Financial Results
The Progressive Corporation Reports Significant Growth in May 2025 Earnings and Premiums | Nasdaq
Progressive Corporation reported significant growth in net premiums and income for May 2025 compared to the previous year.
Quiver AI Summary
The Progressive Corporation announced its financial results for May 2025, highlighting a significant increase in key metrics compared to May 2024. Net premiums written rose by 11% to $6.634 billion, while net premiums earned grew by 15% to $6.715 billion. Net income saw a striking 353% increase, reaching $1.065 billion, with earnings per share climbing to $1.81. The company's combined ratio improved to 86.9 from 100.4, indicating better underwriting performance. Additionally, the total number of policies in force increased by 16% to 37,002, driven mainly by growth in personal auto insurance. With a strong focus on customer convenience and innovative services, Progressive continues to maintain its position as a leading insurance provider in the U.S.
Potential Positives
- Net premiums written increased by 11% compared to the previous year, indicating strong growth in revenue generation.
- Net income rose to $1,065 million, a significant increase of 353% year-over-year, showcasing improved profitability.
- The combined ratio improved dramatically to 86.9, down from 100.4, reflecting enhanced operational efficiency and claims management.
- Total policies in force across personal and commercial lines rose by 16%, indicating robust customer acquisition and retention.
Potential Negatives
- Despite significant increases in net income and premiums, the combined ratio remains notably high at 86.9, which indicates potential ongoing claims issues or operating inefficiencies.
- The year-over-year growth in net premiums earned, while impressive, may raise concerns about market saturation or competition affecting future growth prospects.
- The increase in total pretax net realized gains on securities, while positive, suggests reliance on market performance for financial stability, which can be volatile and unpredictable.
Research
Verisk: Q1 Claims Volume Hits 5-Year Low but Severity Up on Wildfire Losses
The first three months of 2025 brought devastating wildfires to California, significant wind and hail events to Texas, and substantial increases in tornado activity to “Tornado Alley,” but claim volume decreased to a five-year low, according to a quarterly property report from Verisk.
The findings in Verisk’s “Quarterly Property Report January–March 2025” show that claims severity rose due to the California wildfires while property claims continued a downward trend that began in 2023.
Commentary/Opinion
Orchestrating the Future: Redefining Insurance CEOs as Conductors of Change | Russell Reynolds Associates
Executive Summary
Transformational leadership is key for insurance CEOs. Discover how to build future-ready leaders for industry evolution.
Historically focused on risk mitigation, the insurance industry now faces a different challenge: the need for multifaceted CEOs who can lead through volatility and into a future of innovation.
The insurance industry stands at a pivotal crossroads, facing unprecedented change driven by technological advancements, dynamic geopolitics, regulatory pressures, crisis management, and a shifting workforce. These disruptions challenge long-established norms, threaten existing business models, and create new opportunities for innovation, diversification, and growth. CEOs must navigate these complexities while maintaining stability, driving transformation, and ensuring their organizations remain competitive.
Strategic CEO succession planning, which focuses on developing leaders capable of guiding the industry through this era of profound change, is essential.
We engaged with over 20 industry leaders from across the global insurance sector – including CEOs, board members and CHROs – to gain valuable insights into the current leadership landscape. By identifying leadership gaps, highlighting the critical attributes of next-gen CEOs, and assessing strategic talent interventions, this report provides a roadmap for cultivating future-ready, transformational leaders in the evolving insurance sector.
The insurance leadership deficit
AI in Insurance
Amazon CEO Predicts Billions of AI Agents—Agentech is Delivering Hundreds Today for Insurance Claims
Amazon CEO Andy Jassy’s letter to employees outlines a future powered by AI agents as coworkers, a vision that reflects how Agentech is redefining claims processing today.
When Amazon CEO Andy Jassy shared his message with employees earlier this week, his words were more than an internal update. They were a blueprint for the next generation of modern work and a wake-up call for any industry driven by high volume and complex operations.
Jassy emphasized that generative AI and agentic AI are now just the beginning. He described AI agents as intelligent ‘software systems that use AI to perform tasks on behalf of users or other systems.’ He predicted billions of these agents spreading across industries and handling tasks ranging from research and anomaly detection to translation and even daily chores.
He highlighted how they accelerate innovation by allowing humans to begin from a more advanced starting point. He wrote that when grunt work is automated, humans can focus on strategic improvement and invent new experiences for customers.
This is not speculation. This is a reality unfolding today.
And in insurance claims, Agentech is building that future right now.
Robin Roberson, President & Co-Founder at Agentech
AI Risks Voted Top Concern in Verisk’s Emerging Issues Bracket
Collegiate teams that competed in the men’s and women’s basketball tournaments turned heads in March. Now, we’re hearing about topics that made it to the final rounds of Verisk’s recent emerging issues bracket that could hold the collective attention of property/casualty insurance professionals for years to come.
