10 Largest Auto Insurance Companies (September 2022) (2022)

What are the largest auto insurance companies?

State Farm is the number one auto insurance company in the country in terms of market share and premiums written, followed by Geico, Progressive and Allstate. When looking at the rankings of the top auto insurance companies in the United States, most of the names are recognizable due to their national television advertising campaigns.

10 Largest Auto Insurance Companies (September 2022) (1)

Find the Cheapest Insurance Quotes in Your Area

Yet the 10 largest insurance companies in the U.S., listed below, offer different insurance rates, customer claims experiences and features. For shoppers looking for cheap rates, we always recommend comparing quotes from multiple insurers to find the best price.

1State Farm$40.416%
2Geico$33.914%
3Progressive$33.213%
4Allstate$25.910%
5USAA$15.86%
6Farmers$12.25%
7Liberty Mutual$11.85%
8Nationwide$5.82%
9American Family$5.22%
10Travelers$4.92%

1. State Farm

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State Farm is a great auto insurance company for anyone who wants a local agent, a personalized experience and cheaper-than-average rates.

  • Average annual premium: $1,310
  • Market share: 16%
  • Premiums written: $40.4 bn
  • ValuePenguin rating: 4.5/5
  • J.D. Power customer satisfaction score: 892
  • Read our full State Farm review

State Farm is the largest auto insurance company in the U.S. and owns 16% of the total available market share. Over 15% of dollars spent on private passenger auto premiums in the country go to State Farm.

The company currently employs approximately 60,000 employees and has nearly 19,000 agents. State Farm operates as a mutual insurance company, meaning that its policyholders own it.

Among the largest widely available car insurers in this list, State Farm offered the cheapest car insurance rates in most of the U.S.

2. Geico

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Geico is one of the cheapest auto insurance companies. It offers national availability and an easy shopping experience.

  • Average annual premium: $1,917
  • Market share: 14%
  • Premiums written: $33.9 bn
  • ValuePenguin rating: 4/5
  • J.D. Power customer satisfaction score: 881
  • Read our full Geico review

Geico, known for its advertisements featuring an animated gecko, has served as an underwriter to more than 16 million auto policies, which insure more than 24 million vehicles. The company's size allows it to employ more than 40,000 people across nine regional offices, three service centers and three claims centers.

Geico's original customer base consisted of U.S. government employees and military personnel. Today, the insurance company's customer base has expanded to include people in the private sector.

According to our research of the largest auto insurance carriers, Geico is the best insurer for college students.

3. Progressive

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Progressive offers especially competitive rates to drivers with previous accidents. However, claims satisfaction ratings and coverage options are average.

  • Average annual premium: $2,036
  • Market share: 13%
  • Premiums written: $33.2 bn
  • ValuePenguin rating: 3/5
  • J.D. Power customer satisfaction score: 862
  • Read our full Progressive review

Progressive — the third-biggest insurance company in the country — was established in 1937. The company offers the ability to buy auto insurance in-person, online or by phone. Alternatively, customers can sign up through independent insurance agents.

The company employs more than 35,000 people and has over 400 offices. Progressive is a publicly traded company.

4. Allstate

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Allstate typically has better-than-average claims satisfaction ratings, but higher rates. However, the insurer offers a variety of discounts that can make policies more affordable for customers.

  • Average annual premium: $2,349
  • Market share: 10%
  • Premiums written: $25.9 bn
  • ValuePenguin rating: 3/5
  • J.D. Power customer satisfaction score: 870
  • Read our full Allstate review

Established in 1931, Allstate is the second-largest publicly traded property and casualty insurance company in America. Like State Farm, Allstate has a roster of local agents ready to serve your needs. The company currently employs more than 46,000 people.

Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand targets self-directed and brand-sensitive customers, while Allstate is geared toward customers who want local and personal service.

5. USAA

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USAA is one of the best auto insurers in the country. You'll enjoy extremely competitive rates, great customer service and speedy claims responses from USAA. The only downside is USAA's restricted membership.

  • Average annual premium: $1,170
  • Market share: 6%
  • Premiums written: $15.8 bn
  • ValuePenguin rating: 4.5/5
  • J.D. Power customer satisfaction score: 909
  • Read our full USAA review

USAA was founded by 25 Army officers who decided to insure each other's vehicles in 1922. Today, the company serves millions of members associated with the U.S. military, including current and former service members, family of service members and cadets or midshipmen.

USAA is headquartered in San Antonio. The corporate campus' length extends three-quarters of a mile. USAA is the largest private company located in San Antonio.

Because of its focus on the U.S. armed forces, USAA is our top pick for the best and cheapest car insurance for veterans and military service members.

6. Farmers

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Farmers offers decent discounts, coverage options and great customer service. However, Farmers' expensive rates may be a negative for some shoppers.

  • Average annual premium: $2,521
  • Market share: 5%
  • Premiums written: $12.2 bn
  • ValuePenguin rating: 3.5/5
  • J.D. Power customer satisfaction score: 893
  • Read our full Farmers review

Farmers began as an insurance company providing coverage to farmers' vehicles. Since then, it has evolved to become the seventh-largest insurance company in the country.

It’s hard to find an insurance company that offers more products than Farmers. It offers auto insurance, pet insurance and even investment products, among other insurance products. Farmers employs nearly 13,000 people, underwriting more than 19 million policies across all 50 states.

7. Liberty Mutual

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Liberty Mutual's rates vary by location more than the typical insurer, and customers rank the company's claims satisfaction process as below average.

(Video) 10 Largest Auto Insurance Companies September 2022 | Best Insurance In USA
  • Market share: 5%
  • Premiums written: $11.8 bn
  • ValuePenguin rating: 3.5/5
  • J.D. Power customer satisfaction score: 876
  • Read our full Liberty Mutual review

Liberty Mutual is one of the largest insurance companies in the U.S. and has been around for over 100 years. It has a large international presence, with operations in 17 countries. The company sells property and casualty, health and life insurance policies.

You can get Liberty Mutual auto insurance through its call center, website, a local Liberty Mutual agent or broker, or representatives from its network of regional subsidiaries. One thing to note about Liberty Mutual's coverage is that the company guarantees rates for a year.

8. Nationwide

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Nationwide is below average for affordability, and its customer reviews tend to lean negative. Nationwide offers standard coverages and discounts you’d expect from a large national insurer.

  • Average annual premium: $2,127
  • Market share: 2%
  • Premiums written: $5.8 bn
  • ValuePenguin rating: 4/5
  • J.D. Power customer satisfaction score: 876
  • Read our full Nationwide review

Nationwide offers financial services, commercial lines and personal lines in all 50 states. The company has contributed more than $430 million to nonprofit organizations since 2000.

Nationwide has a motto called "On Your Side" that influences how auto insurance claims are handled, and how policies and premiums are determined. The company also recommends getting an annual checkup to ensure policyholders understand their benefits and coverage, as well as new discounts or changes to keep premiums affordable. Nationwide calls this consultation its "On Your Side" review.

Among this list of the largest car insurance companies, Nationwide offers the best deals for customers looking to bundle their home and auto insurance policies.

9. American Family

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American Family is a solid choice for auto insurance. The company offers decent rates, which have the potential to be great when policyholders take advantage of some of its many discounts.

  • Average annual premium: $1,755
  • Market share: 2%
  • Premiums written: $5.2 bn
  • ValuePenguin rating: 3.5/5
  • J.D. Power customer satisfaction score: 889
  • Read our full American Family review

American Family was initially established to insure farmers. In the 1930s, the company expanded and began to focus on insuring non-farmers as well. Today, the company is one of the biggest insurance companies in the U.S., and the largest insurer by market share in Wisconsin.

American Family is known for its extensive discounts that can make its already decent rates even more affordable for customers. However, insurance from American Family is not available in every state .

10. Travelers

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Moderate complaint ratings and a variety of discounts make Travelers a good choice for auto insurance coverage.

  • Average annual premium: $2,148
  • Market share: 2%
  • Premiums written: $4.9 bn
  • ValuePenguin rating: 3.5/5
  • J.D. Power customer satisfaction score: 871
  • Read our full Travelers review

Travelers is more than 160 years old, making it one of the oldest insurance companies operating today. In fact, Travelers issued its first auto insurance policy in 1897, before the Ford Model T was invented.

The company has more than 30,000 employees and 13,500 independent agents and brokers in multiple countries, including the United States, Canada and Brazil.

Notably, Travelers offers a rate pricing program known as IntelliDrive, which determines your rates by assessing your safe driving behavior with a smartphone app. Enrolling in IntelliDrive can potentially reduce your annual insurance rates by as much as 20% if you show good driving habits.

List of the largest car insurance companies by state

State Farm is the largest insurer on our list, taking the top spot in 24 states. After State Farm, Progressive is most frequently the largest insurer, taking the biggest market share in 15 states. Geico is the largest car insurance carrier in nine states, and Allstate and MAPFRE account for one state each.


Big vs. small insurance companies

The trade-off between large insurance companies and small ones typically involves giving up competitive rates and financial stability for an improved customer experience.

When working with a small insurance company for your auto insurance, you'll likely communicate exclusively with one insurance agent. However, you may also need to worry about solvency if you choose a policy from a smaller company due to a lack of financial strength. If you manage to find a small insurer with a base level of financial stability that you're comfortable with, consider how much you're willing to pay for better service.

Car insurance company ratings

To help you choose the best company for you, we compared the 10 largest auto insurance companies according to our editor's rating, J.D. Power score and financial strength rating by AM Best.

