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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Introduction:The third largest auto insurer in the US, Progressive Corporation (Progressive), has been in business since the late 1930s. Unlike the traditional insurance companies, Progressive followed a customer-friendly approach to gain ground in the auto insurance industry. Progressive's constant focus on improving its service, enabled the company to surpass the industry growth expectations. Progressive's basis of competition for providing auto insurance has been its pricing structure, geographic coverage, claim handling and consumer recognition. Intense competition frommajor players like State Farm and Allstate insurance companies enabled Progressive to develop innovative ways of providing insurance to vehicle owners. Progressive Corporation provides insurance to its customers directly through phone and the Internet. In addition, more than 30,000 independent agents also form a source of Progressive's customers. Progressive's quick response service and hassle-free methods of providing auto insurance, helped it to bag 12 million customers in 2004 a tremendous achievement since its inception.

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