The Progressive Corporation - Enterprise Tech Ecosystem Series

The Progressive Corporation is an insurance holding company. It offers a range of personal and commercial automobile insurance, specialty property-casualty insurance, and other related services. It offers insurance products for motorcycles, all-terrain vehicles, recreational vehicles, manufactured homes, watercraft, and snowmobiles.

Progressive has implemented AI and data analytics technologies to derive insights on customers and better target potential customer segments. The insurer is also using AI and predictive analytics technologies to track and analyze consumer habits and online presence.

Progressive is focusing on investments in digital customer service products. As part of this initiative, Progressive revamped its online website to provide self-service capabilities and extended its mobile-based offerings. With these innovations in place, Progressive aims to better position itself to explore innovations across all digital touchpoints.

Usage-based insurance (UBI), also known as telematics, is one of the important pillars of Progressive's strategy. It launched Snapshot, which leverages big data to analyze the real-time driving behavior of customers and offer them discounted insurance rates.

This report provides insight into Progressive's fintech activities, including its digital transformation strategies, innovation programs, technology initiatives, estimated ICT budget, and major ICT contracts.

Scope

• In 2020, Progressive joined forces with StreamLoan, a mobile-first digital mortgage software company, to integrate existing homeowner quotes via StreamLoan's electronic mortgage platform into its digital mortgage process. This technology integration is built on Progressive's HomeQuote Explorer platform, which enables it to create and offer one-click insurance quotes to homebuyers during the mortgage process. Furthermore, this helps borrowers save time and lenders streamline the loan-closing process.
• In 2019, Progressive launched a new platform for agents to support the quoting of bundled policies for customers. The platform, accessible through ForAgentsOnly.com, helps agents quote and sell bundled policies for portfolios including auto, special lines, home, condo, and renters. The platform empowers agents and customers by providing an overview of premiums, bundle savings, and applied discounts. It acts as a convenient platform for agents to add or remove a product from a portfolio with a click. The platform also provides side-by-side comparison screens to help agents provide transparent policy services to customers.
• In 2018, the company launched Docuflash, which leverages optical character recognition technology to read through insurance claim documents, segregate them appropriately, and forward them to relevant teams. Docuflash implements AI technologies to analyze claims documents, thereby eliminating the need for manual intervention. This helps Progressive reduce time and costs involved in the process, allowing its employees to focus on more complex issues related to insurance claims documents.

Reasons to Buy

• Gain insights into Progressive's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various technology adoptions, partnerships, and investments strategies.