USAA
909A++
State Farm
892A++
Geico
881A++
Nationwide
876A+
Farmers
893A
American Family
889A
Liberty Mutual
876A
Travelers
871A++
Allstate
870A+
Progressive
862A+

Another consideration is availability, coverage options and discounts. While you're likely to have a more personalized experience with a small insurance company, it may not have the availability, benefits and discounts that large insurance companies do. And the major or biggest insurance companies often have representatives that are still available to speak with policyholders 24/7.

Mutual vs. stock insurance companies

The main difference between mutual and stock insurance companies is who owns the company. Stock companies are privately owned or publicly traded insurance companies that offer voting rights to stockholders. Mutual insurance companies, however, are owned by their policyholders.

Since stockholders benefit from the stock's appreciation, some say that the short-term interests of investors don't always align with the company’s long-term interest. As a result, many feel that mutual insurance companies are better because the policyholders' interests align well with what's best for the company, specifically lowering insurance rates and paying out dividends to attract more customers.

Most of the top 10 largest auto insurance companies are stock insurance companies, excluding USAA, which is an insurance exchange for military personnel.

GeicoState Farm
AllstateLiberty Mutual
ProgressiveAmerican Family
FarmersNationwide
Travelers

How to compare the right insurance for you

With all the large auto insurance companies out there, it's still important to pick the best company for your unique situation. We always recommend comparing quotes from multiple insurers in order to find cheap rates that fit your personal driver profile and history.

The type of auto insurance policy you choose — whether minimum or full coverage — will affect your quote, so it helps to have a general idea of which coverages you'd like before getting one.

Minimum-coverage car insurance is specified by the minimum auto insurance requirements in your state. Full-coverage car insurance adds comprehensive and collision coverage to your policy in order to protect you against physical damage to your vehicle.

(Video) 10 Largest Auto Insurance Companies Auto insurnace usa (September 2022)

We typically suggest all drivers consider full-coverage car insurance, particularly if your car is worth more than $3,000.

Find Cheap Auto Insurance Quotes in Your Area

Expert Insights to Help You Make Smarter Financial Decisions

ValuePenguin has curated an exclusive panel of professionals, spanning various areas of expertise, to help dissect complex subjects and empower you to make smarter financial decisions.

  1. Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?
  2. How does market share ownership impact a customer's perception of quality of service?
  3. Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?
  4. Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

10 Largest Auto Insurance Companies (September 2022) (2)

  • Deanne Butchey, PhD
  • Teaching Professor, Finance
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (3)

  • Dr. Craig Seidelson
  • Assistant Professor Operations and Supply Chain Management
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (4)

  • Christopher Marquette, PhD
  • Assistant Professor of Finance
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (5)

  • Marc Kalan
  • Assistant Professor of Professional Practice
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (6)

  • David C. Marlett, PhD, CPCU
  • Managing Director, Brantley Risk and Insurance Center
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (8)

  • Steven L. Savino
  • Assistant Dean of Lehigh Business Graduate Programs
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (9)

  • Prachi Gala
  • Assistant Professor of Marketing
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (10)

  • Jaclyn Stevenson
  • Director of Marketing and Communications
  • Read Answer

10 Largest Auto Insurance Companies (September 2022) (11)

  • Rutgers Insurance Club
  • led by Sameer Bhuyan
  • Read Answer

The commentary these industry experts provide represent their viewpoints and opinions alone.

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class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/craig-seidelson_rjse2e\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/craig-seidelson_rjse2e\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/craig-seidelson_rjse2e 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/craig-seidelson_rjse2e 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EDr. Craig Seidelson\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Professor Operations and Supply Chain Management\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-craig-seidelson\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeVisibility--show-small\"\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/christopher-marquette_zacncd\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/christopher-marquette_zacncd\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/christopher-marquette_zacncd 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/christopher-marquette_zacncd 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EChristopher Marquette, PhD\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Professor of Finance\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-christopher-j-marquette\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/expert-advice-headshots_sfuxjr\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EMarc Kalan\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Professor of Professional Practice\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-marc-kalan\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeVisibility--show-small\"\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/david-marlett_wopjqh\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/david-marlett_wopjqh\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/david-marlett_wopjqh 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/david-marlett_wopjqh 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EDavid C. Marlett, PhD, CPCU\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Managing Director, Brantley Risk and Insurance Center\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-david-c-marlett\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/dena-hale_fnkdy0\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/dena-hale_fnkdy0\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/dena-hale_fnkdy0 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/dena-hale_fnkdy0 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EDr. Dena H. Hale\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Professor of Sales and Marketing\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-dena-hale\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-savino-stevens_xyyzuw\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/expert-advice-savino-stevens_xyyzuw\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-savino-stevens_xyyzuw 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-savino-stevens_xyyzuw 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003ESteven L. Savino\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Dean of Lehigh Business Graduate Programs\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-steven-savino\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeVisibility--show-small\"\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/prachi-gala_bklcn2\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/prachi-gala_bklcn2\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/prachi-gala_bklcn2 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/prachi-gala_bklcn2 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EPrachi Gala\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Assistant Professor of Marketing\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-prachi-gala\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeVisibility--show-small\"\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/jacklyn-stevenson_h9vb2l\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/jacklyn-stevenson_h9vb2l\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/jacklyn-stevenson_h9vb2l 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/jacklyn-stevenson_h9vb2l 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003EJaclyn Stevenson\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Director of Marketing and Communications\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-jaclyn-stevenson\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Chr\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"third pad-half align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 80px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_80\/v1\/expert-advice-headshots_sfuxjr\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_80\/v1\/expert-advice-headshots_sfuxjr 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--plain\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cstrong\u003ERutgers Insurance Club\u003C\/strong\u003E\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n led by Sameer Bhuyan\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Read Answer\" href=\"#expert-rutgers-insurance-club\"\u003ERead Answer\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeDisclaimer--root ShortcodeDisclaimer--root \"\u003E\n \u003Cdiv class=\"ContextualDisclaimer--root\"\u003E\n \u003Cp class=\"ContextualDisclaimer--copy\"\u003E\n \u003Cp\u003EThe commentary these industry experts provide represent their viewpoints and opinions alone.\u003C\/p\u003E\n\n \n \u003C\/p\u003E\n\u003C\/div\u003E\n\n\u003C\/div\u003E\n\n","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (12)

Deanne Butchey, PhD

Teaching Professor, Finance; Faculty Advisor, Phoenician Investment Fund (PIF); Financial Management Association (FMA) @ FIU

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

It depends on the industry. In financial services, trust and the ability to connect with the company is critical in instilling confidence in the minds of the consumers. Smaller companies that do not have an easily identifiable spokesperson may not enjoy as widespread acceptance or trust. Eventually, word of mouth and personalized experiences with the smaller company may ease these concerns.

How does market share ownership impact a customer's perception of quality of service?

In scientific research, it is a known fact that a small percentage of influencers who may be viewed as "informed individuals" have the potential to lead others down a specific path. Many times when a company has a significant market share, consumers believe that existing clientele have superior information about the quality of the good or service. It is for this reason that positive online reviews are highly sought after.

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

It depends how effectively the integration or consolidation takes place. If it is seamless and customers view the expansion of services offered as being beneficial to them, they will be highly satisfied. On the other hand, if there are hiccups or disruptions in service in the early stages of integration, the acquired or consolidated company will lose its original customers.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

I don’t believe it is necessary to maintain local agents, but it is important that the person on the other line or on the chat is culturally sensitive. Seemingly personalized experiences, whether it is through a live agent or artificial intelligence, is invaluable.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/deanne-butchey_zwclbi\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/deanne-butchey_zwclbi\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/deanne-butchey_zwclbi 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/deanne-butchey_zwclbi 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-deanne-butchey\"\u003EDeanne Butchey, PhD\u003C\/h3\u003E\n\n\u003Cp\u003ETeaching Professor, Finance; Faculty Advisor, Phoenician Investment Fund (PIF); Financial Management Association (FMA) @ FIU\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EIt depends on the industry. In financial services, trust and the ability to connect with the company is critical in instilling confidence in the minds of the consumers. Smaller companies that do not have an easily identifiable spokesperson may not enjoy as widespread acceptance or trust. Eventually, word of mouth and personalized experiences with the smaller company may ease these concerns.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EIn scientific research, it is a known fact that a small percentage of influencers who may be viewed as \"informed individuals\" have the potential to lead others down a specific path. Many times when a company has a significant market share, consumers believe that existing clientele have superior information about the quality of the good or service. It is for this reason that positive online reviews are highly sought after.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation?\u003C\/h4\u003E\n\n\u003Cp\u003EIt depends how effectively the integration or consolidation takes place. If it is seamless and customers view the expansion of services offered as being beneficial to them, they will be highly satisfied. On the other hand, if there are hiccups or disruptions in service in the early stages of integration, the acquired or consolidated company will lose its original customers.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EI don\u2019t believe it is necessary to maintain local agents, but it is important that the person on the other line or on the chat is culturally sensitive. Seemingly personalized experiences, whether it is through a live agent or artificial intelligence, is invaluable.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (13)

Dr. Craig Seidelson

Assistant Professor Operations and Supply Chain Management, University of Indianapolis

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Companies in the U.S. spent nearly $250 billion on ads in 2020. When it comes to financing national marketing campaigns, large companies have a distinct advantage over their smaller counterparts. This spending advantage becomes a business advantage when ads create sufficient brand loyalty that consumers are willing to pay a price premium for more recognizable products and services.

How should drivers balance risk management and affordability when it comes to car insurance?

