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Introduction Of The Insurance Industry Essay

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Introduction to the Insurance Industry The insurance industry exists to provide effective risk management services to protect customers. Insurers charge a premium for coverage against specific risks including motor vehicle accidents, house fires, illnesses, etc. In the event of an accident, insurance companies are required to pay for damages according to policy contracts. According to Allstate Insurance: Building Relationships through Email Campaigns case study, “Insurance may be the only product that people buy that they hope they will never use,” (Tarter, Caravella, & Zahay). The insurance industry has grown to be largely competitive, and has reached the heights of $140.1 billion within the United States. (Tarter, et al.). Insurance companies compete for customers based on coverage, price, service, reliability and stability. “Reputation is everything,” (Tarter, et al.).
Allstate Background Information Since it was founded in 1931, Allstate has been a pioneer of the insurance market, (Allstate). “Americans have trusted Allstate to help protect their families and belongings for over 80 years,” (Allstate). Allstate has sustained an exceptional repute since its establishment, leading to the ranking of second-largest US personal lines property and casualty insurer. “Allstate’s image is of a reliable, well-established company and the longstanding slogan ‘You’re in good hands with Allstate’ has resonated among generations of Americans,” (Tarter, et al.). Allstate has
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