Progressive Insurance
Progressive was founded on March 10, 1937, by Joseph Lewis and Jack Green, two Cleveland attorneys who wanted to provide vehicle owners with security and protection through a fresh approach to auto insurance. Using $10,000 borrowed from Lewis’s mother-in-law, they acquired five small auto service companies and established Progressive Mutual Insurance Company. The company was an early innovator, being the first insurer to offer drive-in claims service and installment-based premium payments. Progressive conducted an IPO in 1971, and by 1987 its written premiums surpassed $1 billion, reaching $20 billion by 2016.
Today, Progressive is the second-largest auto insurer in the United States behind State Farm, headquartered in Mayfield, Ohio, and ranked #62 on the 2024 Fortune 500 list. The company has a strong track record of being first in tech, including being the first auto insurance company to allow customers to purchase policies over the phone in 1993, launch a website in 1995, and offer policies for purchase online in 1997. Beyond auto, Progressive offers home, motorcycle, boat, RV, commercial, and pet insurance. The company is also widely recognized for its long-running ad campaign featuring the fictional character Flo, played by actress Stephanie Courtney, who has appeared in Progressive’s television advertisements since 2008.
