Progressive Corp:The Auto Insurer's Competitive Strategies



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Code : COM0072

Year :
2004

Industry : Banking, Insurance and Financial Services

Region : USA

Teaching Note:Available

Structured Assignment :Available

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About Progressive Corp. Progressive was established by Joseph Lewis and Jack Green in the US on March 10th 1937 as 'Progressive Mutual Insurance Company' to provide security and protection to vehicle owners. For the first time, Progressive offered workers the facility of paying their insurance premiums in installments...

Competitive Strategies in the New Century Progressive had always strived to provide its customers a range of auto insurance products at economical prices through their preferred channels of distribution. To increase its customer reach, in 1998, Progressive launched a national television advertising campaign...

An Insured Future? In the first quarter of 2004, Progressive's net income reached $460 million. However, due to severe price competition, the company's net income in the first half of 2004, grew only by 46% when compared to 72% rise in 2003. Analysts opine that competition in the auto insurance industry would grow even more in future, due to the increase in the number of players in the non-standard segment...

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