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Glenn Renwick
President/CEO, Progressive
Age:
Years as a CEO:
Tenure: 0
Industry: Finance
CEO DOSSIER
Glenn’s career as CEO at Progressive has expanded over a decade. He has lead the company through several changes and new technological advances.
early years
Glenn received a BS in mathematics from the University of Canterbury. He also holds an MS in Engineering, which he received from the University of Florida.
Glenn joined Progressive in 1986. He held various positions with the company, gradually working his way up the ladder. In 1998, Glenn was promoted to CIO of Progressive. Also in 1998, he was promoted to CEO of Insurance Operations. He held these positions simultaneously through the year 2000.
In 2001, Glenn became the president and CEO of Progressive.
As ceo
Since 2001, Glenn has served as CEO and president of Progressive. Progressive describes that his duties: “are to establish and uphold Progressive's Vision, Core Values, financial objectives and strategies and to assist corporate leaders in strategic planning and communication.” In his role, Glenn has taken risks. In order to improve growth, he developed a strategy to decrease premiums, sacrifice a bit of profit margin, and target customers looking for renewals and new policies. This strategy was a controversial move that in the end did indeed spark growth for the company.
Beyond reaching for growth, under Glenn, Progressive has made some changes to their policies, and has also introduced to products. In 2003, under Glenn’s guidance, the company started its “concierge level” of claims service. In essence, when someone needs to file a claim, Progressive will handle it all. It took the hassle out of filing a claim and doing repairs. Progressive was the first automobile insurance agency to do this. In 2006, the company expanded on its “concierge” service to include vehicles that had been totalled by an accident. If a Progressive customer’s car was beyond repair following an accident, this service would aid the customer in finding a new vehicle as quickly as possible.
In 2007, under Glenn’s leadership, the company added pet injury coverage to their insurance plans. This would cover pet injuries should a pet be injured in the course of an accident. In 2008, the company presented “MyRateSM.” It was a new way for pricing car insurance. MyRateSM let the drivers get a personalized rate based on how they really drive. This was a beneficial form of pricing for safe drivers. This program has progressed, and is now advertised as the Snap Shot program. In 2009, Glenn and Progressive announced that they were expanding their insurance into Australia.
Glenn was also CEO when Progressive began to offer insurance over the phone and internet. It was the first major insurance company to do that. Progressive was also the first insurance company to compare its rates with its competitors on its website. Glenn was also in CEO, when the extremely popular advertising campaign featuring “Flo” was launched.
Glenn’s stint with Progressive has not been without its controversy. Most recently in 2012, a Progressive customer was displeased with how the company handled a claim following his sister’s fatal accident. He took his case to social media. As a result the company lost 1,000 customers and 1,600 claimed they would never use to Progressive because of it. Glenn and Progressive released an apology as well as turning to their twitter account to help defuse the situation.
Financially, every year that Glenn has been CEO, Progressive’s revenue has grown an average of 17% a year. Glenn’s goals for the future are to continue providing innovative opportunities for his customers and fulfil Progressive’s core values.
Leadership Style & Philosophy
On Progressive’s core values: “At Progressive, we have a stated set of Core Values that we use to guide our decision making and actions…One of these Values is the Golden Rule — treat others as you would like to be treated.”
On customers’ trust: “For the past 70 years, we've built our business by building trust…Trust that we will do the right thing on behalf of our customers — every day, every time.”
On being a leader “A great leader has balance between several good qualities…A leader has to often make a decision with little information”
On innovation: “In almost any pursuit, it's easier to be second…But our head start here counts for something...It's a powerful position to be in.”
Away from work
Glenn is originally from New Zealand. Very little is known about his personal life.
Our Three Questions
1. Following the 2012 controversy surrounding Matt Fisher, a lot of journalists, and news sources have said that the way Progressive handled the social media aspect of everything was really poor. What are you doing to prevent this type of thing happening again? Are you making any changes towards the way that Progressive handles social media exasperated situations?
