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Progressive Corporation SWOT and PESTLE Analysis

ID : 52696953| Apr 2023| 12 pages

COMPANY PROFILE -Progressive Corporation

Business Sector :Insurance

Operating Geography :United States, North America

About Progressive Corporation :

The Progressive Corporation is an American insurance company, one of the largest providers of car insurance in America. It was established in March 10, 1937 by Jack Green and Joseph M. Lewis. The Company insures motorcycles, boats, RVs, and commercial vehicles and provides home insurance through select companies. Progressive has expanded internationally as well, offering car insurance in Australia. It has more than 35,000 employees. The company operates in three segments: Personal Lines, Commercial Auto, and Other-indemnity. Progressive’s marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto policies through mobile devices and through its website. In 2020, it was for the third consecutive year when the company featured in the “FORTUNE’s 100 Best Companies to Work For” list. Progressive Insurance is now No. 49 on FORTUNE’s final list.

Progressive Insurance’s mission statement reads, “We are committed to bringing our name to life each day, we celebrate our employees for bringing their true selves to work in every way.” The company’ vision statement reads, “We strive constantly to improve in order to meet and exceed the highest expectations of our customers, agents, shareholders, and people. We teach and encourage our people to improve performance and to reduce the costs of what they do for customers. Its unique selling proposition or USP lies in being one of the best providers in the auto insurance segment for auto, vans, and pick-up trucks used by small businesses. Its tagline is, “Only Progressive gives you the option to name your price.”

Progressive Corporation Revenue :


USD 39.02 billion – FY ending 31st December 2019 (y-o-y increase of 22.02%)
USD 31.97 billion – FY ending 31st December 2018

Competitive Analysis of Progressive Corporation

SWOT
PESTLE
The SWOT analysis for Progressive Corporation is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Renowned for pioneering in intensive technological investments since inception
2. Growing presence in the TNC (transportation network company) business
3. Well recognized and reputed brand due to aggressive promotional activities
4. Leading the insurance industry in innovation
5. Significant growth over the years in terms of NPV, revenue and shareholder returns
1. Wind and hail losses from property insurance segment higher in magnitude than expected
OpportunitiesThreats
1. Agreement to buy out 100% stake in minority ARX stakeholders
2. Changes in the dividend policy facilitating flexible capital management
3. Progressive’s property 4.0 product to improve bundle competitiveness
1. Aggressive competition leading to pricing pressures by competitors in private passenger auto industry
2. Climate change resulting in heavy wind, hail and tornadoes
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Detailed SWOT Analysis of Progressive Corporation

Strength

1. Renowned for pioneering in intensive technological investments since inception: Since inception in 1937, Progressive Insurance has strived to approach the auto insurance business in an innovative way. In 1979, the company launched PROTEUS for data processing, in order to bring productivity gains and efficiency in operations. The company introduced 1-800-AUTO-PRO, the industry's first toll-free, 24/7 auto insurance comparison rating service in 1994, and the year after, became the first auto insurance group to launch a website and offer an online agent referral service. Moreover, Progressive was the first insurance group to offer instant online quotes and online buying opportunities for motorcycle, boat, and watercraft insurance. In 2000, the company allowed consumers to access a company’s information and also find an agent or broker, through web-enabled PDA or cell phone by introducing a Wireless Application Protocol, and using these devices, it became the first auto insurance group to receive wireless payments from a customer. Fast forwarding into the year of 2010, Progressive released an Android app just for car insurance, and in 2017, the company became the first insurer to offer a voice action on Google Home and Flo Chatbot debuts, giving the ability to quote an auto policy via Facebook Messenger.

2. Growing presence in the TNC (transportation network company) business: The commercial lines businesses of Progressive Insurance have been showing promising operating results. Hence, the company has been putting forward continuous efforts to expand the addressable market of Commercial Lines segment. Throughout 2019, the company recognized significant progress in undergoing product extensions and entering new lines of business. One of the areas that Progressive focussed upon was the TNC business, i.e., the transportation network company. In late December of 2019, it provided coverage to Uber Technology subsidiaries in an additional 10 states (total 14 states at the end of 2019), thereby increasing the TNC business participation. Also, the company started providing coverage to Lyft Inc. in three states, in October, for the trips that originated on its platform.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threats

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Allstate
  • Bristol West Insurance Group
  • Chubb
  • Travelers
  • AIG
  • Aegon
  • Hanover Insurance
  • Berkshire Hathaway
  • Liberty Mutual Insurance
  • State Farm Insurance

Major Brands :

  • Progressive
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References used in Progressive Corporation SWOT & PESTLE Analysis Report

1. The Progressive Corporation 2019 Annual Report - https://s24.q4cdn.com/447218525/files/doc_financials/2019/annual/assets/pdf/Progressive-2019-AR.pdf
2. How Progressive began & evolved - https://www.progressive.com/about/history/
3. Investor Relations - https://s24.q4cdn.com/447218525/files/doc_presentations/2020/Progressive_Q4_2019_Investor_Relations_Presentation_for_download.pdf
4. The Progressive Corporation | 2019 Shareholder's REport - http://media.corporate-ir.net/media_files/IROL/81/81824/qInter/2019/19Q2/index.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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In-text: (SWOT & PESTLE.com, 2024)

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Progressive Corporation SWOT and PESTLE analysis has been conducted by Anindya Anindita and reviewed by senior analysts from Barakaat Consulting.

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