The global data analytics provider hosted an hour-long webinar on June 10 highlighting the top issues voted on by industry experts. Though climate change, microplastics, and infrastructure made it to the “Final Four,” artificial intelligence and Gen AI repeated as the top issue. As the tech evolves and states eye AI-related legislation, edge cases and AI hallucinations continue to pose risks.
Leveraging Agentic AI to Address Inflation | Insurance Thought Leadership
Agentic AI emerges as insurers' strategic solution to inflationary pressures across the value chain.
My husband and I do our grocery shopping once a week for just the two of us and our five cats—though we don't include cat food in our weekly grocery budget. Typically, we purchase the usual staples: fruits, vegetables, meats, bottled water, soft drinks, and occasionally snack items. By the time we reach the checkout, our total averages more than $180 per trip. Yes, nearly $200 a week—for just two people.
If groceries alone cost us this much, what are households of three or more people paying—and how do they manage to afford it? And this is before adding in other common household expenses, like mortgage or rent, utilities, transportation, debt, internet and other subscriptions, family needs, savings—and finally, insurance.
Inflation pressure is real, and we continue to live it. MarketWatch reported that as of December 2024, "consumer prices were up 2.9% year over year," contributing to a steady rise in the cost of living.
And it's not just groceries and household expenses. We are also seeing our insurance premiums increase year over year.
Diane Brassard serves as head of education and advocacy at Roots. Before joining Roots, she held senior roles at WR Berkley and leadership roles at Colony Specialty (Argo Group). She spent over two decades at The Main Street America Group.
Collision management software market exploding --- enabled by AI
The collision management software market is set to more than double in size over the next decade.
A new report from Research and Markets found the global auto collision repair management software market, valued at about US$9.6 billion in 2025, will reach US$22.5 billion by 2034. This indicates average annual growth of about 10 percent.
There is only one major factor behind this growth -- artificial intelligence. AI tools are already being used in damage estimates, parts ordering, workflow and billing processes and are even being used to cut down on time wasted enduring the idle and insipid chatter of irritating customers.
The North American collision repair market is expected to see even faster growth than in other regions. North American companies, including Mitchell International, CCC, Solera, Audatex and PPG, all of which are rolling out AI estimating, parts sourcing, and slick dashboards to streamline claims processing, are expected to be the biggest beneficiaries of the favorable market conditions.
Announcements
Accenture Changes Growth Model to Reinvent Itself for the Age of AI
[Ed. Note: As background, in spite of good current results, Accenture also reported a second straight drop in quarterly new bookings, which overshadowed the company’s revenue beat and an increase in its annual forecasts, sending its shares down more than 6%. Bookings - which represent future revenue secured through contracts - fell 6% to $19.70 billion in the third quarter, worse than the 3% decline in the previous quarter.
Changes will enable Accenture to serve clients and technology ecosystem partners better and faster and create next waves of growth to benefit all stakeholders
Accenture (NYSE: ACN) today announced changes to its growth model and its leadership, effective September 1, 2025.
Accenture has delivered on its strategy to be its clients’ reinvention partner of choice and to lead in Gen AI through its deeply skilled people and by bringing its clients multi-service solutions, including world-class, AI-enabled assets and platforms, as only Accenture can. These solutions are unique and deliver measurable value because Accenture has built scaled services in Strategy, Consulting, Song, Technology and Operations, deep industry and functional experience and unmatched technology ecosystem partnerships.
Now Accenture will bring all of these services together in a single, integrated business unit called Reinvention Services, under the leadership of Manish Sharma, Accenture’s current CEO of the Americas. Sharma will become Accenture’s first Chief Services Officer. As an integrated business unit, Reinvention Services will be able to create more leading solutions faster and embed data and AI more easily into its solutions and delivery.
The company will continue to manage its business through three geographic markets—the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific—and go to market by industry.
ITC Vegas | State Farm Startup Pitch Competition
The insurance networking event for insurtech companies, insurtech startups + more. Come to Insurtech Connect for insurtech insights and insurance trends!
Announcing the return of the State Farm Startup Pitch Competition, a high-energy spotlight of breakthrough ideas from the world’s most innovative early stage insurtechs!
Happening Tuesday, October 14 from 3:00 - 5:00 PM at ITC Vegas 2025, this year’s competition will feature ten early-stage startups driving meaningful change across the industry.
Designed to uncover breakthrough solutions across the value chain, from underwriting and claims to AI and customer experience, this high-profile pitch competition gives finalists the chance to present live on stage to a panel of judges and thousands of attendees. The winner will move on to present on the ITC Main Stage on October 16 (home to industry legends) AND receive a complimentary kiosk at ITC Vegas 2026. All finalists will unlock valuable exposure, industry connections, and more.