2. The automobile insurance industry is extremely competitive. Snap shot a revision of MyRateSM, has been well received. What other innovative technologies is Progressive looking towards using in the future? Beyond the innovation, what sets you apart from the other insurance providers out there?
3. How big of a priority is returning money to the shareholders? It is not listed as one of your responsibilities, but how important does Progressive rank it?
Date Written
07-05-2013Sources
1000 CEO’s by: Andrew Davidson
Bloomberg Businessweek
Copywrite Inc.
Insurance Journal
Market Watch
New York Observer
NNDB
Progressive
Wikipedia
1000 CEO’s by: Andrew Davidson
Bloomberg Businessweek
Copywrite Inc.
Insurance Journal
Market Watch
New York Observer
NNDB
Progressive
Wikipedia
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Latest News
Progressive Announces Investor Relations Conference Call
On March 2, 2015, Progressive expects to file its Annual Report on Form 10-K with the Securities and Exchange Commission and post its Shareholders` Report, including the Letter to Shareholders from Glenn Renwick, President and CEO, to its website at ... read more...
2015-02-25 19:41:07
Progressive's IT garage is working to add new dimensions its Snapshot program
Progressive’s Snapshot program uses information to score each driver and send discounts to those with good habits. The Journal notes that CEO Glenn Renwick “has said the company is still comparing the quality of mobile data with data from the plug-in ... read more...
2015-02-23 14:21:22
Form 4 PROGRESSIVE CORP/OH/ For Feb 19 Filed by RENWICK GLENN M
1. These common shares were acquired upon the vesting of dividend equivalent units related to the performance-based restricted stock unit award granted in 2012 and deferred by the reporting person. These dividend equivalent units are not eligible for ... read more...
2015-02-23 12:34:00
Progressive Builds Virtual Garage for Testing Mobile Tech
Progressive CEO Glenn Renwick has said the company is still comparing the quality of mobile data with data from the plug-in devices. Since the phone may not always be in the car, “you’re going to get data, but it won’t relate to the driving experience. read more...
2015-02-20 19:04:06
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-19 23:58:47
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-19 23:58:47
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-16 23:55:11
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-05 17:20:12
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-05 17:20:12
Glenn M. Renwick
Mr. Glenn M. Renwick has been Chief Executive Officer and President at Progressive Corp. since January 2001. Mr. Renwick serves as the Chairman of the Board, Chief Executive Officer and President at Progressive Insurance Company Ltd. He serves as the ... read more...
2015-02-02 23:57:28
St. Pete insurer sells majority share for $875M
“Progressive is committed to becoming the insurance destination brand for consumers,” Progressive CEO Glenn Renwick said in a release. “As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a ... read more...
2014-12-17 15:42:01
Progressive expands into new line of insurance
“Progressive is committed to becoming the insurance destination brand for consumers,” said company CEO Glenn Renwick. “As such, we need the reliable availability of many more products than we intend to manufacture.” John Auer, CEO of ARX’s ... read more...
2014-12-17 12:35:54
ASI CEO sees 'good fit' and growth ahead in Progressive deal
The admiration is mutual. "The business accomplishments and management team of ASI in the homeowners market are simply outstanding," Glenn Renwick, CEO of Progressive, said in the statement. Progressive picked up a 5 percent stake in ASI's parent company ... read more...
2014-12-17 06:23:40
ASI CEO sees 'good fit' and growth ahead in Progressive deal
The admiration is mutual. "The business accomplishments and management team of ASI in the homeowners market are simply outstanding," Glenn Renwick, CEO of Progressive, said in the statement. Progressive picked up a 5 percent stake in ASI's parent company ... read more...
2014-12-17 06:23:40
ASI CEO sees 'good fit' and growth ahead in Progressive deal
The admiration is mutual. "The business accomplishments and management team of ASI in the homeowners market are simply outstanding," Glenn Renwick, CEO of Progressive, said in the statement. Progressive picked up a 5 percent stake in ASI's parent company ... read more...
