Case Study On Progressive Insurance

Progressive is an insurance company that specializes in car insurance and other types of vehicle and property-based insurance. Progressive’s business relies on the idea of getting the money to its customer as quickly as possible, by getting compensation to the customer faster than any other insurance company. This methodology shows the customer that they will get the best protection and care from Progressive, thereby making them the obvious choice to invest their money in. It works, too, as 20% more Progressive customers stayed with the company last year than the year before. It is simple economics – who provides the quickest, most effective service will be the most desirable to the customer.
Computer hardware and technology is integral to Progressive’s continued prosperity; they utilize IRVs, which stands for Immediate Response Vehicles, to show up on the scene of an accident quickly and gather the most accurate information they can in order to settle the claim. In these IRVs, adjusters are able to benefit from the latest wireless technology – laptops that can access Progressive’s mainframe in a flash, two-way radios that give them instant access to dispatchers, and high resolution digital cameras that take detailed pictures that can help get the claim settled.
All of these tools allow the claims adjustors to get on the scene, find all the information they need on the claim, and settle it quickly. This allows the customer to have peace of mind and faster compensation, bringing them back to realizing that Progressive is the best option for their insurance coverage.
Moore’s law, a trend that states that computer power and capabilities are doubling every couple of years and will continue until we reach a computing plateau, works excellently in this case. A mere decade ago, computers could not process information as quickly as they can now; what’s more, we did not have the portability of convenient laptops that carried any sort of processing power, and cell phones were not as versatile or powerful as they are today. In the past few years, we have seen a staggering increase in Internet connection speed, hard drive space, and wireless connectivity, to the point where things like the Progressive IRV project can be implemented on a national level and have it be incredibly effective for their customers. Before the last decade, it would have been impossible to pull off this kind of program; now, a customer can get a claim settled within hours of an accident, all without having to lift a finger. It is for this reason that Progressive manages to stay ahead of the curve and use the latest technology to enhance the way they do business.