What do you think fueled Progressive’s growth from $3.4 Billion in 1996 to over $6.1 Billion last year? Answer: Technology.
Imagine you just had a car accident (hopefully you won’t, but go along with me on this one) and before the police and tow trucks reach the scene, your Progressive claims adjuster shows up, counsels you on who to call, checks into web sites of service shops, looks at your contract and gives you the claims payment on the spot. How would you feel?
Peter Lewis is feeling great. This is exactly what his company is doing and it is paying off big. Mr. Lewis, quoted in Business Week, claimed ‘we don’t sell insurance anymore…. we sell speed.’
Imagine: Mr. Lewis and his crew have taken technology and created a whole new outcome as to what insurance companies can offer you. Anyone can offer insurance, but how many can pay the claim off and provide service on the spot of the accident?
The combination of wireless devices, global positioning satellites, software and vision on the part of Mr. Lewis is rewriting the rules of the insurance industry. And the competition is taking notice as Progressive Insurance has leapfrogged from its 6th place position in auto insurance to being #4 in a short period of time.
This is a classic example of The Titan Principle® in action (Giving your customers what they need the way they want it!!!).
Congratulations to Peter Lewis, our Titan of the Month.
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