It's widely accepted among consumers that market share is a key indicator of competitiveness. It follows that companies with a commanding market share are perceived as offering superior products or services. Consumers are willing to pay more for perceived value. With higher profits comes opportunities to further expand market share. As the cycle repeats, the connection between market share and perceived quality is reinforced.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

In our digital world, U.S. consumers spent a whopping $860 billion online in 2020. Is it still necessary for companies to offer personalized sales staff? On the one hand, consumers clearly value the safety, convenience, low prices and wide selection available online. This is particularly true when amounts being spent are well within one's discretionary budget. On the other hand, over half of online shoppers spend less than 15 seconds on a website. When purchases are for substantial amounts of money, selling requires much more engagement than a typical website can offer. Salespeople have the skills necessary to help would-be buyers with their purchase decisions.

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(Video) Top 10 car insurance companies in 2022 | Best insurance companies | #carinsurancequotes #insurance

{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/craig-seidelson_rjse2e\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/craig-seidelson_rjse2e\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/craig-seidelson_rjse2e 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/craig-seidelson_rjse2e 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-craig-seidelson\"\u003EDr. Craig Seidelson\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor Operations and Supply Chain Management, University of Indianapolis\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003ECompanies in the U.S. spent nearly $250 billion on ads in 2020. When it comes to financing national marketing campaigns, large companies have a distinct advantage over their smaller counterparts. This spending advantage becomes a business advantage when ads create sufficient brand loyalty that consumers are willing to pay a price premium for more recognizable products and services.\u003C\/p\u003E\n\n\u003Ch4\u003EHow should drivers balance risk management and affordability when it comes to car insurance?\u003C\/h4\u003E\n\n\u003Cp\u003EIt's widely accepted among consumers that market share is a key indicator of competitiveness. It follows that companies with a commanding market share are perceived as offering superior products or services. Consumers are willing to pay more for perceived value. With higher profits comes opportunities to further expand market share. As the cycle repeats, the connection between market share and perceived quality is reinforced.\u003C\/p\u003E\n\n\u003Ch3\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h3\u003E\n\n\u003Cp\u003EIn our digital world, U.S. consumers spent a whopping $860 billion online in 2020. Is it still necessary for companies to offer personalized sales staff? On the one hand, consumers clearly value the safety, convenience, low prices and wide selection available online. This is particularly true when amounts being spent are well within one's discretionary budget. On the other hand, over half of online shoppers spend less than 15 seconds on a website. When purchases are for substantial amounts of money, selling requires much more engagement than a typical website can offer. Salespeople have the skills necessary to help would-be buyers with their purchase decisions.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (14)

Christopher J. Marquette, PhD

Assistant Professor of Finance, Tabor School of Finance, Millikin University; Managing Editor, Journal for Business Advancement

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The insurance industry is naturally a very segmented one. There are approximately 6,000 firms active in the industry, but the largest 10 firms command over 50% of the premium revenue. So we have an industry that has a few very large firms, such as Progressive and State Farm, and numerous small firms. The objective for success for the smaller companies should be not to compete with the large firms but rather to find a niche market and develop superior expertise in that market.

The insurance industry is bifurcated into two segments. There are several names used to describe these two segments: standard/specialty, admitted/non-admitted, standard/excess and surplus. I will use the terms standard and specialty. The standard market is characterized by large masses of insureds who have risks that are very similar in nature. This market includes the personal lines of homeowners, automobile, life and health insurance. These are the insurers that the public is familiar with because they advertise to the public heavily with catchy slogans and endearing spokespeople and mascots.

The standard market comprises approximately 90% of the total market’s premiums. The specialty market takes the remaining 10% but is vastly more diverse. Examples of risks insured in the specialty market include commercial property, trucking, shipping, product liability, worker’s compensation and professional liability (e.g., doctors, lawyers, building contractors). This is only a small sample of the types of risks insured in this market that offer ample opportunities for profitability for smaller companies.

Even homeowner’s insurance, for example, provides niche opportunities. Standard market insurers like Progressive and State Farm will only insure single-family residences (up to four units) where the owner/insured lives year-round. They will not insure a vacant house, a seasonal residence or a rental property. Individuals seeking insurance in these situations must go to a specialty insurer.

The specialty market includes a large subdivision where companies don’t even exist! The Lloyd’s insurance marketplace is characterized by syndicates that are just loose affiliations of investors looking to insure risks. Although companies can participate in these syndicates along with individuals, the syndicate itself has a lifespan of only three years before it disbands. The risks insured in this market tend to be very distinct and diverse. Lloyd’s syndicates have, in the past, insured risks as unique and divergent as Bruce Springsteen’s voice, Tina Turner’s legs and the Loch Ness Monster!

There are also opportunities in reinsurance — insuring the insurers! So we can see that the insurance industry is a vast, diverse world with a wide variety of opportunities and markets. The strength of one company’s advertising campaign should not adversely affect a smaller player’s profitability if that player is smart and nimble.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

I would say that insurance companies could reduce their offering of localized agents, but not eliminate them altogether. There is still a large swath of the population that doesn’t have good, reliable internet service. In addition, there are numerous individuals who have good internet service but still are not comfortable with e-commerce.

Insurance is complicated and sometimes confusing, and quite often, potential customers will want to speak directly to a person to explain policies before they are confident it is the right thing for them. Personal service is also an important feature for some customers as they build a relation with a particular insurer, and somebody the customer has met and knows can attain greater trust than an anonymous call center person.

I don’t see the personal touch in insurance contracting going away soon and think localized offices will continue to be an important, if diminished, facet of policy distribution and service for the foreseeable future.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/christopher-marquette_zacncd\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/christopher-marquette_zacncd\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/christopher-marquette_zacncd 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/christopher-marquette_zacncd 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-christopher-j-marquette\"\u003EChristopher J. Marquette, PhD\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Finance, Tabor School of Finance, Millikin University; Managing Editor, \u003Cem\u003EJournal for Business Advancement\u003C\/em\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EThe insurance industry is naturally a very segmented one. There are approximately 6,000 firms active in the industry, but the largest 10 firms command over 50% of the premium revenue. So we have an industry that has a few very large firms, such as Progressive and State Farm, and numerous small firms. The objective for success for the smaller companies should be not to compete with the large firms but rather to find a niche market and develop superior expertise in that market.\u003C\/p\u003E\n\n\u003Cp\u003EThe insurance industry is bifurcated into two segments. There are several names used to describe these two segments: standard\/specialty, admitted\/non-admitted, standard\/excess and surplus. I will use the terms standard and specialty. The standard market is characterized by large masses of insureds who have risks that are very similar in nature. This market includes the personal lines of homeowners, automobile, life and health insurance. These are the insurers that the public is familiar with because they advertise to the public heavily with catchy slogans and endearing spokespeople and mascots.\u003C\/p\u003E\n\n\u003Cp\u003EThe standard market comprises approximately 90% of the total market\u2019s premiums. The specialty market takes the remaining 10% but is vastly more diverse. Examples of risks insured in the specialty market include commercial property, trucking, shipping, product liability, worker\u2019s compensation and professional liability (e.g., doctors, lawyers, building contractors). This is only a small sample of the types of risks insured in this market that offer ample opportunities for profitability for smaller companies.\u003C\/p\u003E\n\n\u003Cp\u003EEven homeowner\u2019s insurance, for example, provides niche opportunities. Standard market insurers like Progressive and State Farm will only insure single-family residences (up to four units) where the owner\/insured lives year-round. They will not insure a vacant house, a seasonal residence or a rental property. Individuals seeking insurance in these situations must go to a specialty insurer.\u003C\/p\u003E\n\n\u003Cp\u003EThe specialty market includes a large subdivision where companies don\u2019t even exist! The Lloyd\u2019s insurance marketplace is characterized by syndicates that are just loose affiliations of investors looking to insure risks. Although companies can participate in these syndicates along with individuals, the syndicate itself has a lifespan of only three years before it disbands. The risks insured in this market tend to be very distinct and diverse. Lloyd\u2019s syndicates have, in the past, insured risks as unique and divergent as Bruce Springsteen\u2019s voice, Tina Turner\u2019s legs and the Loch Ness Monster!\u003C\/p\u003E\n\n\u003Cp\u003EThere are also opportunities in reinsurance \u2014 insuring the insurers! So we can see that the insurance industry is a vast, diverse world with a wide variety of opportunities and markets. The strength of one company\u2019s advertising campaign should not adversely affect a smaller player\u2019s profitability if that player is smart and nimble.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EI would say that insurance companies could reduce their offering of localized agents, but not eliminate them altogether. There is still a large swath of the population that doesn\u2019t have good, reliable internet service. In addition, there are numerous individuals who have good internet service but still are not comfortable with e-commerce.\u003C\/p\u003E\n\n\u003Cp\u003EInsurance is complicated and sometimes confusing, and quite often, potential customers will want to speak directly to a person to explain policies before they are confident it is the right thing for them. Personal service is also an important feature for some customers as they build a relation with a particular insurer, and somebody the customer has met and knows can attain greater trust than an anonymous call center person.\u003C\/p\u003E\n\n\u003Cp\u003EI don\u2019t see the personal touch in insurance contracting going away soon and think localized offices will continue to be an important, if diminished, facet of policy distribution and service for the foreseeable future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (15)

David C. Marlett, PhD, CPCU

Managing Director, Brantley Risk and Insurance Center

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Larger auto insurers spend enormous sums on advertising to create a positive image and encourage applications. Smaller insurers are unable to match the advertising but offer a similar product and often at competitive prices. Consumers should feel comfortable buying from less well-known auto insurers because they are regulated by the state Department of Insurance.

Their finances are in order, forms and rates approved, in compliance with licensing requirements and backed by the state guaranty fund just like the larger insurers. Just to be on the safe side, visit your state's Department of Insurance website or call if you have questions about a particular insurer. The regulator can confirm whether the insurer is licensed in the state and may provide information on the number of complaints they have received (a complaint ratio provides the number of complaints divided by premium volume).

