Freedom Insurance has actually been in Texas for decades. The business is a leader in the Texas property owner's insurance market as well as their name remains identified with wonderful client service and also budget-friendly costs. Freedom Insurance is even accredited to sell auto insurance in Texas. In fact, Freedom Insurance is just one of just 3 firms in Texas that are permitted to do organization in the state. The other two business, Allstate Insurer as well as Geico Insurance Provider, are not allowed to market property owner's insurance in Texas under any kind of situations.
Freedom Insurance is undergoing a quick boost in vehicle insurance prices as well as property owners insurance. According to a news release, the firm plans to boost its Texas existence by 25 percent within the following couple of months. He added that Freedom Insurance is placed to bring those expensive costs rates down by having a solid marketing program and a keen focus on elevating its rankings with its existing customers.
According to Freedom Insurance president and Chief Executive Officer, Richard Parsons, "The added market share comes from a number of aspects. One is the group score, which is now 2nd only to GE in our state. The various other factors are reduced premiums and also a substantial number of new clients, especially in areas where we don't presently run as a significant gamer."
Freedom Insurance has plans to widen its offerings in the Texas insurance market. Mr. Parsons suggested that Freedom will certainly quickly launch a Web site that will certainly enable the general public to acquire quotes online. The website will certainly permit the general public to request information from different insurance companies and also contrast the different plans. Freedom will certainly continue to run individually from its parent firm, Allstate Insurance. Mr. Parsons specified, "This will certainly allow us to remain to focus on our toughness and also improve our strengths."
Freedom Insurance has lately been in discussions with a number of different firms for distribution legal rights. Mr. Parsons decreased to give certain information but specified, "I would certainly state our goal is to continue to be the Texas Insurance company of option." In November, Freedom Insurance offered a group of twenty-nine states to Allstate Insurance. The transaction was valued at around 4 hundred million dollars. Mr. Parsons suggested that he sees this as a positive for the business, "The most effective thing is we can remain to concentrate on our staminas and increase right into new locations. That is always great for any company."
Mr. Atkins thinks that Freedom can compete with bigger competing companies by being "lighterweight". He mentioned that he would not expect Freedom Insurance to lug the same group rates as Allstate. Freedom would probably concentrate on the group or specific customer instead of on the huge group customer such as Allstate. Mr. Atkins hopes that Freedom will certainly bring in sufficient new clients that it will certainly start to go up in team premiums.
Freedom Insurance is not the only insurance team that is transforming its emphasis to clients that do not include multitudes of individuals. The other company, Allstate, has additionally changed its emphasis from large team policies to individual cops. The reason for this change remained in component as a result of the truth that much of their clients were seasonal and also would certainly not transform to a plan with Allstate. Mr. Atkins feels that the brand-new focus of these 2 insurance companies is a positive for the whole insurance market. "This allows us to penetrate a wider audience with far better solution as well as reduced rates," he claimed. Mr. Atkins expects that this will likewise boost competition within the sector.
Freedom Insurance still does lug specific and team policies for all drivers. A number of the group policies have had a low revival price recently, primarily because of the economic problems. A low renewal rate usually means that the business enjoys with the service they are supplying and also is not anticipating to obtain a high variety of brand-new clients. Freedom Insurance is also pleased that it has the ability to maintain its insurance claim statistics as much as day, although it is shedding the group market.