case study analysis on progressive
TRANSCRIPT
CASE STUDY ANLAYSIS ON
About ProgressiveCar Insurance provider in United States
Co-founded in 1937 by Jack Green and Joseph M Lewis
Has the highest growth rate in the Insurance industry
Industry rank no.3 from rank no.34 in span of 20 years
How did it grow so fast?
OPERATIVE INNOVATIONApproach to auto insurance like ‘no other company had’
FIRST TO PROVIDE
OF CLAIMS
FIRST TO PROVIDE A PRICE COMPARITIVE SHOPPING
First insurance company to provide services
First company to offer
Immediate Response Vehicle
Providing cheaper Insurance through ‘Quote Your Price Tool’
Effective Customer Segmentation
Different sources/variables into calculation
More detailed risk estimation
Extensive and state-of-the-art software
High satisfaction with Immediate Response
Fast service
Excellent Marketing CampaignCreated Iconic character FLO.
Who can be seen across platforms.
Extensive Social Media coverage
Social Media Coverage
Why is FLO effective?Connected with customers
Presence felt that insurance productsare tangible
Various ads projected her as a friend in need.
The following advertisements aptly illustrates it…..
Flo was always up-to-date
How exactly did progressive
?
Average growth of 17% per year &
Increased Market share
What is the future……..
Keep innovating
Remain updated
Expand its market beyond vehicle insurance
Competitive pricing
Continuously expand its data warehouse
Continuous customer evaluation
Keep expanding its use of IT
A SHORT RECAP 1. About Progressive
2. How did it grow so fast?
3. Why is Flo effective?
4. What exactly did Progressive benefit?
5. What is the future ……………..
DISCLAIMER
Created by Rohit George, USICT, during an internship by Prof. Sameer Mathur, IIM Lucknow.