I just came across a good article at Fast Company about Progressive and Peter B. Lewis
Did you know he has one leg? Facinating.
As it pertains to Peter, here are some out takes from the article:
When Progressive employees describe how their company approaches the auto-insurance business — and business in general — they use words like “intense,” “aggressive,” and “unconventional.” Those words also describe Peter Lewis, the company’s resident trailblazer and firestarter — and its CEO for the past 33 years. Lewis is 64 going on 24, with longish white hair and a smile that suggests irreverence, mischief, and candor. He has the rakish charm of Peter O’Toole and the zaniness of Christopher Lee. He will say anything. About his wealth: “I’m as rich as Croesus.” (Which is true: His shares in Progressive — nearly 10 % of the total — are valued at about $650 million.) About how “stupid” his competition is: “All these other companies are trying to follow us. Meanwhile, we’re getting better.” About how reckless he was behind the wheel before he hired a driver: “I was a serious accident waiting to happen.” About how 20 years of therapy helped him accept that other people tend to consider him eccentric. When Lewis tells you he’s “done it all,” you can’t be certain what he is referring to — but you don’t doubt for a second that it’s interesting.
Lewis’s office overlooks the Progressive campus and several large sculptures, which are part of the company’s renowned collection of modern art. Directly across from his metal-and-glass desk are 10 Andy Warhol prints of Mao Tse-tung. His trademark black Stetson hat rests on a nearby table, as if it were another work of art. Last year, because of severe circulatory problems, Lewis underwent a below-the-knee amputation on his left leg. So, until he gets a prosthesis later this fall, he must maneuver around the office in a wheelchair. He does so nimbly, like a crafty wizard tinkering in his workshop.
Here are some dates that seemed to be of particular importance in Mr. Lewis’ life.
In 1952, his brother Jon died in a car accidental going on a fishing trip in Canada.
In 1957 , as a salesman, he suggested Progressive write on nonstandard motorists.
Because of Proposition 103, in 1988, California voters passed a referendum designed to regulate auto-insurance companies and to roll back escalating rates. Peter says, “I decided that from then on, anything we did had to be good for the consumer — or we weren’t going to do it.”
Progressive refers to “information transparency” — a policy of sharing with customers information about prices, costs, and service. We are exposing our data to the customer.
Peter Lewis traces his company’s ascent to two no-nonsense operating principles: “hire the best” and “pay the most.”
“If you want to improve something, start measuring it,” Lewis says. “Then attach rewards to positive measurements, or penalties to negative ones, and you’ll get results.”
“The question is, Can we win the pennant? Today 4 out of 100 cars in the U.S. are insured with Progressive. People laugh when I talk about 100% market share. But if we can get better than everybody else in every aspect of the business, why would anybody buy from another company? Of course, I’d settle for 25%. People tell me that 25% can’t be done either, but people have been telling me things like that my whole life.”
Peter B. Lewis, as I suspected, is a multi-dimensional business man. He appears to adhere to some innovated, visionary business principles.
…more as I can find it.
Here’s my last Peter B. Lewis blog entry.