Progressive is a U.S. property-casualty insurer, primarily selling personal auto insurance. Progressive is the second-largest U.S. personal auto insurer by premiums written, behind State Farm. Progressive sells through two channels: directly to consumers online and by phone, and through a network of over 40,000 independent agents. Beyond personal auto, Progressive also insures motorcycles, RVs, and watercraft, where it claims market leadership in motorcycles and boats. In commercial auto, Progressive is the #1 U.S. commercial auto insurer, covering small businesses and transportation companies. Progressive's business model is straightforward: collect premiums, pay claims and expenses, and keep the combined ratio (losses plus expenses as a percentage of premium) below 100%. Progressive's stated target is a combined ratio at or below 96%. Progressive also earns investment income on its float, invested primarily in investment-grade fixed-income securities. Progressive's core competitive skill is pricing accuracy — the company runs thousands of actuarial analyses per year and adjusts rates frequently to match rates to risk. Progressive's growth strategy, called the "Destination Era," centers on bundling auto and home insurance to attract multi-product customers, who have higher retention and lower lifetime loss costs. Progressive offers home insurance either on its own paper or through partner carriers. Progressive also uses telematics (its Snapshot program) to gather driving data, reward safer drivers, and refine its pricing models.