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

Having a local agent to offer a personalized experience is certainly helpful for Gen Xers and baby boomers, but likely less so for the younger consumers who are more comfortable in the digital space. This last year has pushed many of the traditional local agents to improve their virtual interactions, but many consumers still prefer to visit or call with questions.

Back to all experts

{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/david-marlett_wopjqh\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/david-marlett_wopjqh\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/david-marlett_wopjqh 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/david-marlett_wopjqh 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-david-c-marlett\"\u003EDavid C. Marlett, PhD, CPCU\u003C\/h3\u003E\n\n\u003Cp\u003EManaging Director, Brantley Risk and Insurance Center\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003ELarger auto insurers spend enormous sums on advertising to create a positive image and encourage applications. Smaller insurers are unable to match the advertising but offer a similar product and often at competitive prices. Consumers should feel comfortable buying from less well-known auto insurers because they are regulated by the state Department of Insurance.\u003C\/p\u003E\n\n\u003Cp\u003ETheir finances are in order, forms and rates approved, in compliance with licensing requirements and backed by the state guaranty fund just like the larger insurers. Just to be on the safe side, visit your state's Department of Insurance website or call if you have questions about a particular insurer. The regulator can confirm whether the insurer is licensed in the state and may provide information on the number of complaints they have received (a complaint ratio provides the number of complaints divided by premium volume).\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EHaving a local agent to offer a personalized experience is certainly helpful for Gen Xers and baby boomers, but likely less so for the younger consumers who are more comfortable in the digital space. This last year has pushed many of the traditional local agents to improve their virtual interactions, but many consumers still prefer to visit or call with questions.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (16)

Marc Kalan

Assistant Professor of Professional Practice, Department of Marketing

Flo from Progressive and Jake from State Farm are household names by now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Many consumers ​feel comfort from dealing with a "perceived familiar" expert, or in this circumstance, the familiar personality (albeit a "company-created expert"). This is a perceived strength that larger companies with high levels of awareness carry as an advantage that smaller entities in the same industry rarely can match. In categories where there is a constant flow of potential new users, this is a clear competitive advantage.

How does market share ownership impact a customer's perception of quality of service?

As members of a consumer-driven population, we are drawn to those already perceived as "winners." In today's competitive environment, success on any parameter — and "quality of service" is certainly one of those parameters — is a key consumer desire. Therefore, the higher the market share, the higher the impression of the "better" competitor as measured by the size of its customer base in comparison with the rest of the market, and this is measured by its share of the market.

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

While companies desire to raise the level of consumer satisfaction, it is my understanding that cuts in budgets to create the "savings" anticipated by consolidations of functions never reach those levels, and resulting customer satisfaction tends to the opposite.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

Historically, most insurance has been sold and serviced via local agents, and those local relationships were a key component in that process. As the digital revolution continues to impact our lives, more and more "traditional" processes are being replaced with digital solutions. This is occurring across more and more industries traditionally handled via face-to-face interactions, including banking, automobile and home purchases, and virtually all consumer industries. Insurance companies, if they are to maintain and grow in the future, will most likely need to adopt to this new paradigm or [risk seeing] a revolution of new competitors as has occurred in so many consumer-focused businesses.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/expert-advice-headshots_sfuxjr\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-marc-kalan\"\u003EMarc Kalan\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Professional Practice, Department of Marketing\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names by now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EMany consumers \u200bfeel comfort from dealing with a \"perceived familiar\" expert, or in this circumstance, the familiar personality (albeit a \"company-created expert\"). This is a perceived strength that larger companies with high levels of awareness carry as an advantage that smaller entities in the same industry rarely can match. In categories where there is a constant flow of potential new users, this is a clear competitive advantage.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EAs members of a consumer-driven population, we are drawn to those already perceived as \"winners.\" In today's competitive environment, success on any parameter \u2014 and \"quality of service\" is certainly one of those parameters \u2014 is a key consumer desire. Therefore, the higher the market share, the higher the impression of the \"better\" competitor as measured by the size of its customer base in comparison with the rest of the market, and this is measured by its share of the market.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation?\u003C\/h4\u003E\n\n\u003Cp\u003EWhile companies desire to raise the level of consumer satisfaction, it is my understanding that cuts in budgets to create the \"savings\" anticipated by consolidations of functions never reach those levels, and resulting customer satisfaction tends to the opposite.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EHistorically, most insurance has been sold and serviced via local agents, and those local relationships were a key component in that process. As the digital revolution continues to impact our lives, more and more \"traditional\" processes are being replaced with digital solutions. \nThis is occurring across more and more industries traditionally handled via face-to-face interactions, including banking, automobile and home purchases, and virtually all consumer industries. Insurance companies, if they are to maintain and grow in the future, will most likely need to adopt to this new paradigm or [risk seeing] a revolution of new competitors as has occurred in so many consumer-focused businesses.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (17)

Dr. Dena H. Hale

Assistant Professor of Sales and Marketing, Centurion Sales Program, Stetson University

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

It comes down to familiarity and branding. Insurance is a credence- or experience-attribute service. This means that it is difficult for a consumer to really know if a service provider (i.e., an insurance company) provides quality service or not. If you have an accident and you are satisfied with the way the firm handled your claim, you assume you received quality service, but you can’t really know for certain.

It is very difficult to determine prior to an experience if an insurance provider delivers value. This is where branding comes in for firms like Progressive and State Farm. We don’t see an insurance provider; we see Flo and Jake. Flo and Jake are our "friends," and we value what our friends say. We "know" the value is better because our trusted friend said so.

The use of persona branding (and integrated marketing communications) not only allows familiarity for consumers — it also creates less price sensitivity for consumers. Many consumers are able and willing to pay a slightly higher premium for the assurance of quality service delivery if and when the insurance coverage becomes needed.

How does market share ownership impact a customer's perception of quality of service?

It's about perceptions. It can be summed up in one statement: "If a firm is larger with greater market share, more people must trust the firm, so I can trust it too."

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

Generally speaking, it can be two-fold. It may spark consumer "shopping" for other insurance options, or it could solidify satisfaction. It comes down to the reputation of the acquired/consolidated firm.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

That is a very interesting question. A balance is needed, allowing customers to interact online for basic questions and searches; however, agents are critical for establishing relationships, suggesting appropriate service offerings and speaking with clients after an accident.

Insurance literacy, or the ability to fully comprehend the insurance market, varies among customers. Currently, consumers are not as insurance-savvy as needed to have fully automated processes. Looking to the future, this could shift. The increased use of artificial intelligence (that is, avatars that interact with customers online like a real-life agent would) may change the need for localized agents in the future.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/dena-hale_fnkdy0\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/dena-hale_fnkdy0\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/dena-hale_fnkdy0 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/dena-hale_fnkdy0 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-dena-hale\"\u003EDr. Dena H. Hale\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Sales and Marketing, Centurion Sales Program, Stetson University\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EIt comes down to familiarity and branding. Insurance is a credence- or experience-attribute service. This means that it is difficult for a consumer to really know if a service provider (i.e., an insurance company) provides quality service or not. If you have an accident and you are satisfied with the way the firm handled your claim, you assume you received quality service, but you can\u2019t really know for certain.\u003C\/p\u003E\n\n\u003Cp\u003EIt is very difficult to determine prior to an experience if an insurance provider delivers value. This is where branding comes in for firms like Progressive and State Farm. We don\u2019t see an insurance provider; we see Flo and Jake. Flo and Jake are our \"friends,\" and we value what our friends say. We \"know\" the value is better because our trusted friend said so.\u003C\/p\u003E\n\n\u003Cp\u003EThe use of persona branding (and integrated marketing communications) not only allows familiarity for consumers \u2014 it also creates less price sensitivity for consumers. Many consumers are able and willing to pay a slightly higher premium for the assurance of quality service delivery if and when the insurance coverage becomes needed.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EIt's about perceptions. It can be summed up in one statement: \"If a firm is larger with greater market share, more people must trust the firm, so I can trust it too.\"\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation?\u003C\/h4\u003E\n\n\u003Cp\u003EGenerally speaking, it can be two-fold. It may spark consumer \"shopping\" for other insurance options, or it could solidify satisfaction. It comes down to the reputation of the acquired\/consolidated firm.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EThat is a very interesting question. A balance is needed, allowing customers to interact online for basic questions and searches; however, agents are critical for establishing relationships, suggesting appropriate service offerings and speaking with clients after an accident.\u003C\/p\u003E\n\n\u003Cp\u003EInsurance literacy, or the ability to fully comprehend the insurance market, varies among customers. Currently, consumers are not as insurance-savvy as needed to have fully automated processes. Looking to the future, this could shift. The increased use of artificial intelligence (that is, avatars that interact with customers online like a real-life agent would) may change the need for localized agents in the future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (18)

Steven L. Savino

Assistant Dean of Lehigh Business Graduate Programs, Professor of Practice, Marketing Department, Lehigh University College of Business

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The perceived value of larger companies can have an impact on smaller companies primarily in the areas of satisfaction guarantees and customer service. In other words, larger companies who are able to invest more dollars in advertising messaging, like with Progressive and "Flo" or State Farm and "Jake," are able to reinforce their value propositions in ways that prompt consumers to perceive a higher likelihood of realizing brand satisfaction. Well-known brands become assets that achieve reliable, ongoing sales volume resulting from the perception that risk in choosing such brands is low.

How does market share ownership impact a customer's perception of quality of service?

