Mar 23, 2021

Farmers Insurance introduces customisable policies

William Girling
3 min
Farmers Insurance introduces customisable policies
Farmers Insurance, one of the US’ largest insurers, is bringing a customisable and digital-first experience to customers in Louisiana and Massachusett...

Founded in 1928 in Los Angeles, Farmers was brought under Zurich Insurance Group’s umbrella in the late 1990s.

It now serves 10 million households, covers 19 million individuals in all 50 US states through 21,000 employees, and provides a comprehensive spread of multi-line cover, including car, home, life and business.

This latest development, however, appears to be Farmers’ push to create a more modern experience for its customers through digital technology. By downloading the company’s app or via its website, users can access quotes in a D2C model that incorporates greater elements of personalisation.

Customisation: The insurtech mentality

Although certainly not exclusive to insurtechs, the focus on enhanced CX and personalisation is reminiscent of designs chosen by innovative startups in the space, such as LeaseLock, Zego and Metromile. Customers are getting used to policies that are tailored to fit their specifications, and incumbents like Farmers have realised the value.

“A major piece of Farmers relentless focus on innovation and service is continuing to streamline and improve the customer experience, in this case utilising and the Farmers Mobile App to bring a seamless option right to customers' fingertips," said Keith Daly, President of Personal Lines at Farmers Insurance.

Daly went so far as to call personalisation Farmers’ “hallmark for more than 92 years”. The insurer’s eastern and south eastern expansion is being heralded as a success for product accessibility at a continually difficult time.

Indeed, the company’s growth has been surging since it started a campaign in 2011. So far, in addition to Massachusetts and Louisiana, it has expanded services in Florida, Connecticut, Georgia, Maryland, New Jersey, New York, Pennsylvania, South Carolina, Kentucky, and Mississippi.

Delivering desired interactions through tech

In a recent article, Adam Goldsmith, Insurance Specialist, SAS UK & Ireland, listed tech’s ability to deliver desired customer interactions as one of insurance’s five most likely areas of development.

Goldsmith cited COVID-19 as the primary factor, and though the pandemic will end eventually the repercussions could be much more permanent. Restrictions on customer interaction meant that insurers had to explore different avenues of engagement, some of which have proven popular enough to stay in place.

“Indeed, the previous months have exploded the myth that minimal policyholder interaction is a barrier to customer experience innovation. Technology can more than fill the gap. As companies like By Miles have shown, on-demand or telematics-based products can deliver an insightful monthly, weekly or even daily dialogue with customers,” he commented.

What’s clear, then, is that sticking to old insurance paradigms exposes companies to competition from those with a more flexible, multi-channel mentality. Startups already have a lead in this race; incumbents need to follow Farmers’ example before it’s too late.

Image source: Farmers Insurance Group

Share article

Jun 16, 2021

Tribe and APOLLO announce national insurance campaign

2 min
Tribe Property Technologies and APOLLO Insurance have launched a campaign to digitise insurance access across Canada

Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.

According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage. 

What does the national insurance campaign include? 

According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options. 

It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said. 

"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe. 

Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.

APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.

"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.


Share article