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True to its name, Progressive is all about finding innovative ways to improve the auto insurance industry. It became the first auto insurer to offer drive-in claims service, and later the first company to allow clients to pay premiums in installments as opposed to annual payments. The company was founded in , when Joseph Lewis and Jack Green set up Progressive Mutual Insurance Company to provide vehicle owners with security and protection.
The pair were both lawyers and thought starting an insurance company might be a good investment. Fast forward 80 years and their bet seems to have paid off. In the s, successful growth prompted a move to brand new offices in downtown Cleveland. He immediately looked for ways to further differentiate Progressive in the marketplace.
His efforts led to the establishment of Progressive Casualty Company in , a unit formed to write auto insurance for high-risk drivers. Further growth and expansion in the early s resulted in the formation of The Progressive Corporation in Peter Lewis was named CEO in the same year, and he held the top position for years until Glenn Renwick took over in Progressive was the first major auto insurer in the world to launch a website.
In a revolutionary move, the site was born in , and by consumers could obtain comparison rates online. Just one year later, consumers were able to buy Progressive auto insurance policies online in real time.
The firm sells insurance directly to the consumer or via independent agents. In the trailing 12 months, Progressive has generated 2. This compares favorably against fellow publicly traded property and casualty insurers Allstate, Chubb, and Travelers, which generated 5.
In the past 12 months, Progressive has a Chubb and Travelers offer a wide array of insurance options, while Progressive and Allstate focus primarily on auto insurance. The auto insurance industry has benefited greatly from a drastic reduction in the number of vehicle miles driven due to COVID restrictions, resulting in fewer claims — and boosting the bottom line for these companies. However, Progressive still has an edge on Allstate because it has proven to be more effective at the core of its business — underwriting good insurance policies.
So, what is it that Progressive does to generate high profit margins and rely less on investment income? Many insurance companies believe that the combined ratio is the best measure of success because it does not include investment income — instead, it only includes profits earned through efficient management.
To calculate the combined ratio, add operating costs to insurance claims, and then divide that by the total premiums. In the second quarter, Progressive turned in a combined ratio of Business -.
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