US-based Innovative Insurance Companies Part 1
Two innovative insurance companies that have a global reach but have no activities in Israel include GEICO and The Progressive Corporation.
- Government Employees Insurance Corporation (GEICO) provides insurance services to a broad range of clients in the government and private sectors. The company has over 17 million auto insurance policies in force and provides insurance for over 28 million vehicles.
- The company offers "vehicles, properties, business, travel, and life insurance services, among others. GEICO Corporation serves clients in the United States." GEICO has international operations in Belgium, Germany, Italy, Spain, and the UK.
- It has its headquarters in 5260 Western Avenue, Chevy Chase, Maryland.
- GEICO has an annual revenue of $29.6 billion.
- Peter Meoli is the Mobile & Digital Experience Director at GEICO. His email contact is firstname.lastname@example.org and his phone number is (301) 986-3880.
EXISTING INNOVATION ACTIVITIES
- GEICO established a state-of-the-art innovation hub in Indianapolis called the Center of Excellence. The hub focuses on developing software that will transform the customer experience of its insurance services.
- The company is also adopting a "DevOps strategy and transitioning development to Microsoft Azure." This strategy will facilitate GEICO's transition to the cloud, providing "greater efficiency, superior application availability, and lower costs."
- GEICO is partnering with Duck Creek (a systems provider) to "transition all personal lines to modern, configurable policy management and business platform called the umbrella line."
2. THE PROGRESSIVE CORPORATION
- The Progressive Corporation is an insurance holding company that provides "personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services."
- It has about 20.4 million insurance policies in force and is currently the third-largest auto insurance company in the US.
- The Progressive Corporation offers personal, vehicle, property, and business insurance and financial services.
- Its headquarters is located at 6300 Wilson Mills Road, Mayfield Village, Ohio.
- The Progressive Corporation has an international presence in Australia, and provides "proper insurance policy through MexPro in Mexico."
- The company has an annual revenue of $22.8 billion.
- Beth Toth is the Innovation Enablement Manager at The Progressive Corporation. Her email contact is email@example.com and her phone number is (855) 347-3939.
EXISTING INNOVATION ACTIVITIES
- As of 2018, The Progressive Corporation now has "a thriving direct-to-consumer business, which is supported by a number of 24/7 digital tools, including online policy service and management, online claims reporting, rate ticker (a comparison tool), independent agent locator, chatbots, and an instant quoting service."
- The Progressive Corporation utilizes the Business Innovation Garage (BIG) for innovating products and services. It is essentially a virtual testing environment used by partners across the company to obtain and develop business solutions, which allows them to test and improve employee engagement and customer experience.
To identify US-based innovative insurance companies with a global reach, we leveraged a list of the top auto insurance companies in the US, as we expected that larger insurance companies would have more presence in the international market. We then researched the companies further to determine whether they had any presence in Israel, as defined by the research criteria. We were able to determine this status from the US Securities and Exchange Commission's (SEC) database, as we hoped to obtain all the legal details of their business transactions, partnerships, and affiliations. Also, we leveraged several media releases from sites such as PR Newswire and MarketWatch to find any information regarding their funding investments. After a thorough overview of the companies, we obtained two which did not have any presence in Israel and have provided our findings in that regard.
Finally, we were unable to find the head of innovation at GEICO, as there was no personnel listed with the same info. As such, we provided the Mobile & Digital Experience Director who is in charge of "driving innovation and mobility engagements in the mobile insurance space" at GEICO.