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The Progressive Corporation (NYSE: PGR (http://www.nyse.com/about/listed/lcddata.html?ticker=PGR)) is a U.S. auto insurance company. It was founded in 1937 by a pair of lawyers, Joseph Lewis and Jack Green.
Progressive takes credit for a high number of consumer-oriented firsts in the auto insurance industry. Among Progressive's claims are:
- the first insurance company to provide installment payment plans (1937)
- the first to introduce a lower-rate safe driver plan (1956)
- the first to provide competitor's quotes alongside their own quotes (1994)
- the first to have their own web site (1995), to offer immediate policy quotes and purchases online (1997), and to offer online policy review and payment (1998)
- the first to offer insurance policies for the Segway (2002)
Progressive has widely advertised their instant comparison shopping program, in which the company will provide a potential customer with their quote for insurance, and optionally, the quotes of up to three other insurance companies for the same plan benefits. This service is now provided via their online policy quote system.
In theory, this allows customers to choose the least expensive insurance policy for their needs, even if Progressive's competitive rates are not the lowest. However, some critics note that in practice, the act of researching the quotes of other companies may cause Progressive's quote to raise in price.
Progressive allows for almost completely humanless policy delivery. Insurance policies can be designed, quoted, and purchased online. Policies can take effect immediately, and customers can download a copy of their policy documents, including temporary proof of insurance cards for printing.
Progressive is also known for their "Immediate Response Vehicles", which are effectively complete claims adjustment offices on wheels. An incident can be reported immediately to Progressive, and a claims adjuster in a minivan can arrive at the scene in short order, examine the damage, and print out the repairs assessment.
Progressive also takes pride in their competitive rates, which have placed them in a class of inexpensive, easy to use, and economical insurance companies such as Geico and Aflac.
Some critics have claimed that Progressive is more aggressive than other companies in attempting to place fault on the claimant, leading to fewer accepted claims and degraded coverage of damages.
Progressive also provides boat and motorcycle insurance.
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