Online Auto Insurance Tool From Progressive Proves Effective
Thanks to the improvement in auto insurance technology, Progressive Group neared the top of InformationWeek Magazine's annual "InformationWeek 500" list of the most "innovative users of business technology" in the country. For the past 10 years, Progressive has made the list, but this year is different – the company has landed in the top five. Progressive also ranked third overall on InformationWeek 500 and placed first in the insurance category, according to CBS Money Watch.
"Being named to the InformationWeek 500 tells us that our effort to make car insurance easy to understand is paying off. Being recognized by our peers in the IT world is really an honor," said Progressive's Chief Information Officer Ray Volker on the company's website.
The important reasoning behind Progressive's number three ranking is thanks in part to its website's newest feature, "Name Your Price." Potential buyers enter their basic information and the vehicles to be insured on Progressive's website. After they do so, the "Name Your Price" auto insurance tool displays the coverage packages available, along with limits and deductibles, closest to the price they entered. Making changes is even easier. Instead of re-entering the information, the user just drags a "slider bar" over to adjust the payment amount and the auto insurance coverage options are changed accordingly. This tool allows consumers to visually see which option will be better for them, potentially preventing them from buying excessive auto insurance coverage and therefore saving money. In the end, it seems logical that drivers will always pick the auto insurance company that will save them the most money.
"Name Your Price – like all successful Progressive innovations – is the result of close collaboration between Progressive's IT and business groups," Volker said. "We all come to the table with the same objectives – to make insurance easy to shop for, buy and own " Progressive is exciting from an IT standpoint because we're all about customer choice, flexibility and innovation, and you need technology to accomplish those goals."
Progressive Group has been in business since 1937. According to the website, the company is one of the country's "largest auto insurance groups, the largest seller of motorcycle and personal watercraft policies and a market leader in commercial auto insurance based on premiums written." Progressive is committed to being the number one choice for auto insurance by providing competitive rates and excellent service that meets the needs of their potential buyers. Progressive offers products like personal and commercial auto, motorcycle, boat and recreational vehicle insurance through "more than 30,000 independent insurance agencies" throughout the US.
And, with an innovative auto insurance tool like "Name Your Own Price," it seems Progressive will have no problem surviving in a struggling market.