Freedom Insurance has actually been in Texas for years. The business is a leader in the Texas home owner's insurance market and their name stays synonymous with great client service and also budget friendly rates. Freedom Insurance is even accredited to offer auto insurance in Texas. Freedom Insurance is one of just three firms in Texas that are permitted to do business in the state. The other 2 companies, Allstate Insurer and also Geico Insurance Company, are not allowed to market property owner's insurance in Texas under any situations.
Freedom Insurance is going through a quick boost in automobile insurance prices as well as property owners insurance. According to a news release, the company intends to boost its Texas existence by 25 percent within the next few months. He added that Freedom Insurance is placed to bring those pricey premium prices down by having a strong advertising program as well as a keen concentrate on elevating its scores with its current customers.
According to Freedom Insurance head of state as well as Chief Executive Officer, Richard Parsons, "The additional market share originates from a variety of variables. One is the group ranking, which is currently 2nd just to GE in our state. The various other reasons are lower costs as well as a considerable number of new consumers, specifically in areas where we don't currently run as a major gamer."
Freedom Insurance has plans to widen its offerings in the Texas insurance market. Mr. Parsons suggested that Freedom will certainly quickly introduce a Website that will certainly allow the public to acquire quotes online. The site will certainly enable the public to inquire from numerous insurance providers and also contrast the various policies. Freedom will certainly remain to run individually from its moms and dad company, Allstate Insurance. Mr. Parsons specified, "This will certainly permit us to remain to concentrate on our toughness and build on our strengths."
Freedom Insurance has just recently remained in conversations with numerous various business for circulation civil liberties. Mr. Parsons declined to provide specific details but specified, "I would certainly claim our objective is to remain to be the Texas Insurance company of choice." In November, Freedom Insurance marketed a team of twenty-nine states to Allstate Insurance. The deal was valued at approximately 4 hundred million dollars. Mr. Parsons suggested that he sees this as a favorable for the company, "The very best thing is we can continue to focus on our toughness and broaden into new areas. That is constantly helpful for any type of firm."
Mr. Atkins believes that Freedom can compete with bigger competing firms by being "lighterweight". He specified that he would certainly not expect Freedom Insurance to carry the exact same team rates as Allstate. Freedom would most likely focus on the team or private customer rather than on the big group customer such as Allstate. Mr. Atkins hopes that Freedom will certainly draw in enough new customers that it will begin to move up in team premiums.
Freedom Insurance is not the only insurance group that is transforming its emphasis to clients who do not consist of great deals of individuals. The various other business, Allstate, has actually additionally changed its focus from big team policies to specific polices. The reason for this adjustment was in part because of the fact that much of their customers were seasonal as well as would not transform to a policy with Allstate. Mr. Atkins really feels that the new focus of these 2 insurance provider is a positive for the entire insurance market. "This enables us to permeate a more comprehensive target market with much better solution and also reduced prices," he claimed. Mr. Atkins expects that this will additionally boost competitors within the market.
Freedom Insurance still does bring individual and team policies for all drivers. Many of the team plans have actually had a reduced renewal price lately, mostly as a result of the economic conditions. A low revival price commonly implies that the firm is happy with the solution they are providing and also is not anticipating to obtain a high number of brand-new customers. Freedom Insurance is also pleased that it is able to maintain its claim statistics approximately date, despite the fact that it is losing the group market.