State Farms Market Share - How'd It Get There

[indienoise]

When Katrina hit, they had 38% of the market share and got killed. They are reducing their coastal market shares as quick as they can w/ out pissing off state commissioners.

To answer your question- it is blind stupid generational loyalty. "My daddy has them for 40 years, so I went to daddy's agent". You got to give it to them for creating it... To bad they are not as loyal to their customers as their customers are to them.

I've been told by a SF agent that they have re-introduced home in FL (though there's not much they are accepting). I was really surprised to hear this. Wonder what they're after exactly?

 

[todd02]

Shawn - I'm a retail agency owner who operates under essentially an anonymous screen name. Thus, I can get away with being snide & unprofessional.

You represent PGI. You represent a collective of (I believe..) over 350 agencies. I'm disappointed in your judgement to use profanity as it doesn't reflect well.

I def LOL'd at the reprimand given by you to Shaun. Hilarious yet actually true.

SF is so big because they built in a sick cross sell model and trained their Agents to stick a customer by selling 4-6 different products. Auto loans, financial services, banking, all types of insurance, etc. Their retention is higher meaning they can exponentially grow faster.

My Beta launch happens Aug 3rd. Product launch date Oct. large carrier already in talks for license deal. Y'all get ready to have the P&C industry change competitively forever next year!

 

[shawnmwalker]

Todd and Ins 1877,

I got to admit I was laughing out loud as well! Todd, don't think for 1 second his comment was not intended for anything but 100% humor.

I think I am going to create an user so I can share in the fun on the forum.

Explorer for Shawnmwalker.

Crome for Newuser.

 

[Ambilobe]

some companies allow you to add an endorsement essentially building under construction which is essentially a builders risk policy that the homeowner can buy. Not all contractors carry builders risk policies on everything they build.

Is the state farm ho3 with construction endorsements enough coverage for a new home, owner insurance, not acting as the GC?

 

[DHK]

I'll let Van Mueller explain as he trains State Farm agents. The link is queued for the right spot. Just watch for about 3 minutes.

 

[Ambilobe]

Thanks for the reply. I watched for a while, and I want to buy lots of insurance, but I still dont know what type.

I dont mind being over insured, but I just dont want to be under.

The Builders risk I am getting quotes for are all excess lines, have less coverage, and cost more than double.

The statefarm just seems too good to be true that's why I am concerned..

Thanks

 

[DHK]

I'm sorry - I was essentially responding to the rest of the thread... which was 3 years ago. I don't often do that, but I didn't see it this time.

My post was for agents, not the public.


I am not a P&C insurance professional, but I trust State Farm to be a sound company with proper underwriting standards. They aren't cheap... and that's a good thing.

 

[Ambilobe]

What worries me is that they are cheap.
But thanks anyway

 

[Marko Ramius]

I think with State Farm it all comes down to price and ubiquity. I moved over to them after getting a quote because their rates simply could not be beat relative to the amount of coverage I got.

 

[Markthebroker]

Didn't Geico overtake State Farm in market share recently?