Higher market share is the result of the combination of four factors. Stronger brand preference combined with greater resistance to compromise (more willingness to search for the brand) drives market share by creating "pull." Likewise, greater availability and in-market visibility combine to create "push." This combination of push-pull factors creates market share, and higher market share enables the firm to gain leverage over channel partners, thus resulting in even greater availability and in-market visibility.

This cycle is important in the context of understanding that a high market share means your brand has greater in-market visibility. The result is a higher likelihood that your brand will be chosen. This trial, combined with meeting or exceeding customer expectations, leads to repeat purchases and ultimately high brand loyalty rates. So, high market share triggers the notion that the brand must be of high quality, otherwise why would so many people be willing to purchase the product?

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

On the surface, it might appear that insurance company providers need localized agents less due to digital interface solutions. In other words, consumers can transact more easily and with less anxiety within digital and web-based platforms than through high-pressure sales presentations. However, with that said, consumers still need a level of customization when it comes to purchasing insurance products.

As a result, insurance providers utilizing the human touch can more readily address consumer needs and realize higher sales closing rates. Insurance is considered a high-involvement product, meaning there is greater willingness to gather information and search for alternative solutions. Localized agents and personal attention in terms of customer experience can go a long way in getting the undecided prospect off the fence and engaging them in the transaction.

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(Video) Florida home insurance companies exit the state

{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-savino-stevens_xyyzuw\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/expert-advice-savino-stevens_xyyzuw\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-savino-stevens_xyyzuw 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-savino-stevens_xyyzuw 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-steven-savino\"\u003ESteven L. Savino\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Dean of Lehigh Business Graduate Programs, Professor of Practice, Marketing Department, Lehigh University College of Business\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EThe perceived value of larger companies can have an impact on smaller companies primarily in the areas of satisfaction guarantees and customer service. In other words, larger companies who are able to invest more dollars in advertising messaging, like with Progressive and \"Flo\" or State Farm and \"Jake,\" are able to reinforce their value propositions in ways that prompt consumers to perceive a higher likelihood of realizing brand satisfaction. Well-known brands become assets that achieve reliable, ongoing sales volume resulting from the perception that risk in choosing such brands is low.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EHigher market share is the result of the combination of four factors. Stronger brand preference combined with greater resistance to compromise (more willingness to search for the brand) drives market share by creating \"pull.\" Likewise, greater availability and in-market visibility combine to create \"push.\" This combination of push-pull factors creates market share, and higher market share enables the firm to gain leverage over channel partners, thus resulting in even greater availability and in-market visibility.\u003C\/p\u003E\n\n\u003Cp\u003EThis cycle is important in the context of understanding that a high market share means your brand has greater in-market visibility. The result is a higher likelihood that your brand will be chosen. This trial, combined with meeting or exceeding customer expectations, leads to repeat purchases and ultimately high brand loyalty rates. So, high market share triggers the notion that the brand must be of high quality, otherwise why would so many people be willing to purchase the product?\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EOn the surface, it might appear that insurance company providers need localized agents less due to digital interface solutions. In other words, consumers can transact more easily and with less anxiety within digital and web-based platforms than through high-pressure sales presentations. However, with that said, consumers still need a level of customization when it comes to purchasing insurance products.\u003C\/p\u003E\n\n\u003Cp\u003EAs a result, insurance providers utilizing the human touch can more readily address consumer needs and realize higher sales closing rates. Insurance is considered a high-involvement product, meaning there is greater willingness to gather information and search for alternative solutions. Localized agents and personal attention in terms of customer experience can go a long way in getting the undecided prospect off the fence and engaging them in the transaction.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (19)

Prachi Gala

Assistant Professor of Marketing, Kennesaw State University

Q: Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

The characters and the perceived value play two different roles.

I will try to address the perceived value. Larger companies will have higher value. It’s a no-brainer. So the problem for smaller companies here is that the larger companies are always top-of-mind for the consumer and hold a bigger market share. So it has a huge negative impact on the smaller startups. But, at the same time, these new entrants have multiple benefits: federally supported funds, getting something new to the market, flexibility in adapting to customer needs as they are not yet fully grown, freshly done market research, etc.

These benefits can be fully supportive of new entrants to increase their perceived value as they can serve the customer in the best way possible while making their entry. A recent example of a new entrant is an app called Avail, which rents out your car while you’re out of town. The app provides customers with free car washes and free parking while they are traveling. Who would not see value in that?

How does market share ownership impact a customer's perception of quality of service?

The more users, the more diversified the opinions. You can’t please everyone who is your customer. Opinions about market share ownership, like monopolies, are usually diversified.

For example:

  • Facebook — everyone is on it. And three people may criticize the company and its usage of data and leakage when they are on it. But do they have a choice? All the customers are still on Facebook, despite their dislike of the platform’s market share.
  • Apple — most Americans own at least one Apple device. They are all very happy with their products. When Apple started selling AirPods and different charging cords, they were certainly criticized for it, but do the customers have a choice? They can switch to Android. But will they?

These two examples explain the fact that market share ownership does get love and hatred together, but due to the huge market share, customers don’t have a choice and are wary of switching to new products, regardless of a high dislike sometimes.

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

The customers most times are not aware of the acquisitions taking place between companies. For example, last week, Redbox merged with Seaport Global. It’s not very attention-seeking. Certainly if there are bigger acquisitions, covered well by the media, like the merging of WarnerMedia and Discovery, then there is awareness. But impact? Not so much.

Would you stop watching Discovery because the company merged with WarnerMedia? If this merger had an impact on subscription rates, then it may be a different story. Some merger decisions may eventually impact consumers, but it is those decisions — and not the news of the mergers themselves — that impact customer satisfaction.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

The question here should be "how" not "if." Because there is no other way but to have that personalized experience. Digitizing means people are naturally getting isolated and working in their own dens, and thus, loneliness is kicking in. In such circumstances, having the best digital service is great. The customer will certainly like it, regardless of digital service. But if there is a live agent, unconsciously, they will feel more welcomed, more engaged and part of the company community.

Today, giving a personalized experience is what can differentiate you from the competition. It is a must. Simple example: If you are moving to Michigan and an assistant from a mortgage company is talking to you online but you don’t know their whereabouts, your confidence with the company may not be the same as if the same agent told you they are a local of the area you are moving to. That gives you the personalized feeling — a bond — and a feeling of belongingness to the community.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/prachi-gala_bklcn2\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/prachi-gala_bklcn2\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/prachi-gala_bklcn2 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/prachi-gala_bklcn2 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-prachi-gala\"\u003EPrachi Gala\u003C\/h3\u003E\n\n\u003Cp\u003EAssistant Professor of Marketing, Kennesaw State University\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EQ: Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EThe characters and the perceived value play two different roles.\u003C\/p\u003E\n\n\u003Cp\u003EI will try to address the perceived value. Larger companies will have higher value. It\u2019s a no-brainer. So the problem for smaller companies here is that the larger companies are always top-of-mind for the consumer and hold a bigger market share. So it has a huge negative impact on the smaller startups. But, at the same time, these new entrants have multiple benefits: federally supported funds, getting something new to the market, flexibility in adapting to customer needs as they are not yet fully grown, freshly done market research, etc.\u003C\/p\u003E\n\n\u003Cp\u003EThese benefits can be fully supportive of new entrants to increase their perceived value as they can serve the customer in the best way possible while making their entry. A recent example of a new entrant is an app called Avail, which rents out your car while you\u2019re out of town. The app provides customers with free car washes and free parking while they are traveling. Who would not see value in that?\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EThe more users, the more diversified the opinions. You can\u2019t please everyone who is your customer. Opinions about market share ownership, like monopolies, are usually diversified.\u003C\/p\u003E\n\n\u003Cp\u003EFor example:\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n\n \u003Cdiv class=\"ShortcodeList--content ShortcodeList--content-margin\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--bullet\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Facebook \u2014 everyone is on it. And three people may criticize the company and its usage of data and leakage when they are on it. But do they have a choice? All the customers are still on Facebook, despite their dislike of the platform\u2019s market share.\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Apple \u2014 most Americans own at least one Apple device. They are all very happy with their products. When Apple started selling AirPods and different charging cords, they were certainly criticized for it, but do the customers have a choice? They can switch to Android. But will they?\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\u003C\/p\u003E\n\n\u003Cp\u003EThese two examples explain the fact that market share ownership does get love and hatred together, but due to the huge market share, customers don\u2019t have a choice and are wary of switching to new products, regardless of a high dislike sometimes.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation?\u003C\/h4\u003E\n\n\u003Cp\u003EThe customers most times are not aware of the acquisitions taking place between companies. For example, last week, Redbox merged with Seaport Global. It\u2019s not very attention-seeking. Certainly if there are bigger acquisitions, covered well by the media, like the merging of WarnerMedia and Discovery, then there is awareness. But impact? Not so much.\u003C\/p\u003E\n\n\u003Cp\u003EWould you stop watching Discovery because the company merged with WarnerMedia? If this merger had an impact on subscription rates, then it may be a different story. Some merger decisions may eventually impact consumers, but it is those decisions \u2014 and not the news of the mergers themselves \u2014 that impact customer satisfaction.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EThe question here should be \"how\" not \"if.\" Because there is no other way but to have that personalized experience. Digitizing means people are naturally getting isolated and working in their own dens, and thus, loneliness is kicking in. In such circumstances, having the best digital service is great. The customer will certainly like it, regardless of digital service. But if there is a live agent, unconsciously, they will feel more welcomed, more engaged and part of the company community.\u003C\/p\u003E\n\n\u003Cp\u003EToday, giving a personalized experience is what can differentiate you from the competition. It is a must. Simple example: If you are moving to Michigan and an assistant from a mortgage company is talking to you online but you don\u2019t know their whereabouts, your confidence with the company may not be the same as if the same agent told you they are a local of the area you are moving to. That gives you the personalized feeling \u2014 a bond \u2014 and a feeling of belongingness to the community.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (20)

Jaclyn Stevenson

Director of Marketing and Communications, Columbia-Greene Community College, the State University of New York

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

In my opinion the marketing personas, so to speak, that brands create are a move toward making the company seem more approachable, relatable and down to earth — all qualities that small and successful companies possess inherently. Flo, Jake and other spokes-characters have proven to be effective tools to promote products and services and to bring in new customers.

