Progressive commits $46M to assist agents during COVID-19 crisis and beyond
MAYFIELD VILLAGE, OH, MAY 4, 2020 (NYSE: PGR) - As part of its ongoing Apron Relief Program efforts, Progressive Insurance has committed $46M in advances and donations to provide additional support to independent agents during the current pandemic.
One of the first offerings, Progressive’s Extraordinary Payout Advance, includes more than $43M in bonus advance opportunities to provide early access to revenue that partner agencies may need to power through an uncertain business environment. Progressive Platinum, Priority and other eligible agents can opt in to receive an interest-free advance on their 2020 Performance Bonus payout, helping ease liquidity concerns due to the current pandemic. Funds will be accessible starting in May 2020.
“We’ve worked side-by-side with independent agents since our founding in 1937 and our relationships have never been stronger,” said Heather Day, General Manager of Agency Distribution at Progressive Insurance. “To us, offering the payout advance option and our other relief efforts is the right thing to do to support agents during these uncertain times.”
In addition to efforts to accelerate bonus payments, Progressive is continuing to invest in the independent agency channel and our agent partners through the following actions:
$2 million donation to support the Big ‘I’ Trusted Choice COVID-19 Relief Fund. This fund, which has already received over 2,000 applications, will provide grants to independent agents across the country in response to economic and operational challenges presented by the current pandemic.
Enhanced programs for Platinum and Priority agents to provide more opportunities to earn in this changing market. Recognizing that growth is challenging in the current environment, Progressive is adapting certain program features for these agents.
Free unlimited access to continuing education courses for our eligible partner program agents.
$500K donation to the PIA to fund 2,000 credits to Marketing programs that are designed to help independent agents across the country drive growth as we all move forward.
Progressive has also continued to support all of its agents with 24x7 servicing for their customers and virtual visits from its sales team.
“Getting relief to our agents was just the first step,” continues Day. “As we look forward, we are also focusing on efforts that will help agents uncover more ways to get back to the business of their business and drive growth and revenue.”
Learn more about Progressive’s commitment to helping customers, employees, agents and communities as they navigate the current situation through the Apron Relief Program.
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 - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.
Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the third largest auto insurer in the country, a leading seller of motorcycle and commercial auto insurance, and one of the top 15 homeowners insurance carriers.
Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.
The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.