Progressive Insurance Industry: History in Brief
Progressive Insurance Company, among the largest names in auto insurance business in America today, has been selling insurance policies since 1937. The company started as a small business with few employees selling personal auto insurance policies. Progressive has done remarkably after seven decades in the business. The company has grown to be among the largest auto insurance providers in America today serving millions of customers across the United States. The business has also grown in size. With only a handful of workers giving insurance policies during its start-up, the company has employed over 28,000 workers now.Just like some other companies, Progressive has its humble beginnings during its initial operation. Founded by Jack Green and Joseph Lewis, Progressive Mutual Insurance Company began its business on March 10, 1937. These lawyers wanted to make a good investment by providing vehicle owners with protection and financial security.
Innovation in auto insurance was an approach that Progressive and its founders conceived and carried out to bring the business to a progressive stage. The company has initialized many insurance practices that have become the norm adhered today by some insurance companies. Progressive is the first to offer drive-in claims services and premium installments than any other auto insurance company. It has aimed to deliver insurance policies more accessible so car owners could protect their automobiles.
The company has been through many changes in the operation of the auto insurance business. It has moved in to many offices with the Cleveland area and has been administered by Jack Green during the death of Joseph Lewis and then by the son of Joseph Lewis, Peter Lewis. The administrations of Jack Green and Peter Lewis have brought considerable development and expansion in the company. From a mutual auto insurance company, the company was incorporated in the 1960’s and became Progressive Corporation.
When Peter Lewis assumed the position of a chief executive officer of Progressive in 1965, great developments occurred that helped shape the company into what it is now. The introduction of many firsts in the insurance industry has marked the successful operation of Progressive. The company initiated a 24/7 customer service that called Immediate Response. This program has an objective of providing instant claims service to insurance customers in anytime of the day.
Progressive has also launched a comparison rating shopping service to prospective customers by calling 1-800-AUTO-PRO. This program was designed to provide customers with comparison insurance rates of the company and three other insurance competitors. This way the buyers can make immediate decision to purchase insurance policies from the company. This concept was modified. The service can now be available by dialing 1-800-PROGRESSIVE in which buyers could not only ask comparison insurance rates but could also do purchasing directly by phone.
Moreover, Progressive is the first auto insurance business in the United States to have its own website. The recent website of Progressive features informative details of the company and its products. It has also integrated a comparison insurance rating of other leading auto insurers in the United States. Website visitors and insurance buyers can click on a tab that opens the monthly financial report of the company in earnings per share. This shows the financial solidity of the company providing insurance buyers the perception that Progressive is a reliable insurance company.
Progressive Insurance Company is also the first to accept wireless insurance payments before other US auto insurance companies can.
Currently, Progressive Corporation is administered by Glenn Renwick, Peter Lewis’ successor. The company is selling not only car insurance of any types but it also offers home insurance, motorcycle insurance, boat insurance, RV insurance, Segway HT insurance and snowmobile insurance.
Ranked third in auto insurance business in America today, Progressive Insurance Company transacts business with its insurance clients through direct approach or though insurance agents.
