Progressive Corporation

Progressive Insurance was founded in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. Originally, the company was focused on providing automobile insurance to high-risk drivers, offering basic coverage at competitive rates. Progressive has evolved over the years into one of the largest car insurance providers in the United States, known for its innovative products like pay-as-you-drive insurance.

In 1956, Progressive became one of the first providers to offer drive-in claims service, allowing customers to drive their damaged vehicle to a location where claims adjusters could inspect the vehicle and process claims on the spot. This innovation was one of the first major conveniences added to the insurance process by Progressive, setting a precedent for customer service initiatives in the industry.

On May 15, 1987, Progressive Corporation went public with an initial public offering (IPO), with shares traded under the ticker symbol 'PGR' on the New York Stock Exchange. This marked a significant milestone for Progressive, helping the company raise capital to expand its business and offerings. The IPO was well-received, allowing Progressive to grow into a major player in the insurance industry.

In 1993, Progressive introduced its Name Your Price® tool, a revolutionary service that allowed customers to choose an insurance package that fit their budget. This tool further emphasized Progressive's commitment to offering customizable and transparent insurance options, enhancing customer satisfaction by empowering them to control their coverage and price.

Progressive launched its Immediate Response Vehicles (IRVs) in 1995, making the company the first in the industry to use vehicles to respond to accident scenes and assess damage quickly. The IRVs helped improve the speed and efficiency of claims processing, reducing response times and improving customer satisfaction. This initiative showcased Progressive's commitment to innovation and customer service.

In June 2004, Progressive introduced the Snapshot® program, a usage-based insurance program that leverages telematics to reward drivers for safe driving habits. By installing a device in their vehicle, customers could receive discounts based on factors such as their speed, braking, and driving times. Snapshot® revolutionized the way insurance premiums were calculated, promoting safe driving while providing savings.

Progressive introduced its Concierge level of claims service in 2006, offering customers a one-stop solution for managing their auto repairs and claims. With this service, customers could drop off their damaged vehicle and leave with a rental car from the same location, while Progressive managed the repair process. This innovation simplified the claims process, making it more convenient for customers.

On December 8, 2010, Progressive launched its successful advertising campaign featuring Flo, a quirky and affable character who became a beloved icon of the brand. Flo's character has been integral to the company's branding and advertising strategy, contributing significantly to the public's recognition and positive perception of Progressive Insurance.

In 2016, Progressive established its Business Innovation Garage (BIG), an internal think tank designed to foster creativity and innovation among employees. BIG provides a collaborative environment where new ideas can be tested, piloted, and potentially implemented into Progressive's suite of products and services, maintaining the company's edge in a competitive insurance market.

In September 2022, Progressive announced advancements in artificial intelligence for claims processing. By leveraging AI technology, the company enhanced its ability to assess damage and process claims quickly and accurately, reducing the time taken for claims resolutions and minimizing human error. This advancement was part of Progressive's ongoing efforts to integrate technology and improve customer service.