Warren Buffett’s Geico now wants to track drivers, just like some of its biggest competitors do. Geico has launched a telematics offering, called DriveEasy, in certain states, Credit Suisse Group AG analyst Mike Zaremski said in a research note last week. A phone app tracks driving habits and gives individuals a score and tips, according… Continue reading Geico Joins Rival Insurers in Tracking Drivers
Tag: auto insurance
Travelers Customers Can Now Receive Claim Payments via PayPal®
The Travelers Companies, Inc. today announced that its Auto, Property and General Liability customers can now receive claim payments through the digital payments platform PayPal, which provides a flexible, fast and easy reimbursement experience. Travelers’ link to PayPal comes through Global Digital Disbursements, a service provided by Global Transaction Services at Bank of America Merrill… Continue reading Travelers Customers Can Now Receive Claim Payments via PayPal®
Allianz Offers to Buy P&C, Auto Units from Sul America
Brazilian insurer Sul America SA has received a non-binding offer from Germany’s Allianz SE for its property and casualty (P&C) and auto units, it said in a filing on Tuesday, adding that the two companies are in bilateral talks. If an agreement is reached, Sul America said, the firm’s operations would be concentrated in health,… Continue reading Allianz Offers to Buy P&C, Auto Units from Sul America
Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds
The last decade of seemingly non-stop direct-to-consumer advertising and heavy investment into digital self-service technologies have driven roughly one-fourth of auto insurance customers to adopt direct distribution models that bypass agents in favor of do-it-yourself tools. According to the J.D. Power 2019 U.S. Auto Insurance Study,SM that transition has helped overall customer satisfaction with auto… Continue reading Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds
Wells Fargo to Pay Customers $386 Million Over Unwanted Auto Insurance
Wells Fargo & Co will pay at least $386 million to settle class-action claims by customers who said the bank signed them up for auto insurance they did not want or need when they took out car loans. The settlement was disclosed in filings on Thursday with the U.S. District Court in Santa Ana, California,… Continue reading Wells Fargo to Pay Customers $386 Million Over Unwanted Auto Insurance
Michigan Governor Signs Auto Insurance Bill into Law
On an Mackinac Island where no cars are allowed, Gov. Gretchen Whitmer signed a bill into law Thursday that will make significant changes to Michigan’s no-fault auto insurance system. Surrounded by Republican and Democratic lawmakers and Detroit Mayor Mike Duggan, Whitmer said the bill signing signaled a newfound partnership that will help forge new agreements… Continue reading Michigan Governor Signs Auto Insurance Bill into Law
CA Appeals Court: Mercury Insurance Must Pay $27.5M in Fines
A state appeals court reinstated $27.5 million in state penalties against Mercury Insurance Co. on Tuesday for charging illegal broker fees in more than 180,000 transactions with auto insurance customers from 1999 to 2004. The fines, imposed by the state Department of Insurance in 2015, were overturned in 2016 by a judge in Orange County,… Continue reading CA Appeals Court: Mercury Insurance Must Pay $27.5M in Fines
Tesla Plans to Sell Owners Cheaper Car Insurance
Tesla Inc. is creating its own branded insurance program, a move the electric-car maker believes will enable it to offer a lower-cost product to drivers. Tesla Chief Executive Elon Musk has been working with a unit of Virginia-based Markel Corp. and another company, which hasn’t been named, to offer the branded insurance, according to Markel… Continue reading Tesla Plans to Sell Owners Cheaper Car Insurance
Direct and Independent Agent Sales Channels Become Ground Zero in Auto Insurers’ Battle to Win New Customers
With just 2-3% of new customers entering the personal lines auto insurance market each year, insurers have only one option when it comes to growing their business: taking market share from competitors. According to the J.D. Power 2019 U.S. Insurance Shopping Study, success in driving new customer acquisition comes down to having a strong brand… Continue reading Direct and Independent Agent Sales Channels Become Ground Zero in Auto Insurers’ Battle to Win New Customers
New Report Ranks Michigan as Most Expensive State for Car Insurance
Insure.com, a comprehensive resource for insurance information, today released its annual ranking of the most and least expensive states for car insurance. For the sixth year in a row, Michigan took the top spot as the most expensive state to insure a vehicle, with a policy average of $2,611, almost 80 percent higher than the… Continue reading New Report Ranks Michigan as Most Expensive State for Car Insurance