The Progressive Corporation 2010 Annual Investor Relations Meeting Transcript

The Progressive Corporation (PGR)

2010 Annual Investor Relations Meeting Transcript

June 17, 2010 9:00 am ET

Executives

Glenn Renwick – President & CEO

Brian Domeck – CFO

Jim Haas – Director of R&D for Passenger Auto

John Sauerland – Personal Lines Group President

John Barbagallo – Commercial Lines Group President

Analysts

Jay Gelb – Barclays Capital

Vinay Misquith – Credit Suisse

Ian Gutterman – Adage Capital

Brian Meredith – UBS

Matt Heimermann – JP Morgan

Keith Walsh – Citi

Josh Shanker – Deutsche Bank

Paul Newsome – Sandler O'Neill & Partners

Harry Fong – Soleil Securities

Presentation

Glenn Renwick

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» Progressive Corporation Q4 2009 Earnings Call Transcript
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» Progressive Corporation Investor Relations Conference Call Transcript

Good morning. So, it’s good to have a chance to tell the Progressive story. So, thank you for coming. Each year, at this time, we try to give you some sense of what’s on our mind, what we think is important. We’ll also try to from time-to-time bring other members of the Progressive management team to introduce, so we’ve done that again today. And ultimately, there is the opportunity to appropriately introduce some new ideas into the marketplace, I think we did that a couple of years ago with Name Your Price and we have a couple of things today.

Over the years, and I recognize there are some new faces in the audience, I think we’ve had the opportunity to cover a fair amount of territory and hopefully what we say we will continue to come back and reinforce how we’ve done on those things. Sometimes it’s exactly as we intended, sometimes not quite as we intended, but ultimately what we get is a sense of real intensity around followup on the issues. So as I think back over 10 years or so we’ve covered concierge claims service, we’ve covered sort of our first reserving, our targeting combined ratios, we’ve certainly done a fair amount of work on retention science and our activities around that, how we’ve started to target our customers a little differently, some work on Net Promoter Score, and how we use this as a diagnostic inside of our business. Certainly in recent times a little bit more work on our branding activities.