That said, retention is key. If the service provided once a new customer signs on is not up to their standards, many consumers will pivot — almost automatically — to doing business with a smaller company.

This poses a challenge, as well as an opportunity, for those smaller outfits, who must position themselves as visible to consumers with creative marketing of their own. This could include a larger-than-life character (who is also a real leader in the company, as opposed to fiction), but above all should focus on the points of service customers can expect to receive with low or no failure for an extended period of time.

How does market share ownership impact a customer's perception of quality of service?

As a small community college serving a rural area, we struggle with the balance of advertising spread. Our budget is smaller than some neighboring colleges that can pursue larger and longer campaigns, and that affects the perception of the institution — area residents sometimes assume the larger colleges are more well-heeled, accessible or program-rich.

However, wide-reaching campaigns in our region can also be read as overexposure or overspending. We pay great attention to our demographic and geographic targets to help combat this — delivering marketing materials to core audiences as often as possible — and also working with community partners to create unique, attention-getting "splashes" throughout the year that demand attention, but don’t suggest grandiosity. Some examples include "carvertising" on delivery-service cars, QR-code powered brochures to pair digital and print pieces and sponsorships of events that are reflective of our community’s flair, such as art festivals, agricultural fairs and theater productions.

Generally speaking, what is the impact on customer satisfaction after an acquisition and/or consolidation?

Name changes or announcements of company changes of any kind often foster anxiety among consumers, who may adopt a newly cynical view of the company in question or worry their service will change or decline in quality. The impetus is on the company to double down on its customer service and pay attention to any developing trends of dissatisfaction among its customer base.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

While it’s not intrinsically necessary, local access to service is always a plus and an important aspect of service to promote. Personalized experiences should always be part of marketing and customer outreach, whether delivered from afar or from across the street. This digital world, especially post-pandemic, is one that has created a need among many consumers for real, human experiences. The good news is digital resources make personalization easier than ever before — but sometimes, all that’s needed is a personal phone call, too.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/jacklyn-stevenson_h9vb2l\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/jacklyn-stevenson_h9vb2l\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/jacklyn-stevenson_h9vb2l 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/jacklyn-stevenson_h9vb2l 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-jaclyn-stevenson\"\u003EJaclyn Stevenson\u003C\/h3\u003E\n\n\u003Cp\u003EDirector of Marketing and Communications, Columbia-Greene Community College, the State University of New York\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003EIn my opinion the marketing personas, so to speak, that brands create are a move toward making the company seem more approachable, relatable and down to earth \u2014 all qualities that small and successful companies possess inherently. Flo, Jake and other spokes-characters have proven to be effective tools to promote products and services and to bring in new customers.\u003C\/p\u003E\n\n\u003Cp\u003EThat said, retention is key. If the service provided once a new customer signs on is not up to their standards, many consumers will pivot \u2014 almost automatically \u2014 to doing business with a smaller company.\u003C\/p\u003E\n\n\u003Cp\u003EThis poses a challenge, as well as an opportunity, for those smaller outfits, who must position themselves as visible to consumers with creative marketing of their own. This could include a larger-than-life character (who is also a real leader in the company, as opposed to fiction), but above all should focus on the points of service customers can expect to receive with low or no failure for an extended period of time.\u003C\/p\u003E\n\n\u003Ch4\u003EHow does market share ownership impact a customer's perception of quality of service?\u003C\/h4\u003E\n\n\u003Cp\u003EAs a small community college serving a rural area, we struggle with the balance of advertising spread. Our budget is smaller than some neighboring colleges that can pursue larger and longer campaigns, and that affects the perception of the institution \u2014 area residents sometimes assume the larger colleges are more well-heeled, accessible or program-rich.\u003C\/p\u003E\n\n\u003Cp\u003EHowever, wide-reaching campaigns in our region can also be read as overexposure or overspending. We pay great attention to our demographic and geographic targets to help combat this \u2014 delivering marketing materials to core audiences as often as possible \u2014 and also working with community partners to create unique, attention-getting \"splashes\" throughout the year that demand attention, but don\u2019t suggest grandiosity. Some examples include \"carvertising\" on delivery-service cars, QR-code powered brochures to pair digital and print pieces and sponsorships of events that are reflective of our community\u2019s flair, such as art festivals, agricultural fairs and theater productions.\u003C\/p\u003E\n\n\u003Ch4\u003EGenerally speaking, what is the impact on customer satisfaction after an acquisition and\/or consolidation?\u003C\/h4\u003E\n\n\u003Cp\u003EName changes or announcements of company changes of any kind often foster anxiety among consumers, who may adopt a newly cynical view of the company in question or worry their service will change or decline in quality. The impetus is on the company to double down on its customer service and pay attention to any developing trends of dissatisfaction among its customer base.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EWhile it\u2019s not intrinsically necessary, local access to service is always a plus and an important aspect of service to promote. Personalized experiences should always be part of marketing and customer outreach, whether delivered from afar or from across the street. This digital world, especially post-pandemic, is one that has created a need among many consumers for real, human experiences. The good news is digital resources make personalization easier than ever before \u2014 but sometimes, all that\u2019s needed is a personal phone call, too.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

10 Largest Auto Insurance Companies (September 2022) (21)

Rutgers Insurance Club

led by Sameer Bhuyan

Flo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?

Customers recognize familiar faces and companies. Flo and Jake are two of many recognized faces in the country. When Progressive and State Farm create ads with these icons, they also create a customer base of "satisfied customers." Since their ads portray satisfied customers, potential customers are more inspired and persuaded to switch from their current insurance and become a customer of Progressive and/or State Farm.

The assumed "100% guarantee" builds a 100% "satisfactory" value that smaller, competitive companies are challenged to match. Customers are so used to watching persuasive ads and promotions that they disregard smaller companies and assume that smaller companies do not provide the same level of satisfaction. In turn, smaller insurance companies struggle to gain new customers and subscribers. Smaller companies seem to be already labeled as "unsatisfactory" without being given a chance.

This marketing strategy is one that is being employed in almost all industries and institutions. At Rutgers Business School, we have our own Flo and Jake to compete with. Renowned clubs like LIBOR (Little Investment Bankers of Rutgers), QFC (Quantitative Finance Club) and many others dominate in attracting new members and provide a perception of "Join us and you will be guaranteed a successful future."

A new and much smaller club like Rutgers Insurance Club needs to show it provides just as much value as the big shots, if not more. To do that, a new club needs to attract members and strategize how to retain its members. To reach the same playing field, smaller companies need to seize each and every opportunity they get to increase their value and customer base.

Living in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?

The digital revolution has been a blessing and curse for almost all industries, including insurance. Technological advances have allowed companies to reach out globally without leaving a desk. While technology allows insurance companies to build their organization in new ways, it is just as important to maintain positive relationships with localized customers and stakeholders.

As for localized agents, it is important for companies to employ individuals who can assist customers on the spot. Personalized experiences allow customers and people to interact with agents and have more liberty to know the company. An agent represents their company and, therefore, illustrates the values and morals a company has. Someone over the phone or on a video call will not be able to portray company standards the same way.

At the end of the day, customers are people, and people need to interact with other people. Insurance agents, or any agents for that matter, need to exist as long as a company wants a future.

