Progressive Profit Sharing / Platinum Plan / 12 Month Personal Auto

[insurance1822]

So our Progressive rep (whom we don't sell much of..) claims that if we get ASI all we need is $250,000 of combined premium between them & ASI to start getting profit sharing. How does their profit sharing work? any input what types of loss ratios they want?

They're apparently rolling out 12 month personal auto policies giving 2x the bundle discount etc. If that's the case..I may actually consider writing these scum bags?

 

[HealthGuy]

Why all the hate with Progressive? I hear this all the time but its ridiculous. They are a great insurance carrier and make it easy to do business with them and their quoting technology is great. What gives insurance1822 ?

 

[insurance1822]

Their compensation. Their competition w/ the agency. Undercutting the agency force on direct channels. Not to mention half the time I write auto policies (which are few and far between..) they're asking for W2's and proof of address before I can issue coverage.

 

[indienoise]

The last thing you mention is the reason I couldn't make them my main carrier. It's far too often and a real pain. They do make it easy to do business with them otherwise, though. And I've even found if you quote someone with progressive they refer the prospect back to you if they call them direct.

All that aside, there are better carriers available for every market segment they serve. Save for certain classes of commercial auto.

The one area they outshine everyone else is automation. For non preferred business, my business is more persistent with Progressive than with any other carrier.

 

[HealthGuy]

Really? WTF: "they're asking for W2's and proof of address before I can issue coverage" Never requested that of my clients even once.

 

[insurance1822]

Almost everybody I write is buying a new home, so they have no history w/ that home & as a result...Progressive ALWAYS asks for documentation to confirm that's their address. They do NOT accept a homeowner's dec page either.

 

[indienoise]

And I'm not sure if they use any identifiable information other than name to decide if they want documentation of residence. Haven forbid if your client has a common name - IME they are almost sure to get flagged.

 

[Arnage150]

Can't the insured call progressive direct and get the same quote cheaper than you?

 

[hesse]

generally speaking yes. On the worse side I wrote a client with 100/300/100 limits and on a renewal he called progressive direct instead of me and in order to save him money dropped him to the state minimum 30/60/10....

 

[Arnage150]

generally speaking yes. On the worse side I wrote a client with 100/300/100 limits and on a renewal he called progressive direct instead of me and in order to save him money dropped him to the state minimum 30/60/10....

That doesn't sound like a company I would like to build a book of business with.

Progressive will screw the agent whenever it suits their interest. They are a publicly traded company so if appeasing their stock holder means f*cking their agents they will do so. All that matters to those companies is that their stock price increases. At all costs.
I prefer regional companies where you build a relationship with the higher ups of the company.

Their profit sharing plan is merely a carrot dangling in front of you to write more business with them. When you get close to the carrot they will move it or get rid of it. I'd love to read the wording in that contract.