History of Progressive Insurance Unique Approach to Insurance


Progressive Insurance is one of the largest auto insurance providers in the United States. The company has been around since 1937 and has grown to offer a wide range of insurance products, including home, renters, and pet insurance. In this article, we will discuss the history of Progressive Insurance, the company's offerings, and its unique approach to insurance.

History of Progressive Insurance

Progressive Insurance was founded in 1937 by Joseph Lewis and Jack Green. The company started out as a small insurance agency in Ohio, but quickly grew in size and scope. In the 1950s, Progressive began offering auto insurance policies to high-risk drivers, which was a new concept at the time. By the 1960s, Progressive had become one of the largest auto insurance providers in the state of Ohio.

Throughout the 1970s and 1980s, Progressive continued to expand its offerings and its customer base. In the 1990s, the company introduced a new approach to insurance, which focused on providing customers with competitive rates based on their driving habits. This approach, known as usage-based insurance, allowed customers to save money by demonstrating safe driving habits.

Today, Progressive is a Fortune 500 company with over 40,000 employees and more than 20 million policies in force. The company is known for its innovative approach to insurance and its commitment to customer satisfaction.

Progressive's Offerings

Progressive offers a wide range of insurance products, including auto, home, renters, and pet insurance. The company also offers commercial auto insurance for businesses of all sizes. Here is a breakdown of Progressive's offerings:

  1. Auto Insurance - Progressive offers a variety of auto insurance policies, including liability, collision, and comprehensive coverage. The company also offers discounts for safe driving, multiple vehicles, and bundling policies.

  2. Home Insurance - Progressive's home insurance policies cover damage to your home and personal property, as well as liability coverage. The company also offers additional coverage options, such as flood insurance and identity theft protection.

  3. Renters Insurance - Progressive's renters insurance policies cover personal property, liability, and additional living expenses if you are forced to leave your rental due to a covered loss.

  4. Pet Insurance - Progressive's pet insurance policies cover unexpected veterinary expenses, such as accidents and illnesses. The company also offers wellness plans to help cover routine veterinary care.

  5. Commercial Auto Insurance - Progressive's commercial auto insurance policies cover vehicles used for business purposes, including trucks, vans, and passenger vehicles. The company offers a range of coverage options to fit the needs of businesses of all sizes.

Progressive's Unique Approach to Insurance

One of the things that sets Progressive apart from other insurance companies is its unique approach to insurance. The company's usage-based insurance program, known as Snapshot, allows customers to save money on their auto insurance premiums by demonstrating safe driving habits.

Snapshot works by installing a device in your vehicle that tracks your driving habits, such as speed, braking, and acceleration. Based on this data, Progressive determines your risk level and adjusts your insurance premiums accordingly. Customers can save up to 30% on their auto insurance premiums by using Snapshot.

In addition to Snapshot, Progressive also offers other innovative features, such as:

  1. Name Your Price - Progressive's Name Your Price tool allows customers to enter the amount they want to pay for auto insurance and receive a policy that meets their budget.

  2. Concierge Service - Progressive's concierge service provides customers with a personalized experience when filing a claim. A dedicated representative will assist you throughout the claims process and help you find a repair shop.

  3. Mobile App - Progressive's mobile app allows customers to manage their policies, file claims, and access roadside assistance from their smartphones.

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