Innovation at Progressive
Innovation at Progressive: Pay-As- You-Go Insurance Major Case Study
The auto insurance service industry is a continually growing market with an endless number of customers looking to become insured. As a consumer of automobile insurance, I look for reliable, price sensitive, convenient, and quick service. Some of the automotive insurance industry’s service qualifiers would include offering proper coverage, reasonable costs and savings, and comprehensive attributes. Major competitors in the auto insurance market include State Farm, Allstate, GEICO, Farmers, and Progressive.
Progressive is a public auto insurer, founded in Cleveland, Ohio in 1937, that offers the services of auto insurance and property-casualty coverage. Joseph Lewis, the founder of Progressive, established an experimental approach and culture in order to simply “be better.” Progressive competes on the service winners of: * Fast service * Convenience and 24/7 service * Detailed segmentation (saving on rates) * Variety of value-added services * Information transparency * Technological innovation
All of these service winners contribute to Progressives overall goal of superior customer service. Progressive is able to execute this goal due to the implementation of effective technologies, flow of information, and claim representatives.
Currently owning four percent market share, Progressive’s CEO Peter Lewis jokes of obtaining 100% market share but stated he’d “settle” with 25%. Progressives blatant goal is to service more customers, while focusing on the target market of lower-risk policies.
Over the years Progress has committed to excellent customer service and therefore has reaped profits in an unprofitable auto insurance industry. Progressive is the largest writer of auto insurance in the independent agency system sector with 10% market share. Progressive’s consistent duty to innovation and technological advancements has allowed Progressive to provide detailed
The auto insurance service industry is a continually growing market with an endless number of customers looking to become insured. As a consumer of automobile insurance, I look for reliable, price sensitive, convenient, and quick service. Some of the automotive insurance industry’s service qualifiers would include offering proper coverage, reasonable costs and savings, and comprehensive attributes. Major competitors in the auto insurance market include State Farm, Allstate, GEICO, Farmers, and Progressive.
Progressive is a public auto insurer, founded in Cleveland, Ohio in 1937, that offers the services of auto insurance and property-casualty coverage. Joseph Lewis, the founder of Progressive, established an experimental approach and culture in order to simply “be better.” Progressive competes on the service winners of: * Fast service * Convenience and 24/7 service * Detailed segmentation (saving on rates) * Variety of value-added services * Information transparency * Technological innovation
All of these service winners contribute to Progressives overall goal of superior customer service. Progressive is able to execute this goal due to the implementation of effective technologies, flow of information, and claim representatives.
Currently owning four percent market share, Progressive’s CEO Peter Lewis jokes of obtaining 100% market share but stated he’d “settle” with 25%. Progressives blatant goal is to service more customers, while focusing on the target market of lower-risk policies.
Over the years Progress has committed to excellent customer service and therefore has reaped profits in an unprofitable auto insurance industry. Progressive is the largest writer of auto insurance in the independent agency system sector with 10% market share. Progressive’s consistent duty to innovation and technological advancements has allowed Progressive to provide detailed