Insurance

Post From Community: American Family Insurance Market 2022 To 2023 Analysis

American Family Insurance

The American private mutual company American Family Insurance, also known as AmFam, specializes in property, casualty, and auto insurance. It also provides commercial insurance, life, health, and homeowner’s coverage, as well as investment and retirement-planning products. It is a Fortune 500 company with over $9.5 billion in sales in 2017. American Family Insurance is dedicated to encouraging dreamers and assisting them in pursuing and safeguarding their aspirations.

American Family Insurance has built its reputation on reliable values for more than 90 years. They work hard to give you service that is at the top of the industry, outstanding claims experiences, and products that foster long-lasting relationships. In order to achieve this, it treat policyholders fairly, in a helpful and considerate manner, and by making it simple and convenient for them to work with us. It treats its clients like family.

American Family Insurance flourishes by always operating in accordance with the law and the highest ethical standards. Integrity has always been a part of our culture. The reputation we have and the trust-based relationships we have developed with our clients are a direct result of the conduct of management, the moral fiber, and the sound judgment displayed at every level of our company. It’s a method of conducting business that our clients have come to rely on, and one that we uphold.

American Family Insurance History

The historical roots of American Family Insurance can be traced back to October 3, 1927, just before insurance salesman Herman Wittwer established Farmers Mutual Insurance Company (to not even be confused well with Farmers Insurance Group) in Madison, Wisconsin. The company’s sole prototype at the time was auto insurance, and its core market was farmers. Wittwer believed farmers posed fewer complications than city operators because they started driving less frequently and did not drive at all during the winter.

Farmers Mutual has enlarged its sales and marketing line over the years to meet the evolving demands of its customers. Farmers Mutual Insurance Company was renamed American Family Mutual Insurance Company in 1963 to reflect its broader customer base. AmFam inaugurated an active campaign called Dream Fearlessly in 2017.

American Family Insurance Products & Services

The term, universal, and whole life insurance; personal and business auto insurance, personal umbrella insurance, home insurance; motorcycle, boat, motor home, snowmobile, and car insurance; business liability key policy, and business policy package insurance; farm and ranch liability insurance; travel, trip cancellation, and global medical insurance are all available through American Family. The company also has a “Dreamkeep Rewards” program for their insureds, which offers a wide range of different benefits for wrapping up various online tasks.

Operational Area

The American Family Insurance Group is headquartered in Madison, Wisconsin, and had sectoral company offices in Minnetonka/Eden Prairie, Minnesota, Saint Joseph, Missouri, Denver, Colorado, and Columbus, Ohio as of 2011.

Awards

American Family Insurance received the National Safety Council’s Teen Driving Safety Leadership Award in 2010. The company has provided a good response program (through using DriveCam system) in which guardians can watch their teens’ actual driving actions through its “Teen Safe Driver Program.” The plan was endorsed by scientists from the University of Iowa to reduce risky driving behavior by 70%. Because of its discounts for same-sex couples, American Family was named a far more LGBT-friendly insurance company by Out Magazine in 2015.

Contributions to Charities

The campaign to establish the American Family Children’s Hospital at the University of Wisconsin Hospital and Clinics was officially launched on March 4, 2003, when American Family Insurance announced a $10 million gift. Through contributions from staff members, agents, and additional businesses, the original gift amount increased by several million dollars more. The medical center began accepting patients in September 2007. Employees contributed close to $1 million to United Way in 2007 and again in 2008.

COVID-19 Support

The company expects the refunds to reflect $225 million in liquidity in April 2020, which will help to offset the $200 million gain on premiums paid by personal insurance holders. On auto policies, American Family Insurance offers a 10% extra COVID-19 pandemic mitigation premium.

What business entities comprise America Family Insurance Group?

The AmFam Group consists of 14 distinct businesses:

  • American Family Mutual Insurance Company, S.I.
  • American Standard Insurance Company of Wisconsin
  • American Family Life Insurance Company
  • American Family Brokerage, Inc.
  • American Family Financial Services, Inc.
  • American Family Insurance Company
  • American Standard Insurance Company of Ohio
  • AmFam, Inc.
  • The AssureStart Insurance Agency, LLC (AssureStart)
  • Homesite Group Incorporated and its subsidiaries (Homesite)
  • Midvale Indemnity Company
  • Midvale Life Insurance Company of New York
  • New Ventures, LLC
  • PGC Holdings Corp. and its subsidiaries (The General)

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