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NOVEMBER 24, 2003
Progressive Insurance The Project: Overhaul Web site so independent agents can obtain quotes and complete new policy applications online. The Payoff: The 30,000 agents now process transactions 40% faster than before. That boosts their volume, keeping them loyal. When it comes to technology, Progressive Corp. (PGR ) lives up to its name. The insurer has applied rush-to-the-barricades fervor to a Web site it created for agents in 1996, enabling them to work faster and process more claims. This year, Progressive updated the site so its 30,000 agents can obtain a quote or process an application for a new policy entirely online. The Web also helps Progressive hammer down costs. Expenses run to about 20% of revenue, compared with an industry average of 23% to 25%. Revenues have increased 20% annually since the company launched the Web site, well ahead of the industry-average 5%. That's proof enough that it pays to stay ahead of the tech curve.  By Roger O. Crockett Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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