As the insurance industry addresses the challenges of digital transformation, dynamic, technology-driven insurtechs are also making headlines and introducing new and innovative processes to the marketplace.
The situation presents a unique opportunity for both sides of the industry, that can benefit from each other’s strengths, as customer centricity and a seamless customer experience becomes the ultimate goal.
From super apps that issue quotes, store documents and handle claims, often using AI technology, to telematics programmes that record data and lower premiums based on driver responses, the previously low-tech insurance giants are providing comprehensive and in-demand digital services.
We’ve listed the top 12 biggest auto insurers in the USA in 2023 that are making the most of the innovations on offer, and the majority of them have have already celebrated more than a century of service to their customers.
State Farm
CEO: Michael Tipsord
Founded: 1922
Digital services: Yes
State Farm is one of the largest and financially stable insurance companies in the industry. It also offers a telematics programme called Drive Safe & Save, which allows policyholders to voluntarily enroll and install a mobile app or plug-in device in their vehicle to monitor their driving behaviour. Based on the data collected, policyholders may qualify for discounts on their auto insurance premiums.
State Farm has also invested in technology solutions to make it easier for customers to manage their policies and claims online or through their mobile app. Users can access their policy information, make payments, and report claims with ease. Various online support options, include live chat, email, and social media, allowing customers to get assistance with their policy or claims inquiries without having to visit a physical office.
The incumbent also provides digital insurance ID cards that can be accessed through their mobile app. This allows policyholders to have proof of insurance readily available on their smartphones, eliminating the need for physical ID cards.
GEICO
CEO: Todd Combs
Founded: 1936
Digital services: Yes
GEICO ( Government Employees Insurance Company) offers a wide range of coverage options for auto insurance, including liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments coverage, rental car coverage, and more. Customers can customise their policies to suit their needs and budget. GEICO is known for its competitive rates in the auto insurance market.
The company often offers lower premiums compared to many other insurance providers, which can help customers save on their insurance costs. GEICO also offers various discounts, such as safe driving discounts, multi-policy discounts, and more, which can further reduce premiums.
GEICO is also known for its user-friendly digital experience, with an easy-to-use website and mobile app that allows customers to manage their policies, make payments, report claims, and get quotes online. The incumbent has invested in technology to provide a seamless and convenient experience for its policyholders.
Progressive
CEO: Tricia Griffith
Founded: 1937
Digital services: Yes
Progressive offers a wide range of coverage options for auto insurance, including liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments coverage, rental car coverage, roadside assistance, and more.
Progressive’s Snapshot Program is a usage-based insurance program that uses telematics technology to track a driver’s behaviors, such as their speed, mileage, and braking, to potentially earn discounts on their premiums. This program is optional and allows safe drivers to save money based on their driving habits.
Progressive also offers a unique “Name Your Price” tool that allows customers to customise their coverage based on their budget. Customers can input the amount they’re willing to pay for coverage, and the tool will provide policy options that fit within that budget.
Allstate
CEO: Tom Wilson
Founded: 1931
Digital services: Yes
Allstate offers a range of coverage options for auto insurance, including liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments coverage, rental reimbursement coverage, roadside assistance, and more. Policies are flexible and customisable to suit all customer needs and budgets.
Allstate’s Drivewise programme is a usage-based insurance program that uses telematics technology to track a driver’s behaviors, such as their speed, mileage, braking, and more, to potentially earn discounts on their premiums. This programme is optional and allows safe drivers to save money based on their driving habits.
USAA
CEO: Wayne Peacock
Founded: 1922
Digital services: Yes
USAA offers a range of coverage options for auto insurance, including liability coverage, collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, personal injury protection (PIP), rental reimbursement coverage, roadside assistance, and more. Customisable policies are offered.
USAA’s auto insurance offerings include military-specific features, such as coverage for overseas deployment, discounted rates for garaging vehicles on military bases, and coverage for uniform and equipment.
USAA also offers a variety of benefits to its members, including accident forgiveness, which allows customers to avoid premium increases after their first at-fault accident, and a safe driver discount for policyholders with a clean driving record.
Liberty Mutual
CEO: Timothy Sweeney
Founded: 1922
Digital services: Yes
Overall, Liberty Mutual offers a range of coverage options, additional features and benefits, and discounts for auto insurance policyholders. Their online policy management tools and local agent network provide convenience and personalised service.
