Ethisphere Institute names Progressive as a 2013 World's Most Ethical Company
MAYFIELD VILLAGE, Ohio — April 3, 2013 —A track record of commitment to innovation, transparency and monthly financial reporting are just some reasons that prompted the Ethisphere Institute to name Progressive to its list of the World's Most Ethical Companies for the second year in a row.
The World's Most Ethical Companies list honors organizations that lead their industry for promoting consistent ethical business standards. Companies are selected based on their ethical leadership, compliance practices and corporate social responsibility.
Progressive's Core Values are the foundation for its culture of innovation, empowerment and transparency.
"Our culture and everyday focus on our Core Values is something we take very seriously, from our executive team to our more than 26,000 employees," said Progressive's Chief Executive Officer, Glenn Renwick. "We have high standards, and while we may not get everything right every time, our Core Values provide a critical litmus test for all we do and any adjustments we must make. We're proud of how we've pushed our industry forward, but equally proud of the respectful way we treat customers, agents, employees and investors. We're always looking to be better-to be Progressive."
One of the most tangible examples of Progressive's transparency is its financial reporting schedule. Every publicly traded company is required to report financial results quarterly. In 2003, Progressive became the first, and still only, public company to report full monthly financials to ensure frequent communication with investors and analysts.
Progressive has a long-standing culture of innovation and superior customer service, including:
- Snapshot®, an optional usage-based insurance program that gives customers personalized discounts off their auto insurance policy based on their good driving habits. Progressive has found that adding key driving behaviors-like actual miles driven, braking, and time of day of driving-are more predictive of claims behavior than traditional insurance rating variables alone.
- Service Centers that enable customers to drop off their damaged car and pick up a rental, putting them back on the road in about 15 minutes while Progressive handles the rest. Customers who choose a Service Center to manage repairs get their cars back an average of four days faster than those who don't.
In addition, Progressive is committed to social responsibility by building a sustainable business that provides a stable market for agents, employees and customers.
The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.
Progressive offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles and homes. It's the fourth largest auto insurer in the country, the largest seller of motorcycle insurance and a leader in commercial auto insurance. Progressive also offers car insurance online in Australia at http://www.progressiveonline.com.au.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, the Snapshot Discount®, and a concierge level of claims service.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at NYSE:PGR.