Whether you’re scouting your next investment or seeking inspiration from those shaping what’s next, the State Farm Startup Pitch Competition is your front-row seat to the future of insurance.
Apply now, share with a friend, and celebrate the breakthrough ideas transforming the industry.
'Connected" Newsletter & Podcast and InsurTech Consulting are proud partners of ITC Vegas 2025 again this year Use this promo code 200ITC826 to receive $200 off the registration fee. The next price increase is on June 25th
Discount valid for new registrations only
People
Leader Profile -- Ken Tolson
36-year veteran of the Claims and Technology practices within Crawford & Company and subsidiaries
By launching Turvi, Tolson aims to deliver technology-driven solutions that simplify claims management
“The generative and agentic AI revolution is just beginning. But we can’t rush it. We’re focused on specialization, using AI where it makes the most sense, like coverage interpretation, first notice of loss intake, and call center efficiency”
FAVORITE QUOTE
“audentes Fortuna iuvat: Fortune favors the bold"
The Top 25 InsurTech Executives of 2025 | The Financial Technology Report.
The Financial Technology Report is pleased to announce The Top 25 InsurTech Executives of 2025. This year’s awardees are leading efforts to make insurance more accessible, efficient, and modern. They’re behind platforms that streamline claims payouts, apply real-time risk modeling, and embed coverage directly into digital experiences. Whether focused on life, property, health, or mobility, their work reflects a larger shift in the industry—away from rigid, manual systems and toward adaptable models that respond to how people actually live and work.
The global InsurTech sector, valued at $5.3 billion in 2024, is projected to grow more than twentyfold over the next decade. This surge is driven by concrete developments: AI deployed for claims assessment, digital payments infrastructure tailored to carriers, and automated underwriting that shortens quote times from days to minutes. The leaders recognized here are building systems that address longstanding inefficiencies and blind spots in insurance, and in doing so, are expanding access to more equitable and relevant coverage.
Among this year’s awardees, we recognize Jeff Hitchens, Chief Operating Officer of GradGuard, who has helped scale insurance protections for more than 1.7 million students across over 1,900 institutions by embedding renters and tuition insurance into the enrollment systems of 650 partner schools. David Goaté, Co-Founder and Chief Architect of Marshmallow, has led the development of proprietary technology and real-time pricing systems that have insured over 1 million people, focusing on newcomers in the UK, a group traditionally underserved by insurers. Rosalie Lau, Chief Financial Officer of JAVLN, brings over 30 years of experience to her role overseeing financial strategy at a cloud-based insurtech platform used by brokers and underwriting agencies across Asia-Pacific.
As technology reshapes how insurance is distributed, underwritten, and serviced, these executives have led meaningful progress in applying innovative solutions to long-standing industry challenges. This year’s awardees were selected for their track record in building scalable platforms, leading high-impact teams, and advancing the technical foundation of modern insurance.
Please join us in recognizing The Top 25 InsurTech Executives of 2025.
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Awards
Grange Insurance Honored with Corporate Citizenship Award
Recognition highlights Grange’s commitment to community impact, volunteerism and associate engagement
Grange Insurance Company was honored with the Corporate Citizenship Award by Columbus Business First, recognizing a banner year of community impact in 2024 marked by record charitable giving, associate engagement and nonprofit leadership across the enterprise.
The Corporate Citizenship Award program, launched in 2018 to replace the Corporate Caring Awards, highlights the generosity of Central Ohio companies and their employees. Grange was recognized in the large workplace category.
“At Grange, our core values guide everything we do, and Do the Right Thing is at the heart of our community efforts,” said Grange Insurance AVP, Inclusive Culture and Community Impact and Foundation President, Grange Enterprise Gives Carrie Maun-Smith. “Our associates are the driving force behind our community impact, whether they’re donating, volunteering or lending their expertise as a nonprofit board member. Their dedication to serving others is what makes this work meaningful, and this recognition truly belongs to them.”
In 2024, Grange Insurance provided more than $2.3 million in financial support to over 500 nonprofit organizations. This total includes $500,000 from associate giving and contributions through its charitable arm, Grange Enterprise Gives. Thanks to new initiatives that made volunteering easier and more accessible, associate volunteer hours climbed to nearly 13,000 in 2024. Nearly 75% of company leaders served on nonprofit boards, and to further strengthen that impact, Grange offered board leadership training to help associates grow as effective community leaders.
Grange joined other community leaders at the annual Corporate Citizenship Award reception on June 12. To read the full list of Corporate Citizenship honorees, click here.