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Brian Domeck '87 explained aspects of the auto insurance industry to students during his Oct. 18 visit.

Progressive CFO returns to Kellogg, shares industry insights

By Aubrey Henretty

10/23/2007 -

Brian Domeck ’87, the chief financial officer at Progressive Auto Insurance, spoke Oct. 18 at the Donald P. Jacobs Center as part of the General Management Club Speaker Series.

 
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  Progressive CFO Brian Domeck
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Domeck’s presentation, titled, “U.S. Auto Insurance and General Management in Financial Services,” offered students an overview of the challenges facing his industry as a whole and included a sampling of specific management insights gleaned from Domeck’s 20-year career with Progressive.

The auto insurance industry is unique, said Domeck, in that the service it offers is mandatory and regulated by the government in most states. Since regulations vary from state to state, auto insurance companies must often find other ways to maintain a consistent public image.

“You have to be willing to spend money on advertising,” the Kellogg graduate said, citing several providers who have recently increased their advertising budgets. On the other hand, he added, while a recognizable brand is important, many consumers in the market for auto insurance only care about one thing: price.

Domeck took questions from students throughout his presentation.