1. Insurance products are services. Describe Progressive Insurance%u2019s produc
ID: 2702066 • Letter: 1
Question
1. Insurance products are services. Describe Progressive Insurance%u2019s products in terms of the four characteristics of services. How does Progressive deliver value to its customers? In what stage of the product lifecycle are Progressive%u2019s products and why?
2. What are the advantages to customers to have either an insurance agent (indirect channel) or an online transaction (direct channel)? What are the disadvantages? How does each add value to the customer?
3. The Progressive video mentioned that prices might be different depending on whether the customer uses the agent or the online service. Based on the pricing considerations discussed in your text, does this pricing strategy appear to be customer focused? Why or why not?
4. Progressive and its two primary competitors, All State and State Farm, have all developed %u2018characters%u2019 to communicate with the target market Flo, Mayhem, and Jessica are becoming the face of the companies. Using the humorous approach is one way companies hope to differentiate themselves from their competitors. Based on the ads for Progressive, All State and State Farm, can you differentiate each of the companies? Why or why not? Do you think the humorous approach works? Why or why not?
Explanation / Answer
2. It depend . There are so many options for insurance, and every customer has different needs. When shopping for insurance, you need to consider your priorities. Start by figuring out what is important to you: Price. Are you interested in the lowest price possible? Are you willing to give up some customer service in order to get a lower price? Availability. Is it important to you to stick with your current insurance carrier, or are you open to working with another company if yours doesn
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