Progressive Corp. could soon expand its horizons into life insurance.
“We actually are considering that,” Chief Executive Officer Tricia Griffith said when asked about a possible move. “We have a life-insurance company filed in Ohio. More to come on that.” She spoke on “The David Rubenstein Show: Peer-to-Peer Conversations” on Bloomberg Television.
A life business would be a new frontier for the third-largest U.S. car insurer. Progressive already has a “great relationship” with a partner in which it receives a commission for life-insurance sales, Griffith said. It refers potential customers to eFinancial LLC, which places the policies with another insurer, according to Progressive’s website.
Griffith’s company is among auto insurers that returned some funds to customers when the pandemic hit and the amount of traffic on roads decreased as more people worked from home. While drivng still remains below earlier levels, people are venturing out more often, she said.
“As states have reopened, it continues to go up,” she said. “We’re still not pre-Covid levels of driving. We’re about 8% to 10% down.”
Top Photo: The Progressive Corp. headquarters is seen in Mayfield Village, Ohio. Photographer: John Quinn/Bloomberg.