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{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeImage--root left\" \u003E\n \u003Cdiv class=\"ShortcodeImage--image-container \"\u003E\n \u003Cimg alt=\"headshot of expert\" class=\"ShortcodeImage--image lazyload\" style=\"width: 60px;\" data-src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr\" src=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,e_blur:1000,f_auto,h_1600,q_1,w_60\/v1\/expert-advice-headshots_sfuxjr\" data-srcset=\"https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_1.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr 1x, https:\/\/res.cloudinary.com\/value-penguin\/image\/upload\/c_limit,dpr_2.0,f_auto,h_1600,q_auto,w_60\/v1\/expert-advice-headshots_sfuxjr 2x\"\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Ch3 id=\"expert-rutgers-insurance-club\"\u003ERutgers Insurance Club\u003C\/h3\u003E\n\n\u003Cp\u003Eled by Sameer Bhuyan\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeToggle--root ShortcodeToggle--article \" id=\u003E\n \u003Cbutton class=\"ShortcodeToggle--toggle\" onclick=\"this.parentNode.classList.toggle('ShortcodeToggle--open');\"\u003E\u003Cp class=\"ShortcodeToggle--label\"\u003ESee their advice\u003C\/p\u003E\u003C\/button\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents-wrapper\"\u003E\n \u003Cdiv class=\"ShortcodeToggle--contents\"\u003E\n \u003C\/p\u003E\n\n\u003Ch4\u003EFlo from Progressive and Jake from State Farm are household names now. How does the perceived value of larger companies impact the smaller, yet potentially just as competitive, ones?\u003C\/h4\u003E\n\n\u003Cp\u003ECustomers recognize familiar faces and companies. Flo and Jake are two of many recognized faces in the country. When Progressive and State Farm create ads with these icons, they also create a customer base of \"satisfied customers.\" Since their ads portray satisfied customers, potential customers are more inspired and persuaded to switch from their current insurance and become a customer of Progressive and\/or State Farm.\u003C\/p\u003E\n\n\u003Cp\u003EThe assumed \"100% guarantee\" builds a 100% \"satisfactory\" value that smaller, competitive companies are challenged to match. Customers are so used to watching persuasive ads and promotions that they disregard smaller companies and assume that smaller companies do not provide the same level of satisfaction. In turn, smaller insurance companies struggle to gain new customers and subscribers. Smaller companies seem to be already labeled as \"unsatisfactory\" without being given a chance.\u003C\/p\u003E\n\n\u003Cp\u003EThis marketing strategy is one that is being employed in almost all industries and institutions. At Rutgers Business School, we have our own Flo and Jake to compete with. Renowned clubs like LIBOR (Little Investment Bankers of Rutgers), QFC (Quantitative Finance Club) and many others dominate in attracting new members and provide a perception of \"Join us and you will be guaranteed a successful future.\"\u003C\/p\u003E\n\n\u003Cp\u003EA new and much smaller club like Rutgers Insurance Club needs to show it provides just as much value as the big shots, if not more. To do that, a new club needs to attract members and strategize how to retain its members. To reach the same playing field, smaller companies need to seize each and every opportunity they get to increase their value and customer base.\u003C\/p\u003E\n\n\u003Ch4\u003ELiving in this digital revolution, is it necessary for companies, like insurance providers, to maintain localized agents and personalized experiences?\u003C\/h4\u003E\n\n\u003Cp\u003EThe digital revolution has been a blessing and curse for almost all industries, including insurance. Technological advances have allowed companies to reach out globally without leaving a desk. While technology allows insurance companies to build their organization in new ways, it is just as important to maintain positive relationships with localized customers and stakeholders.\u003C\/p\u003E\n\n\u003Cp\u003EAs for localized agents, it is important for companies to employ individuals who can assist customers on the spot. Personalized experiences allow customers and people to interact with agents and have more liberty to know the company. An agent represents their company and, therefore, illustrates the values and morals a company has. Someone over the phone or on a video call will not be able to portray company standards the same way.\u003C\/p\u003E\n\n\u003Cp\u003EAt the end of the day, customers are people, and people need to interact with other people. Insurance agents, or any agents for that matter, need to exist as long as a company wants a future.\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeAlign--root ShortcodeAlign--horizontal-center\"\u003E\n \u003Cdiv class=\"ShortcodeAlign--container\"\u003E \n \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root Button--root Button--primary Button--auto-width\" title=\"Back to all experts\" href=\"#expertadvice\"\u003EBack to all experts\u003C\/a\u003E\u003C\/span\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

Frequently asked questions

What are the largest auto insurance companies?

The 10 largest auto insurers in the United States are State Farm, Progressive, Geico, Allstate, USAA, Liberty Mutual, Farmers Insurance, Travelers, Nationwide and American Family Insurance. Together, they sell just under 70% of the total amount of car insurance sold in the United States.

What is the best car insurance company?

The best auto insurance company depends on your driving history, location, age and the coverage level that you choose. We found that Nationwide is best for drivers with bad credit and State Farm is best for drivers with an accident history.

What is the highest-rated car insurance company?

USAA has the highest combined rating when considering our editor's score, AM Best financial strength rating and J.D. Power customer service scores. Drivers who are not eligible for USAA should consider State Farm, which also performs well in all three categories.

Do larger insurance companies have better prices?

There's no guarantee that a bigger insurer will have a higher or lower price than a smaller insurer, especially because every insurer evaluates risk differently. The only way to find the best rate for you is to get quotes from a variety of insurance companies.

Should I go with a big or small auto insurance company?

There are affordable, high-quality insurance companies of all sizes. But larger, national insurance companies often have a wider variety of coverage and discount options, plus high-quality websites and mobile apps. Meanwhile, a smaller local insurer might be more likely to offer expertise and benefits that appeal to residents of your area.

Methodology

Market share and direct written premium information for the largest auto insurance companies was gathered from the National Association of Insurance Commissioners (NAIC) and S&P Global, a financial data resource for the insurance industry.

We collected minimum-coverage auto insurance quotes across 50 states and the District of Columbia. Our base driver was a 30-year-old male who drove a 2015 Honda Civic EX, and quotes were drawn from all available ZIP codes in each state.

ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

(Video) 5 Best Car Insurance Companies In Uk || 5 Top Car Insurance Companies Uk / Best Auto Insurance UK

FAQs

Are car insurances going up in 2022? ›

Like nearly every purchase consumers make right now, the average cost of car insurance will probably rise for many drivers throughout 2022. Nationally, car insurance rates are increasing by an average of 4.9 percent, according to approved rate filing data from S&P Global Market Intelligence.

Who is the number 1 auto insurer in the US? ›

1. USAA. USAA is the best insurance company in our ratings. According to our 2022 survey, USAA customers report the highest level of customer satisfaction and are most likely to renew their policies and recommend USAA to other drivers.

Who is the top 5 insurance company? ›

The five largest health insurance companies by membership are UnitedHealth Group, Anthem, Aetna, Cigna and Humana.

Who sells the most car insurance? ›

As the biggest car insurance company in the country, State Farm is no stranger to claims satisfaction — the company has an A++ financial strength rating from AM Best. According to the NAIC, State Farm accounted for 16.01% of the auto insurance market share in 2021.

Are we in a hard insurance market 2022? ›

THE HARD MARKET CONTINUES

Overall, the size of rate increases has decreased since late 2020, and 2022 rate hikes are expected to moderate throughout the year, particularly in the property and casualty sector. New market entrants will increase competition, which may drive rates lower.

Why is insurance going up so much? ›

Why are insurance rates going up? A number of pandemic-related trends are driving up auto insurance rates throughout the industry. Inflation has possibly had the biggest impact — as the cost of goods and services goes up, so too does the cost of protecting our customers on the road.

What insurance companies have the most complaints? ›

Geico customers were most likely to complain about claims (53.6%), while Chubb customers were the least (38.6%). Nationwide had the most favorable Complaint Index rating for auto insurance, while Chubb did best for home insurance.

Who is State Farm's biggest competitor? ›

Geico Auto Insurance. State Farm is currently the largest auto insurer in the U.S. according to the National Association of Insurance Commissioners (NAIC), closely followed by Geico. Both companies hold strong financial reputations and customer service ratings.

What is the most trusted insurance company? ›

Top Insurance Companies For Auto And Home Policies

USAA ranked at the top of both the auto and home insurance categories for the third year in a row. Its 85.3 score also put it at No. 1 on this year's top 25 overall list for Most Trusted Financial Companies (see the 2022 survey overview story).

What is the No 1 insurance company in the world? ›

Berkshire Hathaway

Which is best insurance for car? ›

Best Car Insurance Policies In India for 2022
  • The Best Car Insurance Policies in India.
  • HDFC ERGO Comprehensive Car Insurance.
  • IFFCO Tokio Comprehensive Car Insurance with Zero Depreciation Cover.
  • TATA AIG Comprehensive Car Insurance.
  • SBI General Private Car Insurance Plan.
  • Digit Car Standalone Own Damage Car Insurance Plan.
5 days ago

Who is State Farm owned by? ›

State Farm is a mutual company, which means that the company is owned collectively by State Farm policyholders, and not by shareholders.

Who is the largest insurance carrier? ›

Largest property and casualty insurance companies

State Farm is the biggest property and casualty insurer in the U.S., with more that $70 billion in total premiums. That is nearly $19 billion more than Berkshire Hathaway, which owns Geico, and nearly $22 billion more than Progressive.

What insurance company has been around the longest? ›

1752 The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, the oldest insurance carrier in continuous operation in the United States, was established. 1759 Presbyterian Ministers Fund, the first life insurance company in the United States, was founded.

What type of insurance sales makes the most money? ›

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

Why are Millennials not buying insurance? ›

According to the 2018 Insurance Barometer Study conducted by Life Happens and LIMRA, 44% millennials overestimate the cost of insurance by up to 5 times the actual amount . So, the fact is that consumers overestimate the cost of life insurance and hence make the mistake of postponing its purchase.

Who are boom insurers? ›

boom is a trading name of Abacai Technologies Limited who are the intermediary not your insurer and you can find us on the FCA register (www.fca.org.uk/register, number: 953258).

What are the 5 key challenges facing the insurance industry in today's marketplace? ›

Let's explore the key P&C insurance industry challenges and how P&C insurance software can help insurers overcome them.
  • Increased Competition. ...
  • Technology Advancements. ...
  • Outdated Technology Infrastructure. ...
  • Rising Costs of Operations. ...
  • Customer Engagements. ...
  • Business Intelligence.
13 Jul 2022

Did Geico rates go up 2022? ›

Inflation impacting auto insurance rates

Several major auto insurers, including Allstate, Progressive, Geico and State Farm, already increased rates in early 2022 in many states, according to Bankrate.

Is Geico cheaper than Progressive? ›

Is Progressive Cheaper Than Geico? Both Geico and Progressive offer cheap car insurance to drivers across the country. Geico's rates are typically lower overall, but Progressive tends to offer better prices to those with a recent DUI, at-fault accident or speeding ticket on their driving record.

What can you do to make your insurance rates go down? ›

Here are some ways to save on car insurance1
  1. Increase your deductible.
  2. Check for discounts you qualify for.
  3. Compare auto insurance quotes.
  4. Maintain a good driving record.
  5. Participate in a safe driving program.
  6. Take a defensive driving course.
  7. Explore payment options.
  8. Improve your credit score.

What insurance company has the lowest complaint index? ›

Fewest complaints: Progressive

Relative to its size, Progressive had the fewest complaints reported to state regulators for private passenger auto insurance, according to three years' worth of data from the NAIC.

