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¶ … Insurance Company
Progressive Insurance Company is one of the most profitable and successful firms in the insurance industry. This considerable success can be attributable to its business philosophy, which is to approach insurance in an innovative way unlike any other firm in this sector. Through this business philosophy, Progressive Insurance Company has helped shaped industry standards while realizing significant achievements across its operations. One of the most important events in the history of this company was its decision to change the focus of its claims to offer an improved overall experience for every party engaged in the claim since early 2000s. Generally, Progressive Insurance Company has grown tremendously throughout the years with results that are usually better than those of its competitors.
Competitive Analysis
Progressive Insurance Company operates in a hyper-competitive insurance industry that is characterized by the existence of many companies that compete for relatively similar customers. The extremely high competition in the industry has necessitated innovation of business tactics and infrastructure in attempts to increase customer base and sustain profitability. Progressive competes in the insurance industry/market through provision of property and casualty insurance services, which are offered by all its major competitors. Given its better underwriting results than those of its major competitors, Progressive has become extremely...
State Farm is a standard insurance firm that offers property, casualty, and life and health services whereas Allstate is a standard and non-standard insurance firm that offers property, casualty, and life insurance services. On the other hand, Geico is a standard and non-standard company that provides property and casualty services just like Progressive, which is a non-standard insurance company. State Farm has several strengths that has contributed to its remarkable success include large market share, excellent liquidity position, in-house agency force, and A++ rating. The strengths of Allstate include strong brand name, A-rating, broad distribution system, and exclusive sales force. Geico's strengths include direct targeting of customers using phone and mail and government employee perspective in employment. Progressive's competitive advantage over these rivals is attributable to various strengths like more risk categories, immediate response, and Express Quote Service. Unlike its major competitors, Progressive's operations have been affected by huge operating expenses, relative inability to scale in order to enhance competition with large players, and focus on few geographic boundaries.
Financial Analysis
Despite its weaknesses as compared to major competitors, Progressive…
References
Bailey-Huang et al. (2003). Progressive Corporation: Upside Remaining. Retrieved from Yale School of Management website: http://analystreports.som.yale.edu/reports/PGR.pdf
Leveque, J. (2013, April 16). Progressive. Retrieved March 3, 2016, from https://prezi.com/3yi0hfw0ccf3/progressive/
Morningstar. (2016). Progressive Corp PGR. Retrieved March 3, 2016, from http://financials.morningstar.com/ratios/r.html?t=PGR
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