2014-12-17 06:23:40
Progressive Spends $875M To Boost Stake In Property Insurer
“Progressive is committed to becoming the insurance destination brand for consumers,” Progressive CEO Glenn Renwick said in a statement. “As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a ... read more...
2014-12-16 18:56:29
Progressive To Buy Major Stake In ARX Holding
Progressive is committed to becoming the insurance destination brand for consumers,' said CEO Glenn Renwick. 'As such, we need the reliable availability of many more products than we intend to manufacture.' American Strategic Insurance offers coverage in ... read more...
2014-12-16 18:13:32
Progressive makes a move on Allstate's home-insurance turf
“Progressive is committed to becoming the insurance destination brand for consumers,” Chief Executive Officer Glenn Renwick said in the statement. “As such, we need the reliable availability of many more products than we intend to manufacture. read more...
2014-12-16 16:54:47
Progressive to buy ARX to challenge Allstate with home insurance
“Progressive is committed to becoming the insurance destination brand for consumers,” Chief Executive Officer Glenn Renwick said in the statement. “As such, we need the reliable availability of many more products than we intend to manufacture. read more...
2014-12-16 15:36:03
Progressive to Buy ARX to Challenge Allstate With Home Insurance
“Progressive is committed to becoming the insurance destination brand for consumers,” Chief Executive Officer Glenn Renwick said in the statement. “As such, we need the reliable availability of many more products than we intend to manufacture. read more...
2014-12-16 14:45:56
Progressive Insurance Acquiring Homeowners Group ASI for $875M
“Progressive is committed to becoming the insurance destination brand for consumers,” said Progressive CEO Glenn Renwick. “As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a significant ... read more...
2014-12-16 14:31:37
Progressive Announces Acquisition
"Progressive is committed to becoming the insurance destination brand for consumers," said Progressive CEO Glenn Renwick. "As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a significant array of ... read more...
2014-12-16 13:48:40
Progressive Announces Acquisition
"Progressive is committed to becoming the insurance destination brand for consumers," said Progressive CEO Glenn Renwick. "As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a significant array of ... read more...
2014-12-16 13:34:21
Progressive Announces Acquisition
"Progressive is committed to becoming the insurance destination brand for consumers," said Progressive CEO Glenn Renwick. "As such, we need the reliable availability of many more products than we intend to manufacture. ASI provides a significant array of ... read more...
2014-12-16 13:34:21
Progressive To Buy Major Stake In ARX Holding
"Progressive is committed to becoming the insurance destination brand for consumers," said CEO Glenn Renwick. "As such, we need the reliable availability of many more products than we intend to manufacture." American Strategic Insurance offers coverage in ... read more...
2014-12-16 12:01:18
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Financials
Business summary
Employees: N/A
The Progressive Corporation, through its subsidiaries, provides personal and commercial automobile insurance, and other specialty property-casualty insurance products and related services primarily in the United States. The companys property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. It also offers personal lines products that comprise insurance for personal autos and special lines products, including motorcycles, ATVs, RVs, mobile homes, watercraft, and snowmobiles. In addition, the company provides commercial auto insurance that includes primary liability and physical damage insurance for autos, vans, dump trucks, and pick-up trucks used by small businesses; tractors, trailers, and straight trucks primarily used by regional general freight and expeditor-type businesses and non-fleet long-haul operators; dump trucks, log trucks, and garbage trucks used by dirt, sand and gravel, logging, and coal-type businesses; and towtow trucks and wreckers used in towing services and gas/service station businesses. Further, it offers general liability and workers compensation insurance products; and sells personal auto insurance on an Internet-only basis in Australia. Additionally, the company provides policy issuance and claims adjusting services for the commercial auto insurance procedures/plans. It sells its products and services through independent agents and brokers, as well as directly online or over the phone. The company was founded in 1937 and is headquartered in Mayfield Village, Ohio.
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