They may have sold 7 million policies but keeping them is another story.How are they going do it when their claims departments are full of inexperienced people? It is well known in the industry that GEICO is not an employer that treats their employees well. It is also known that they dont like to hire from the outside. It would rather promote/transfer unqualified employees from within than to look outside and get qualified candidates that would bring innovation and creativity to their otherwise factory run organization.
Lower premium should not be a trade off for premium claim expertise.
sorry you don\’t like my views rodent, but with your handle, I don\’t take too much offense. Based on my 15 years in the business, I can honestly say that the majority of my clients wouldn\’t know a deductible from a property damage limit. There will always be more than enough people who need hand holding to help them with their insurance, that I do not worry about not having enough business. Most people are still insurance illiterate.
Say what you want, but you\’ll not convince me that all their sales rep have a license, I\’ve known some that did not.
And, to answer your question about why so many would buy from a lizard…it\’s because people will buy whatever they see on TV, and that\’s a fact.
Your right, they are growing faster than most companies, but when you are the size of State Farm\’s little Toe, whats so impressive ? As far as them catching up, their day may come. What comes up, can come down as well. The american public has chosen to deal with Agents. Geico has been able to find the people who are comfortable working alone, without the Agents help. Well, the larger part of the market still chooses to work one on one with people, directly over the desk, not the net. The numbers speak for themself: Geico has 7 mil policyholders, State Farm has over 40 Mil policyholders. Not to mention how many policyholders are with Allstate, Nationwide, Erie, Farmers and all of the independants. With the changes in the science of underwrtiing just comming on line, the future is anyones guess, But I wouldn\’t bet against the hardworking Agents just yet. As far as the hurricane exposure issues, you left out the fact that State Farm made a Profit in the HO business last year, dispite the worst hurricane to date, but even better, State Farm was carring the largest chunk of that business, and the Losses, and Wow, they still pulled a Profit.
Boy, it\’s always refreshing setting the story straight.
First of all, in order for ANY insurance agent to sell a policy, they are REQUIRED to have a license for that state. To the person who said that GEICO agents do not hold licenses is a bold face lie.
2ndly, GEICO has been growing at over 10% every year for quite a few years now. Sure, State Farm might have 40 million policies, but watch what their book of business is doing every year. Watch their profits. Especially with the hurricane losses coming in, they are losing business (as with most of the \”big boys\” who write homeowners as well)
Considering how GEICO is growing faster than any other insurance company (Progressive is the closest competitor) and on top of the growth is also raising profits, GEICO is sure to catch up to State Farm and Allstate within time. Same goes for Progressive.
I\’m sure some of you are biased towards independant/captive agents, and some are biased towards direct marketing. That\’s fine, everyone entitled to that, but to bash GEICO just because you like State Farm is just silly.
State Farm/Allstate, Progressive….they are all good insurance companies. Obviously with as many policies as they have they are doing something write, same with GEICO. If GEICO was so bad, why would so many people insure with them, and why would so many people keep buying new policies with them?
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They may have sold 7 million policies but keeping them is another story.How are they going do it when their claims departments are full of inexperienced people? It is well known in the industry that GEICO is not an employer that treats their employees well. It is also known that they dont like to hire from the outside. It would rather promote/transfer unqualified employees from within than to look outside and get qualified candidates that would bring innovation and creativity to their otherwise factory run organization.
Lower premium should not be a trade off for premium claim expertise.
sorry you don\’t like my views rodent, but with your handle, I don\’t take too much offense. Based on my 15 years in the business, I can honestly say that the majority of my clients wouldn\’t know a deductible from a property damage limit. There will always be more than enough people who need hand holding to help them with their insurance, that I do not worry about not having enough business. Most people are still insurance illiterate.
love your sense of humor
by the way, are you a wc expert with that handle
have a great day, keep up the humor
Say what you want, but you\’ll not convince me that all their sales rep have a license, I\’ve known some that did not.
And, to answer your question about why so many would buy from a lizard…it\’s because people will buy whatever they see on TV, and that\’s a fact.
J,
Your right, they are growing faster than most companies, but when you are the size of State Farm\’s little Toe, whats so impressive ? As far as them catching up, their day may come. What comes up, can come down as well. The american public has chosen to deal with Agents. Geico has been able to find the people who are comfortable working alone, without the Agents help. Well, the larger part of the market still chooses to work one on one with people, directly over the desk, not the net. The numbers speak for themself: Geico has 7 mil policyholders, State Farm has over 40 Mil policyholders. Not to mention how many policyholders are with Allstate, Nationwide, Erie, Farmers and all of the independants. With the changes in the science of underwrtiing just comming on line, the future is anyones guess, But I wouldn\’t bet against the hardworking Agents just yet. As far as the hurricane exposure issues, you left out the fact that State Farm made a Profit in the HO business last year, dispite the worst hurricane to date, but even better, State Farm was carring the largest chunk of that business, and the Losses, and Wow, they still pulled a Profit.
Boy, it\’s always refreshing setting the story straight.
Ty,
RocketMan
First of all, in order for ANY insurance agent to sell a policy, they are REQUIRED to have a license for that state. To the person who said that GEICO agents do not hold licenses is a bold face lie.
2ndly, GEICO has been growing at over 10% every year for quite a few years now. Sure, State Farm might have 40 million policies, but watch what their book of business is doing every year. Watch their profits. Especially with the hurricane losses coming in, they are losing business (as with most of the \”big boys\” who write homeowners as well)
Considering how GEICO is growing faster than any other insurance company (Progressive is the closest competitor) and on top of the growth is also raising profits, GEICO is sure to catch up to State Farm and Allstate within time. Same goes for Progressive.
I\’m sure some of you are biased towards independant/captive agents, and some are biased towards direct marketing. That\’s fine, everyone entitled to that, but to bash GEICO just because you like State Farm is just silly.
State Farm/Allstate, Progressive….they are all good insurance companies. Obviously with as many policies as they have they are doing something write, same with GEICO. If GEICO was so bad, why would so many people insure with them, and why would so many people keep buying new policies with them?