ICANN, the governing body for all domain names, is about to award 2,000 generic, top-level domain names to the person who got their application in before anyone else. It’s more complicated than that, but that’s the core of it.
The domains are mostly generic words such as (dot) insurance, (dot) church, (dot) duck. The list also includes brand specific names such as (dot) Chevrolet and (dot) Comcast. Then, there are names that could be associated with a brand such as (dot) coach or (dot) discover.
Now, imagine what happens if Progressive Insurance succeeds in their bid to win (dot) insurance. That means that they gain control over every domain branching off that top level; www.progressive.insurance, allstate.insurance, statefarm.insurance, etc.