Tricia Griffith, Progressive CEO since 2016
Photo Illustration by Hayley Warnham; Reference: Spencer Hefron/Redux
Progressive is the best-run auto insurer in the country. A technology leader in insurance, it was a pioneer in using real-time driving data to price policies. That has helped it generate consistently high underwriting profit margins and the best growth among major auto insurers. Progressive’s long-term stockholder returns since it went public in 1971 rival Berkshire Hathaway’s .
CEO Tricia Griffith, 56, joined Progressive in 1988 as a claims representative trainee. She recalls crawling underneath damaged cars as part of the job. She has led the company for five years and widened the moat relative to competitors. “We don’t have a tangible product; we have trust. And I want to make sure we earn every one of our customers’ trust every day,” she says.
During the pandemic, Griffith hosted weekly five-minute videos for employees, shot in her Ohio home by her son. Progressive also lent 100 staff members to Ohio at no cost to adjudicate an initial flood of unemployment claims.
Progressive has gained an edge over Berkshire Hathaway’s Geico, and drew praise from Berkshire CEO Warren Buffett at Berkshire’s recent annual meeting. Progressive is gaining on Geico in market share and may surpass it later this year to rank second in the industry behind State Farm. “We’re putting our foot on the gas pedal for growth and profit,” Griffith says.
Write to Andrew Bary at [email protected]
