Agencies with digital insurance features grow 60 percent faster than rivals

Digital insurance - people using computer

Online options have become highly important to consumers interacting with their insurers. While the importance of digital insurance features was already on the rise by 2019 and earlier, the pandemic has accelerated this trend. Customers have come to view online features as a necessity instead of a convenience. According to recent data, agencies that have adapted to this requirement and that have offered the best digital insurance options have experienced a substantially higher growth rate than their non-digital competition. In a recent survey of 600 independent agents in the United…

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Progressive market share reaches 13.3 precent of auto insurance premiums

Auto insurance premiums - person - arrow - money

New NAIC data shows that while the insurer remains in third place, it is gaining on its rivals. US third place Progressive is gaining on its rivals in terms of its share of auto insurance premiums collected across the country. This according to National Association of Insurance Commissioners (NAIC) data recently released. While State Farm and GEICO hold their top spots, Progressive is steadily closing in on them. According to the NAIC auto insurance premiums data, Progressive’s share rose by 1.05 percent last year, bringing it to 13.3 percent of…

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Home insurance coverage rules shock many new dog owners in adoption boom

Home-insurance-coverage - Doberman and a Yorkshire Terrier

The pandemic has caused breeders and shelters to sell out, but some owners aren’t as covered as they think. Dogs were among the sales booms to take off as a result of the pandemic, but many owners are shocked to discover that their home insurance coverage doesn’t cover their new pets. There are certain breeds that many insurers simply will not cover for expensive liability claims. As a result, if a dog bites someone or causes them injuries in another way such as by scratching them or jumping on them,…

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Allstate pay-per-mile auto insurance spikes in popularity

Pay-per-mile auto insurance - car dashboard

COVID-19 shutdowns and lockdowns have changed the way consumers shop for coverage. Shutdowns across the United States in response to the COVID-19 pandemic have caused interest in pay-per-mile auto insurance. Allstate has watched its registration in this type of car coverage take off since the lockdowns set in. Allstate’s Milewise lets people pay for their car premiums based on the amount of driving they do. In this way, customers are able to use pay-per-mile auto insurance to reflect their reduced driving since the start of the pandemic, said Allstate personal…

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State Farm boosts working flexibility for insurance employees

Insurance employees - Person working from home

The company has just announced new ways for its workers to do their jobs both in the office and at home. State Farm has announced that it is adding greater flexibility for its insurance employees by introducing new hybrid roles. These will make it possible for workers to spend some of their time doing their jobs at the office and the rest of their tasks can be completed from home. The new approach is meant to improve efficiency within current and future insurance jobs. This new strategy for more flexibility…

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State Farm fire insurance customers protected by Wildfire Defense Systems

State Farm fire insurance - wildfire near home in California

The insurer has contracted the private wildland firefighting firm to protect covered homes in California. Californian homeowners with State Farm fire insurance coverage will now be protected by private wildland firefighting services from Wildfire Defense Systems. This is positive California insurance news for policyholders in a state increasingly affected by season-long wildfires. This means that private firefighting crews may be dispatched to protect covered homes in the state. According to a Mercury News report, as of April 1 citing a letter from the insurer, Wildfire Defense Systems has been contracted…

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Credit score ban for insurance premium calculation leads to massive lawsuit

Insurance premium calculation - law - gavel

American Property Casualty Insurance Association has filed a suit against the Washington regulator. The American Property Casualty Insurance Association (APCIA) has filed a lawsuit against the regulator in Washington state over the ban against using credit scores for insurance premium calculation. Commissioner Mike Kreidler issued an administrative ban against using that factor for underwriting policies. The office of Commissioner Mike Kreidler defended its ban against using credit scores for insurance premium calculation. It released a statement calling the practice “inherently unfair” and that the ban protects customers. The commissioner has…

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