Case study on Progressive Insurance's Marketing Strategies

Merry Mosbacher currently works as the head of Edward Jones’ Insurance Marketing Department and has since 1994. Merry received her undergraduate degree in Economics from Knox University. She began her career at Edward Jones as a student intern while pursuing her MBA from Washington University in St. Louis. In 1982, she joined Edward Jones banking department full time and by 1994 she was responsible for the Insurance Marketing Department. During her early career, one of the most notable things she accomplished was in 1997 when she successfully worked with multiple insurance companies to design a pricing structure for the A-share annuity which is similar to that of a mutual fund. This change would help provide a lifetime of income strength. In

Progressive Insurances target market is everyone who thinks buying insurance is a responsible thing to do. The target market for Progressive is really anyone who wants to insure his or her assets. The person wants to protect himself or herself from possible loss due to damage or injury. The company does not want to direct all its advertising attention to the family or the individual, because that direction may cost the company a potential customer. It is the strategy of the company to be as inviting to as many customers as possible. The target market consist of a number of variables that are determined by the buyer, and their particular situation. Progressive has had numerous advertisements depicting numerous situations that encourage people

Progressive is a major competitor in the insurance industry that utilizes many forms to reach the customer. Progressive can be reached at any time through their website, 24/7 call center or one of their 450

Premiums were typically paid on a monthly basis either by automatic charges to the member’s credit card or through employee payroll deductions. The premiums were generally guaranteed renewable and noncancelable except for fraud, nonpayment of premiums, or upon written request by a member. The annual membership persistency rate in 1998 was high; approximately 75% of members at the beginning of the year and new members during the year continued to be enrolled in the program at the end of the year. At March 31 1999, PPLS had 648,475 active members, and membership had been increasing at about 40% per year. PPLS marketed its memberships through a multi-level program that encouraged buyers to become salespeople. Members that sought to become sales associates paid the company a fee, typically $65, to cover the cost of training materials, training meetings, and home office support services. Registered sales associates sold the company’s services to their friends and business associates. The most successful even recruited and developed their own sales force. In 1998 PPLS generated 76% of its annual sales from the roughly 150,000 members registered as sales associates. The remaining 24% of sales were generated through arrangements with insurance and service companies with established sales forces, such as CNA and Primerica Financial Services. Sales associates were compensated on a commission basis (see Exhibit 3). Prior to 1995, associates that signed-up a new

Anthem policy is driven by their focus on creating the best health care value in the industry, ex-celling at day to day operations and executions and capitalization on new opportunities to drive growth. With a reputation for innovation, Anthem Inc affiliates are committed to establishing a relationship with customers, physicians, hospitals and other health care clinicians as trusted partners. This company labeled as one of the largest health care insurance providers ("Products and Services”,n.d). They deliver many leading health benefit solutions through a broad portfolio of integrated health care plans and related services, along with a broad range of specialty products like life and disability insurance benefits, dental, vision, behavioral health and long-term care

Accordingly, in the event that an adverse final judgment is obtained against Tristate, Progressive will be liable to the Plaintiffs to the same extent that Tristate is liable to the Plaintiffs for the entire amount of the judgment. The Plaintiffs may elect the entity from whom they wish to collect that judgment without first exhausting Tristate’s assets. If, however, the Plaintiffs elect to collect from Progressive, then, Progressive could seek indemnification from Tristate (and its other insurers)

State Farm Mutual Insurance Company was founded by George Jacob Mecherle in 1922. Mecherle was a retired farmer, his vision for starting State Farm was to operate fairly and do the right thing for the customer. The continue effort for State Farm is to always be the first and the best choice in the insurance and financial products offered. State Farm operates Insurance in the United State and Canada. Recently, State Farm has gone through a logo change, while the outline of the logo has remained the same, the company as a whole decided on a simpler logo to make it more uniformed and recognizable across the country. The slogan “Like a good neighbor, State Farm is there” was originally written by famed American song write Barry Manilow in 2071. (Fast Facts, n.d.)

When Quiksilver announced the start of its women line Roxy in 1990, they defined the brand as a “fun, bold, athletic, daring and classy” brand for young women. Market segmentation is a crucial marketing strategy and Roxy utilizes the four bases that are commonly used for segmenting consumer markets including geographic, demographic, psychographic, and benefits sought segmentation. The geographic segmentation is ideally unlimited for the Roxy target market because the brand offers clothes for both warm and cold weather, however, it focuses mainly on the “beach lifestyle” and is generally more popular in beach towns. The demographic segmentation of the Roxy brand, is aimed to attract young women between the

In this paper, we will discuss Geico Insurance and how its marketing mix operates in the insurance industry. We will describe the four elements of the marketing mix, more commonly known as the 4P’s. Next, we will describe how each one of the four elements affects the development of Geico’s marketing strategy and tactics. Last, we will describe how each element is implemented in Geico’s marketing strategy.

a very large product depth since they offer such a wide range of insurance policies. GEICO’s brand facilitates customers to purchase. GEICO’s brand is easily recognized due to the large

To achieve this objective, Progressive used detailed data to price the high-risk drivers and conduct further research on customers with unfavorable background records. They had the specific objective of increasing premiums at a rate of at least 15% each year.

Senior executives at Vanguard are evaluating their marketing strategy. In particular, they are looking at their approach to market segmentation, the organization of the marketing function, and the emphasis placed on marketing metrics in the corporate dashboard in light of an economic and stock market downturn.

In part 1 of this report about market analysis it was found that medibank are seeking to expand their service of travel insurance as the market demand for the service continues to grow.According to IBIS World(2016)Tourism has maintained a steady average of 3.5% annual growth between 2011-2016. The overall annual industry growth for Travel insurance was 5.2% between 2010 - 20153. IBISWorld (2016) have also predicted that this growth in the Travel Insurance Industry will settle to an average 2.1% annual growth within the next five years, as the market grows increasingly stable, maintaining the australian dollar remains high, natural disasters are less frequent and that low fuel prices drive down the cost of airfares. But some of the most relevant information for forming Medicare’s marketing strategy is the statistics regarding the target demographic for Travel Insurance. In the travel report by the Australian Bureau of Statistics 68% of the Australian departure passengers were between the age of 20 and 60. While the statistics show that the

New York Life (NYL) has set its mind on growing the Guaranteed Lifetime Income (GLI) business in the future, but faces several possible paths in order to reach this goal. To be as cost-efficient as possible, we think that the company should select its pool of end-customers wisely. The focus on retirees should be maintained and even enforced, as many still do not know the products proposed by NYL. Furthermore, the focus should be broadened to a larger target group, to include the “typical” customers of the companies, families with children. As noted by Rotemberg and Gourville (2010), NYL tends to build long term relations with its clients, as agents follow them over time

In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and