Is State Farm known for denying claims? ›

Denying, delaying, and defending claims –Very much like Allstate, State Farm has also been denying claims, delaying payments, and defending lawsuits that should have been solved promptly.

Are customers happy with State Farm? ›

Customers can expect better-than-average customer service with State Farm. The company received high scores from J.D. Power for overall customer satisfaction, claims satisfaction and shopping experience. These metrics show that customers are generally happy with the service they receive from State Farm.

Is it better to work for Allstate or State Farm? ›

Allstate Insurance is most highly rated for Work/life balance and State Farm Mutual Automobile Insurance Company is most highly rated for Work/life balance.
...
Overall Rating.
Overall Rating3.73.7
Work/life balance3.73.6
Compensation and benefits3.43.5
Job security and advancement3.23.2
Management3.33.3
1 more row

Who is Allstate merging with? ›

Allstate has agreed to acquire SafeAuto in a deal valued at $300 million, including a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets.

What is the richest insurance company in the world? ›

Allianz

Is State Farm a good insurance company? ›

U.S. News Rating

Yes, State Farm is good car insurance for most drivers. Based on our customer survey results, State Farm earns the No. 2 spot in our Best Car Insurance Companies of 2022 rating with a score of 4.2 out of 5.

What is the insurance capital of the United States? ›

Today the Hartford region has almost nine times the percentage of workers in the insurance industry compared to the average location in the United States and became the Insurance Capital of the World.

What are the big four insurance companies? ›

According to a 2021 NAIC report, Northwestern Mutual, New York Life, Metropolitan, and Prudential are the four largest life insurance companies in the United States, all together holding 31.09% of the market.

What are the four main insurance rating companies? ›

The four major insurance company rating agencies in the U.S. are A.M. Best, Moody's, Standard & Poor's, and Fitch.

What is the most common car insurance coverage? ›

6 Common Types of Car Insurance Coverage
  • Liability Coverage. Except in New Hampshire and Virginia, all states require licensed drivers to maintain liability coverage. ...
  • Collision Coverage. ...
  • Personal Injury Protection Coverage. ...
  • Uninsured and Underinsured Motorist Protection. ...
  • Comprehensive Coverage. ...
  • Medical Payments.
17 Feb 2022

Which insurance company has best claim settlement ratio? ›

Claim settlement ratio for 2016-17
Insurance ProviderNumber of claims madeClaim Settlement Ratio
Max Life Insurance982197.81%
HDFC Standard Life Insurance1272497.62%
Aegon Religare Life Insurance58897.11%
SBI Life Insurance1761096.69%
20 more rows

Which insurance is best for car after 5 years? ›

Zero Depreciation Insurance vs. Standard Comprehensive Insurance
ParametersZero Depreciation PolicyStandard Comprehensive Insurance without Zero-dep
Age of the carCovers cars of up to 5 years only. But, feasible for cars up to 3 years oldCovers any car less than 15 years old
3 more rows

Is State Farm pulling out of Florida? ›

TALLAHASSEE - Little more than two weeks after state regulators turned down its request for a 47.1 percent rate hike, State Farm announced Tuesday it would stop offering property insurance in Florida. And although policy holders will have up to two years to find another insurer, Gov.

How much does the State Farm guy make a year? ›

The average salary of an agent of State farm is estimated around $5000 to $200,000 as per the their designation. And the Jake state farm salary is $10,000 to $15,000 per commercial as per the available source. Actor Kevin Miles was appeared as Jake for marketing a reputed insurance company of USA.

Did State Farm bank get bought out? ›

The expansion into business banking services marks another major enhancement of the alliance announced in early 2020 between U.S. Bank and State Farm. It follows the acquisition and conversion of the deposit and credit card portfolios of State Farm's former federal savings bank subsidiary by U.S. Bank.

Who is the number 1 insurance company in America? ›

USAA. USAA is the best insurance company in our ratings. According to our 2022 survey, USAA customers report the highest level of customer satisfaction and are most likely to renew their policies and recommend USAA to other drivers. USAA also has the lowest rates in our study, beating the national average by 35%.

Which is the single largest insurance sold in the US? ›

As of February 2022, the largest life insurance company in the U.S. was MetLife, with nearly 60 billion U.S. dollars in market capitalization.

Who is the biggest insurance company in America? ›

Prudential Financial was the largest insurance company in the United States in 2019, with total assets amounting to just over 940 billion U.S. dollars. Berkshire Hathaway and Metlife secured second and third place, respectively.

Who is the top 5 insurance company? ›

The five largest health insurance companies by membership are UnitedHealth Group, Anthem, Aetna, Cigna and Humana.

Where is the insurance capital of the world? ›

During the 19th century, a number of insurance companies established their headquarters in the city of Hartford, earning it the nickname, the “Insurance Capital of the World.” As time went on, the presence of insurance giants became vital to the social, economic, and political fabric of the capital city.

What insurance company has the most policy holders? ›

State Farm is the largest insurer on our list, taking the top spot in 24 states. After State Farm, Progressive is most frequently the largest insurer, taking the biggest market share in 15 states. Geico is the largest car insurance carrier in nine states, and Allstate and MAPFRE account for one state each.

Can you become a millionaire from selling insurance? ›

Is It Possible To Become A Millionaire Selling Insurance? A big yes. But like any other job, it takes time to be good at what you do and attain such income levels. Top agents earn anywhere between $100,000 to one million dollars.

What do top insurance salesmen make? ›

Insurance Sales Agents made a median salary of $52,180 in 2020. The best-paid 25 percent made $79,200 that year, while the lowest-paid 25 percent made $37,590.

Why do insurance agents quit? ›

Most agents quit because they can't get enough sales to support themselves and their families. The only way to change that is to learn how to get more leads, better leads, and follow up on them. People go on fact-finding missions online.

What are the changes to car insurance in January 2022? ›

From 1 January 2022, new rules from the industry regulator, the Financial Conduct Authority (FCA), will mean that premiums charged to all renewing home and private motor insurance customers by their insurance provider cannot be greater than the price they would charge to an equivalent new customer for the equivalent ...

Do car insurance go up closer to the date? ›

Typically, insurance providers will change their pricing each day of the week as the deadline ticks closer.

Are insurance premiums going up? ›

NEW DELHI: The health insurance premiums have increased anywhere between 10-25% recently, thanks to higher average claims and increasing healthcare inflation. Sources from the health insurance sector say average claims over the past two years have gone up from Rs 40,000-50,000 to Rs 80,000.

How much does 3 points increase car insurance 2022 UK? ›

If you have three points on your licence for an offence like speeding or not complying with traffic lights, your car insurance could increase by 5%. If you have more than 12 points on your record, the annual cost of your insurance could rise by 89%.

What is the new rule of vehicle insurance? ›

Own Damage Vehicle Insurance Rules To Be Changed From 1st August. In India, it is mandatory to have at least third-party vehicle insurance before plying it on the roads. The compliance for this mandate is not much but it does not provide any cover for own vehicle damage.

What is the new insurance rule? ›

IRDAI has approved new insurance products to general insurance companies. According to the new motor insurance rules, one can fix the premium amount on insurance based on distance a vehicle runs on a regular basis. One can avail the usage-based cover and reap benefits if the vehicle is used less frequently.

Are car insurance premiums falling? ›

Car insurance prices saw a steady fall in each quarter in 2021, possibly as a result of shifting driving habits during the Covid-19 pandemic.

What is the best time of day to buy car insurance? ›

Is there a best time of day to buy car insurance? According to data and research from Confused.com, the cheapest time to buy car insurance is between the hours of 6 am and 9 am.

How long until insurance gets cheaper? ›

In most cases, it takes 6 years for your accident record to clear up. After your 6th full year since the accident, your rates will go down on your renewal date automatically. This is also a good time to shop around.

What time of the year is car insurance cheaper? ›

The only downside is that it is generally the most expensive time to buy a car insurance policy. “Our data shows that February and August are typically the cheapest months to buy car insurance.

What can you do to make your insurance rates go down? ›

Here are some ways to save on car insurance1
  1. Increase your deductible.
  2. Check for discounts you qualify for.
  3. Compare auto insurance quotes.
  4. Maintain a good driving record.
  5. Participate in a safe driving program.
  6. Take a defensive driving course.
  7. Explore payment options.
  8. Improve your credit score.

Does progressive raise rates after 6 months? ›

Some Progressive insurance reviews report rate increases after the first six-month policy period. This can happen for many reasons, including new driving violations, poor driving behavior while using the Snapshot app or even general rate increases for the area that have nothing to do with the individual driver.

Did Geico raise their rates? ›

According to S&P Global, rate increases approved for GEICO during the period were expected to lead to $1.06 billion in additional premium, while Progressive, Allstate, and State Farm were expected to realize increases of $363 million, $351.5 million, and $321.9 million, respectively.

Do you have to declare points to insurance after 3 years? ›

Under the Road Traffic Act 1998, it is an offence to withhold relevant information when applying for car insurance, so you're legally obliged to declare penalty points to your insurer. Points are considered 'spent' after five years has passed, so an insurer is legally not allowed to increase your premium after this.

Can you pay to have points removed from your license? ›

There is no way to remove the points from your licence once they're marked – you'll just have to wait until the points expire (after 4 years), when the DVLA will automatically remove them at the appropriate time.

Can insurance companies find out about points? ›

Can insurers check for driving convictions? Yes, but only with your permission. If you enter your driving licence details on an insurance application, the insurer can quickly get the most up-to-date information from the DVLA database. This shows them all details of motoring convictions or endorsements on your licence.

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