Peter B. Lewis, the man behind massive growth andinnovation at Progressive Corp., died Nov. 23 at the age of 80.
|As the CEO for 35 years, Lewis guided Progressive during theimplementation of many industry firsts: concierge claims service;the auto insurance industry's first website with rate comparisons;selling policies directly online; using consumers' credit historiesin underwriting; and development of a telematics program.
|According to reports, Lewis died of a heart attack at his homein Coconut Grove, Fla. Lewis was CEO of the insurer, co-founded byhis father, until his retirement in 2000 but remained chairman ofthe board.
|Progressive Corp. says CEO Glenn M. Renwick willbecome chairman of the board of directors. Hewill continue to serve as the insurer's president and CEO.
|In 2012, National Underwriter Property & Casualtynamed Lewis to a list of 25 “Living Legends of Insurance.”
|READ: #2 Peter Lewis: Progressive Thinker
|Lewis told NU that during his first big industry speech45 years ago, he “predicted the end of the independent-agentbusiness and all the reasons why it was going to happen.”
|“I was right,” he said. “The only problem is my time horizon. Itwon't happen in my lifetime.
|“The independent agent today has something to offer and stillproduces over half our business. They are more efficient in certaincircumstances than a direct writer can be, and there is somethingabout auto insurance that makes people like having an agent inbetween them and [their carrier]. But it's irrational to think theycan survive forever. I wouldn't invest in an independentagency.”
|Lewis said auto insurance customers hated their insurers, whorelied on agents to handle interactions. He thought qualitycustomer service could give the Mayfield Village, Ohio-basedinsurer a competitive edge. He said he became “committed to thecustomer at an increasingly psychopathic level—and boy, has thatapproach paid off.”
|READ: Top25 Living Legends of Insurance — Slideshow
|Lewis was additionally known for his philanthropy, having signedon to the Giving Pledge—made famous by billionaires Warren Buffetand Bill Gates—with a promise to give at least half his wealth tocharity. He has donated more than $200 million to PrincetonUniversity, where he graduated in 1955.
|Lewis has also donated millions to organizations such as theMarijuana Policy Project, the Guggenheim Museum and the AmericanCivil Liberties Union.
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