance and has licensed these methods and systems to other companies. Progressive has service marks pending on the terms Pay As You Drive and Pay How You Drive.
In March 2008, Progressive announced its title sponsorship of the Progressive Insurance Automotive X PRIZE and their funding of the $10 million prize purse. The Progressive Automotive X PRIZE is an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles. The competition is open to teams from around the world that can design, build and bring to market 100 MPGe (miles per gallon energy equivalent) vehicles .
Progressive Corporation, the - SWOT Analysis: an Essential Resource for Top-Level Data and Analysis.(Company overview)
Nov 13, 2009; Research and Markets (httpwww.researchandmarkets.com/research/aa5a6c/progressive_corpor) has announced the addition of the...
Zacks Analyst Blog Highlights: Progressive Corporation, Allstate Corp., Infinity Property and Casualty Corp., State Auto Financial Corp. and Monsanto Company
Nov 12, 2009; Zacks Analyst Blog Highlights: Progressive Corporation, Allstate Corp., Infinity Property and Casualty Corp., State Auto...
Zacks Analyst Blog Highlights: General Electric Company, Edison International, United Technologies Corporation, Siemens AG and Progressive Corporation
Dec 11, 2009; Zacks Analyst Blog Highlights: General Electric Company, Edison International, United Technologies Corporation, Siemens AG and...