Customers haveonline tools and portals to manage their insurance policies. They can access their policy documents, make payments, update their contact information, request changes to their coverage, and file claims online through the company’s website or mobile app.
Liberty Mutual also offers a digital claims handling process, with a mobile app portal, allowing customers to report and file claims online or through their mobile app. Customers can submit photos, documents, and other necessary information to initiate the claims process digitally, and track the progress of their claims online.
Farmers
CEO: Raul Vargas
Founded: 1928
Digital services: Yes
Farmers Insurance offers digital insurance solutions to its customers, leveraging technology to enhance the customer experience and provide convenient access to insurance services.
It’s telematics programs, called Signal app, uses a mobile app to collect data on driving behavior, such as speed, acceleration, and braking. Customers can potentially earn discounts based on their safe driving habits as recorded by the telematics program.
Farmers Insurance also provides customers with various digital tools and resources, such as online calculators, educational articles, and risk assessment tools, to help them understand their insurance needs, coverage options, and make informed decisions.
Travelers
CEO: Alan Schnitzer
Founded: 1853
Digital services: Yes
Travelers has a mobile app that offers online quoting, policy management, and payment options, making it easy for customers to access and manage their auto insurance policies. Customers can also their policies, pay bills, report claims, and access other insurance-related information conveniently from their smartphones.
Travelers auto insurance offers a range of coverage options, discounts, and additional features such as a mobile app and digital experience for policy management.
Their claims services and financial strength add to their credibility as an insurance provider. It’s important to review the details of Travelers’ offerings and policies to determine if they meet your specific needs and budget.
Nationwide
CEO: Kirt Walker
Founded: 1926
Digital services: Yes
As one of the largest insurance companies in the country, Nationwide provides a wide range of auto insurance options for individuals and businesses alike. Nationwide provides online tools and a mobile app that allows customers to manage their policies, make payments, file claims, and access other services conveniently. The mobile app also provides features like roadside assistance requests and accident documentation, making it easier for policyholders to handle unexpected situations on the road.
Nationwide also allows customers to obtain online quotes for auto insurance coverage through their website. Customers can enter their information, coverage preferences, and other details online to receive a personalised quote based on their needs.
American Family
CEO: Bill Westrate
Founded: 1927
Digital Services: Yes
American Family Insurance offers telematics programmes, such as the KnowYourDrive, which uses a mobile app or a device installed in the vehicle to collect data on driving behavior, such as speed, acceleration, and braking. Customers can potentially earn discounts based on their safe driving habits as recorded by the telematics program.
The platform also provides customers with various digital tools and resources, such as online calculators, educational articles, and risk assessment tools, to help them understand their insurance needs, coverage options, and make informed decisions.
Additionally, electronic policy documents make it easy for customers to access and manage their policy details online without needing physical copies of their policies to hand, making it easy for them to manage their cover on the go.
AAA
CEO: Marshall L. Doney
Founded: 1902
Digital services: Yes
AAA has over 60 million members across the US and Canada. Memberships typically offer a variety of benefits and services, such as roadside assistance, travel services, insurance products, discounts, and rewards.
The provider’s mobile app enables customers to manage their auto insurance policies, access digital ID cards, file claims, request roadside assistance, and more through their smartphones or tablets. The app provides a convenient and user-friendly way for customers to interact with their auto insurance policies on the go.
AAA also offers telematics programmes, such as the AAA OnBoard, which uses a mobile app or a device installed in the vehicle to collect data on driving behavior, such as speed, acceleration, and braking. Customers can potentially earn discounts based on their safe driving habits as recorded by the telematics programme.
NJM
CEO: Mitch Livingston
Founded: 1913
Digital Services: Yes
NJM Auto Insurance, also known as New Jersey Manufacturers Insurance Company, is a regional insurance company based in New Jersey, USA. Customers are able to obtain online quotes for various types of insurance coverage, including auto, home, renters, and more. Customers can also enter their information, coverage preferences, and other details online to receive a personalised quote based on their needs.
NJM also has a mobile app that allows customers to manage their insurance policies, access digital ID cards, file claims, make payments, request roadside assistance, and more through their smartphones or tablets. The app provides a convenient and user-friendly way for customers to interact with their insurance policies on the go.
