The Proud History and Growth of Progressive Insurance

One of the most prominent and respected insurance companies, Progressive has a long American history preceding them. When you choose an insurance company, you want to know that you aren't going with some fly-by-night outfit that could be bankrupted by your claim. While there are certainly other companies worthy of a similar level of respect, nothing can be said to take away from this company's rich heritage. Throughout their history, examples of ingenuity and exemplary marketing shine through as examples of how to make a successful business in the U.S.

Progressive was founded in 1937 by Joseph Lewis and Jack Green, aimed primarily at vehicle owners. While not the first insurance company to dip their feet in the water of the burgeoning automobile industry, they quickly became one of the most unique. Their goals were to provide car owners with the protection they needed in cases of accidents and injuries. They also took note of the financial state of their customers and aimed to make things easier on them to choose their company for insurance purposes. One example of this was their innovative approach to premiums. Previously, insurance companies required their customers to pay their premiums in a lump sum. They introduced an installment option, something which has since become industry standard.

Progressive didn't stop with offering customers auto insurance. They moved into other areas as quickly as their growth could sustain it. This included looking—and succeeding—in health insurance, liability insurance, and even indemnity insurance for banks. Living up to their name, they have continually added forward-thinking options and additions to the usual standard of selling insurance. Part and parcel with this was their revolutionary approach to giving quotes to potential customers. Rather than just give customers their own quote, they would also offer competitor quotes so the customer could compare on the spot.

Today, Progressive stands as one of the top five or six insurance companies in the world. As a sign of their prominence, the company purchased sponsorship rights of Cleveland's Jacobs Field, where the Indians play during the MLB year. They introduced a new marketing campaign based around the figure of Flo, a helpful clerk working in a virtual insurance store, helping to see that customers get the insurance package they need. The advertisements have proven to be successful, competing nicely in the insurance-advertisement world, which has become one of the most creatively competitive across all markets. With nearly 30,000 employees and over $10 billion in yearly revenue, this is one insurance company that has come a long way from its humble roots.