USAA announces entry into the US small business insurance market

Small business insurance market - Open Sign on Shop Door

The insurer serving military and veterans will be writing policies in that category for the first time. USAA, the insurer serving military members and veterans, is taking its first steps into the American small business insurance market. The company has stated that it will begin writing these policies for coverage in five different states. The five states in which USAA will be entering the small business insurance market include Arizona, Tennessee, South Carolina, Illinois, and Colorado. That said, it will be restricted to those states only for its initial entry…

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Allstate auto insurance market share tanking at fastest pace in 20 years

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

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State Farm auto insurance rates rise as Allstate reins them in

State Farm auto insurance rates - Person with car key

The Bloomington-based insurer is raising premiums for drivers in at least 5 major states. State Farm auto insurance rates will be on the increase as the insurer begins to withdraw some of the considerable price cuts it put into place last summer. The insurance company slashed premiums for drivers during the pandemic to reflect reduced driving. In fact, the decreased State Farm auto insurance rates were the first among the major vehicle insurers to make the nationwide cuts. The company reduced premiums by an average of 11 percent across the…

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Farmers Insurance scores high on Human Rights Campaign Foundation

Human Rights Campaign Foundation - Business workers looking happy

The insurer’s score on the 2021 Corporate Equity Index was 100 for the third year in a row. Farmers Insurance released an announcement including its score of 100 on the Human Rights Campaign Foundation 2020 Corporate Equity Index. This represents the third consecutive year that the insurer has received this top score. This index is the top benchmarking survey and report measuring workplace equality in corporations. A high score on this index from the Human Rights Campaign foundation means that a company’s corporate policies and practices are positive with respect…

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USAA and State Farm blockchain platforms go live

USAA and State Farm blockchain platforms go live - business - digital

The insurers have launched this new form of processing all subrogation claims. The USAA and State Farm blockchain platforms have gone live for processing all subrogation claims. They are hopeful that other US carriers will also choose this strategy throughout this year. Many large insurance companies have been investigating blockchain platform strategies. The State Farm blockchain interest first started in 2018 in investigating its potential for subrogation. The partnership between that insurer and USAA started in 2019. The two companies represent a combined 12 percent of the $620 billion American…

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No-Code Insurance Product Configurator

No-Code Insurance product

tigerlabs PaaS Insurance Solution “i2go” is about to launch a new No-Code insurance product configurator for insurers to bring their products faster to the market without the need of IT-support.  ​i2go, an insurance platform as a service helps insurance businesses to offer an end-to-end digital experience for customers as well as their system users. Now, i2go is about to launch a No-Code product configurator, which enables Insurance Businesses to develop new insurance products faster and without the need of any IT support. The No-Code concept in i2go rating enables insurers…

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Aetna to broaden gender affirming surgery insurance coverage

Gender affirming surgery insurance - surgeon with breast implant

This national health insurer has agreed to cover some trans women’s breast augmentation. Aetna recently agreed to cover gender affirming surgery insurance in the form of breast augmentation for some trans women patients. Many trans women have struggled to obtain this coverage which is often labeled as cosmetic. This change in gender affirming surgery insurance attitude was in part the result of a case with a 30-year-old transgender woman named Allison Escolastico. She had been seeking breast augmentation surgery for ten years and had been under the impression that Aetna,…

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