Progressive Insurance Company

Business Analysis of Progressive Insurance Company

Introduction

This research has been undertaken to analyze the overall business of Progressive Insurance Company. The insurance company was established in 1937 by the efforts of Joseph Lewis and Jack Green. The Progressive Insurance Company brought the maverick leading wave of change into the insurance industry soon after its initiation. Now, it is one of the largest auto insurance companies which offer unique, innovative products and services. The company started its operations as the vehicle insurance company with its deeply rooted mission of making the vehicle insurance accessible to every American. This spirit kept the company on innovating which made it earn the escalating reputation. The Progressive Insurance Company has always been one step ahead of the other insurance companies in the market. The company transformed the overall shopping experience by offering the attractive rates to the low risk drivers, comparison rates on the web, and better ways to serve the customized and personalized needs of the clients. The prime strategy of the company's success is to keep developing the new and affordable insurance solutions to satisfy the diverse needs of different people (Progressive Insurance, 2013). It deals in numbers of insurance products that include the insurance for auto, home, life, renters, contractors, sports, retails, wholesale, bonds, commercial general liability, commercial auto, repair shop, handyman, truckers, flood, business, motorcycle, auto dealer, limo, taxi, property, non for profit businesses, special events, fire departments, amusement centers, and sales and service companies.

The financial ratings of the Progressive Insurance indicate the strength of A+ which shows that company is enjoying the sound financial ground but still has the room for improvement. However, the recent financial turmoil in the world also impacted the company which causes to make it on rating of A. In short, the Progressive Insurance is well established company which has the long back ground of innovative and creative approaches to insurance. It has been a leader in insurance industry wherein it develops the new ways to serve the customers in the better way (US Insurance Net, 2012).

Discussion

The Progressive Insurance Company continuously worked hard to build the superior proposition for the insurance customers through the continuous innovation, creativity, and competitive pricing since its inception. Now, it offers the competitive rates, twenty hours in person as well as online services to all drivers of the entire United States. The Progressive Insurance Company has the innovative approach to insurance where it is the only company which first offered the drive in claims services as compared to other players of the insurance market. The insurance company at first allowed the customers to pay the insurance premiums in installment which is quite an appealing option for the people who cannot afford the annual payments. This is only because the company wants to make insurance approachable and available to every American in order to ensure their protection. Such distinctive approaches made it the number one provider of Auto Insurance which is sold through the independent agents since ...