The top 25 P&C Insurer will offer online & mobile access to auto, home, condo, and renters policies via Farmers.com
One of the nation’s top P&C insurers, Farmers Insurance, has announced that it will enter the Massachusetts insurance marketplace – albeit virtually.
“Massachusetts marks another major step in Farmers strategic eastern expansion following a year that showcased the importance of our commitment to the accessibility of our products, but also the personalized approach that has been our hallmark for more than 92 years,” said Keith Daly, president of personal lines for Farmers Insurance.
“We remain committed to innovating our business to extend Farmers products and unbeatable customer support to more customers.”
Building on its virtual expansion
In addition to entering Massachusetts, Farmers also has entered the Louisiana marketplace virtually. Both new markets figure into Farmers’ direct-to-consumer strategic expansion plans which it has been implementing since 2011. The company is already offering its insurance products directly to consumers in Florida, Connecticut, Georgia, Maryland, New Jersey, New York, Pennsylvania, South Carolina, Kentucky, and Mississippi.
Offering an online quote in less than two minutes
Offering the ability to instantly quote an auto or home policy in less than two minutes, Farmers’ direct to consumer offerings also include customizable condo and renters policies in addition to home and auto. The company also can offer its online consumers paperless billing and policies, along with automatic payment options.
A sign of more things to come?
Farmers Insurance is currently the seventh-largest private passenger auto insurer in the U.S., the fifth-largest homeowners insurer, and the ninth-largest U.S. P&C Insurer-All Lines with a 2.79% market share and $20,083,338,884 in Direct Written Premiums in 2020.
Traditionally, Farmers has had little to no presence in the Commonwealth of Massachusetts. While this may not change, it could also signal that the insurer may be interested in expanding its presence in the New England region in the near future as it looks to expand its geographic footprint as well as its virtual one.
