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MyRate by Progressive

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Prepare a summary and analysis of 8 to 10 articles relevant to the New Product/Service (MyRate by Progressive Insurance). APA Formatted with reference.

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https://brainmass.com/business/business-management/myrate-progressive-285485

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Progressive's MyRate is a voluntary plan that is offered nationwide to track driving data and offer discounted rates based on the results of the data collected. The goal of Progressive is to encourage their customer's to drive less often and more safely which will result in fewer claims. MyRate tracks information such as annual mileage, times of day driven, braking and accelerating. This is viewed by many as an invasion of privacy, but the discomfort may well be worth the reward. The average savings per driver has fallen between ten and fifteen percent. This is realized as savings of $120 on insurance that costs $1,200 per year, a significant savings for most drivers.

The device operates through a cellular chip that accesses a vehicle's onboard computer and monitors when the car is running and captures the speed per second. When the vehicle is shut down the data is transmitted to the company via cellular phone towers. The data shows miles driven and time of day, and hard stops and fast accelerations. Customers are given the option of exiting the program during their trial period. This is ideal if it is evident after the first 30 days that their premium may increase due to aggressive driving. (Levick, 2009)

Progressive Auto Insurance customers who sign up and are eligible for MyRate receive a sensor, cable and software in the mail. The sensor is placed in the car where it records the customer's driving habits for a total of six months. After six months the information on the sensor is uploaded to Progressive and a discount is offered based on the customer's driving habits.

According to a current and highly advanced user of MyRate, it appears that the company is profiting more from the data that they receive, than the user is benefiting from the discount. In his case, the minimum discount of five percent is all that has been offered, much to his consternation. He offers the information that in order to save more than the very minimum offered discount you need to avoid driving your car on a regular basis, have short commutes and avoid driving at night. In some states the customer actually stands to be charged more for their driving habits after the ...

Solution Summary

The solution prepares a summary and analysis of 8 to 10 articles relevant to the New Product/Service (MyRate by Progressive Insurance). APA Formatted with reference.

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Research Report: Evaluating a New Service/Product (MyRate)

Could you please help with this assignment? I only need an executive summary. I am submitting the articles on it. I need it by tonight no later than 12:00pm. EST. Time Zone USA.

Research Report: Evaluating a New Service or Product (MyRate)

Executive Summary-- A brief synopsis of the entire report. As the name implies, if the executive manager did not have time to read the whole document, he or she should be able to read this one page and understand what you did, why you did it, your results, and your recommendations.

This product is called MyRate. MyRate is a new offering from Progressive Insurance that gives you rates based on how you drive opposed to other insurances that rate you by drivers in your state and zip code.

Slavin, A. (Oct 2008). The new game: Progressive's MyRate plan may remake the auto insurance landscape. Best's Review, 109, 6. p.38(2). Retrieved November 22, 2009, from General OneFile via Gale:
http://find.galegroup.com/itx/start.do?prodId=ITOF

Diane Levick. (17 June). Progressive's MyRate Plan Pegs Customers' Driving Style To Rates: AUTO INSURANCE. McClatchy - Tribune Business News,***[insert pages]***. Retrieved November 22, 2009, from Business Dateline. (Document ID: 1748443741).

Progressive; Kansas Drivers Can Now Save Big Bucks Based on How They Drive as Progressive Launches One-of-a-Kind Car Insurance Program. (2009, September). Pediatrics Week,8. Retrieved November 22, 2009, from ProQuest Health and Medical Complete. (Document ID: 1847286561).

Progressive; Kentucky Drivers Can Now Save Big Bucks Based on How They Drive as Progressive Launches One-of-a-Kind Car Insurance Program. (2009, February). Pediatrics Week,57. Retrieved November 22, 2009, from ProQuest Health and Medical Complete. (Document ID: 1634950551).

Progressive Behavior-Based Car Insurance Now Available in Texas. July 23, 2009 pNAA.M. Best Newswire, p.NA. Retrieved November 22, 2009, from General OneFile via Gale:
http://find.galegroup.com/itx/start.do?prodId=ITOF

Rhode Island Drivers Can Now Save Big Bucks Based on How They Drive as Progressive Launches One-of-a-Kind Car Insurance Program. (9 November). Business Wire,***[insert pages]***. Retrieved November 22, 2009, from Business Dateline. (Document ID: 1896644341).

MyRate Tapped as a 2008 Fast 50 Reader Favorite. August 7, 2008 pNAWireless News, p.NA. Retrieved November 22, 2009, from General OneFile via Gale:
http://find.galegroup.com/itx/start.do?prodId=ITOF

Michelle Pearl. (2009, March 19). Can your car to know too much about you? The Sun,***[insert pages]***. Retrieved November 22, 2009, from Business Dateline. (Document ID: 1663872571).

WAYNE HEILMAN. (2009, June 6). It can pay in Colorado to be a good driver. The Gazette,A.1. Retrieved November 22, 2009, from Business Dateline. (Document ID: 1788425721).

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