Wednesday, July 15, 2009
Progressive Insurance has put a substantial amount of advertising dollars behind its "Name Your Price" innovation in the automobile insurance market. With this new program, customers go to the firm's website, input a price they are willing to pay for car insurance, and then are given several options for car insurance packages that they can purchase for that price. It's another distinctive strategy by a firm known for innovation in the auto insurance market. I wonder if this "Name Your Price" concept might be applied effectively to the health insurance market. What if we could name our price and then instantly be given an array of options for health insurance packages that we could procure at that named price?