Allstate Corp. wants to buy more independent insurance agencies this year to build the business it acquired with its purchase of National General, Allstate Chief Executive Tom Wilson told Reuters on Wednesday. But the agents will be there to talk to customers in depth, not punch data into a computer to get a quote, Wilson… Continue reading Allstate Seeks More Independent Agents, But Not As ‘Human Modems’
Tag: auto insurance
USAA Announces Plans to Acquire Insurtech Company Noblr for Usage-Based Insurance
USAA announced today that it plans to acquire insurtech company Noblr, Inc. to offer usage-based insurance (UBI) to its members. UBI products offer a lower premium, along with a mileage variable, by combining usage and behavioral factors to create pay-as-you-go personalized pricing and opportunity for savings and rewards. This is important for USAA’s military service… Continue reading USAA Announces Plans to Acquire Insurtech Company Noblr for Usage-Based Insurance
Geico to Use AI to Speed Up Car Repairs
Geico, the nation’s second-biggest auto insurer, will try to speed up vehicle repairs for its policyholders by running photographs of damaged vehicles through artificial-intelligence software. Berkshire Hathaway Inc.-owned Geico will offer the quick-estimate process in partnership with Tractable Ltd., said Alex Dalyac, chief executive and founder of the London-based technology firm. Tractable is among a… Continue reading Geico to Use AI to Speed Up Car Repairs
As Summer Approaches, Drivers Reveal their Top 5 Concerns About Other Drivers: Survey
With Americans planning to hit the road over Memorial Day weekend and throughout the summer, a national survey commissioned by Erie Insurance provides new insights about what drivers can expect to see on the road. The survey asked about everything from concerns about other drivers’ behaviors; their own habits when it comes to speeding and… Continue reading As Summer Approaches, Drivers Reveal their Top 5 Concerns About Other Drivers: Survey
Insurtech Waffle Closes $5M Seed Funding Round
Waffle, a New York based insurtech startup, raised $5m in seed funding. The round was led by Verve Ventures, with participation from BetterLabs Ventures and Techstars. The company plans to use the funds to continue to expand operations and its business reach. Led by Quentin Coolen, CEO & Co-Founder, Waffle is a consumer platform which… Continue reading Insurtech Waffle Closes $5M Seed Funding Round
Rivian to Partner with Nationwide for Insurance Program
Rivian’s plans to sell insurance for its electric vehicles are now taking shape, with new details released about data-driven coverage and a partnership with established underwriter Nationwide. Rivian already is at the forefront of electrification and autonomous driving. Now it appears to be on the leading edge of another trend—carmakers that sell insurance, too. And… Continue reading Rivian to Partner with Nationwide for Insurance Program
Allstate’s Pay-Per-Mile Policies Boom in the Work-From-Home Era
The Covid-19 shutdowns that swept the U.S. have been a boon for a newer auto-insurance product: pay-per-mile coverage. During the pandemic, Allstate Corp. has seen interest surge in its Milewise offering, which lets customers pay auto-insurance premiums for just the amount of driving they actually complete, said Glenn Shapiro, president of Allstate’s personal property-liability operations.… Continue reading Allstate’s Pay-Per-Mile Policies Boom in the Work-From-Home Era
Low-Level Jobs, Less School Could Mean Costly Auto Policies
Drivers with less education and lower-ranking jobs could wind up paying more for auto insurance, magnifying the impact of systemic racism, according to a Consumer Reports analysis. The consumer-advocacy group sought price quotes from several insurance companies for a hypothetical person, varying only the individual’s education or occupation. The analysis, released Thursday, found that Progressive… Continue reading Low-Level Jobs, Less School Could Mean Costly Auto Policies
Auto Insurance Rates Decreasing in 2021 for the First Time in a Decade
Auto insurance rates have fallen for the first time in over a decade — decreasing by 1.7% across the U.S. for 2021 according to ValuePenguin.com’s State of Auto Insurance in 2021 report published today. The rate decrease in 2021 is an anomaly caused by fewer Americans driving in 2020 due to the COVID-19 pandemic. Less… Continue reading Auto Insurance Rates Decreasing in 2021 for the First Time in a Decade
Car Insurance Startup Root Raises $724.4MM in IPO
Automobile insurance startup Root Inc sold shares in its initial public offering (IPO) on Tuesday at $27 apiece, above its target range, to raise $724.4 million, the company said. Root, which has $200 million in debt, sold 26.8 million shares in its IPO. The company had set an initial target price range of $22-$25 per… Continue reading Car Insurance Startup Root Raises $724.4MM in IPO