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Insurance giant Progressive Corp. (NYSE: PGR) was a pioneer in the use of the internet, which allowed customers to virtually line up to compare automobile insurance rates from several providers. If Progressive saved you money, you were able to get a policy right then and there. If other providers were cheaper for the same coverage, Progressive would tell that to you also.The company's brand is pretty strong in auto insurance due to the emphasis it places on "empowering the consumer" above all else. Who needs expensive auto insurance, right? Like many companies, though, it must constantly work to differentiate itself. In its latest twist on selling insurance, the company is now offering auto insurance coverage for your beloved pet while he or she is riding in the car with you.
The total amount spent on pets in the U.S. is staggering -- $40 billion and climbing. That amount would make any bean counter salivate, and Progressive's bean counters are no different. With 150 million pets in this country, why not seize a piece of that action with coverage for that special pet? Where others saw insanity, Progressive saw a huge market opportunity.
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