Progressive insurance
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Insurance Insurance By: Courtney Dukes By: Courtney Dukes
Transcript of Progressive insurance
The FactsThe Facts
“The Progressive Group of Insurance Companies has always lived up to its name by being one step ahead of the insurance industry, and finding new and affordable insurance solutions.
In 1937 it was the first to introduce reduced rates for low-risk drivers, and then changed the insurance shopping experience by offering comparison rates on the Web.”
-ProgressiveProgressive
What Do We Know About What Do We Know About Homeowners Insurance?Homeowners Insurance?
Our Goal: Focusing consumers on the importance of Homeowners Insurance.
Buying homeowners insurance, or home insurance, means buying protection for your home, inside and out.
Definition: It compensates you for losses to your home and your possessions inside it. Purchasing a homeowners policy provides added security for your investment. Home insurance also protects you if you're legally liable for someone's injuries on your property, as well as from financial losses caused by storms,
fire, theft and other events outlined in your policy.
Well… How Much Insurance Well… How Much Insurance Does a Homeowner Need?Does a Homeowner Need?
1. Actual Cash Value — Pays for the cost to replace damaged property while factoring in depreciation amounts. Actual Cash Value applies unless a policy states that Replacement Cost or Guaranteed Replacement Cost has been chosen.
2. Replacement Cost — Pays for the cost to replace damaged property without factoring in deductions for depreciation, but payment is limited to a maximum dollar amount.
3. Guaranteed Replacement Cost — Pays the full cost of replacing damaged property, with no deduction for depreciation and no dollar limit. Guaranteed Replacement Cost is not available in all states, and limits the coverage to 120 percent of the cost to rebuild your home. Allowing for this amount protects you in cases of increased construction costs or other building-related fees due to inflation.
Will Flo Have to Work Overtime Will Flo Have to Work Overtime Now?Now?• New Series of Commercials
– Since there is already a commercial for homeowners insurance, we need to initiate more to refocus the importance of homeowner insurance. Flo will go through the same motions as with the auto insurance commercials but with a new script for homeowners insurance.
– These commercials will be shown on channels such as FOX, CBS and HGTV. This campaign will run bi-weekly for a year, rotating in a new and different commercial every four months, with a total of three different commercials throughout the year on beginning 8/21/2010 to 8/21/2011.
Progressive _______ Progressive _______ InsuranceInsurance
Auto? NO. There are many options with Progressive, auto insurance is just
one of them. Our focus is to expand homeowners insurance. As with being the #1 auto insurance company the goal is to
also become #1 with homeowners insurance.
WillWill This Be Effective? This Be Effective?
• How to measure effectiveness:– Surveys: available on the web site and where
online advertisements are displayed. – Actual results: the more customers we get for
homeowners insurance will show how effective our campaign is.
• Set Goal:– To increase homeowners insurance clients at
least by 20 percent between 8/21/2010 and 8/21/2011.
How Much Will This Cost?How Much Will This Cost?• ads set TV campaigns by specifying a daily
budget and a maximum cost-per-thousand impressions (CPM) bid for ads. If Progressive Insurance wins a TV spot with a CPM of $5.00 and the ad is seen by 100,000 people, it will pay (100,000/1,000)*$5.00 = $500. This is the rate that would occur per day for a 30 second spot.
• Timeline of events: new commercials will air during the months of 1st November/December, 2nd February/March and 3rd June/July. These are the peak times where homes are being damaged or weather and sold or bought.
AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN JUL
1ST 2ND 3RD
Results!Results!
• The popular commercials featuring Flo will only add to Progressives’ BBC:
– Brand imageBrand image– Brand identityBrand identity– Customer databaseCustomer database
UltimatelyUltimately increasingincreasing our sales goal our sales goal ofof
2020 percentpercent forfor Homeowners Homeowners InsuranceInsurance..
