I am sure the geniuses who came up with ‘credit profiling’ also came up with this discount. The junk science museum must be crammed to the rafters these days. What next (other than real underwriting) will be touted as the latest sure fire method to manipulate P&C insurance premiums?
Liking esurance on Facebook makes me a better risk, HOW? Maybe by keeping me out of my car and off the road, but then again, maybe not. One can access Facebook by cell phone, even while driving.
Perhaps it is just a return of “marketing” expense…Or perhaps it rebateing or perhaps they jacked up everyones rate by 10% and are willing to credit back the lamers on facebook who like it and drive their internet presence higher…
Interesting campaign, and smart. Esurance is building a clientele based upon being the carrier of choice amongst the under 30 crowd by being hip, being different…basically not your mom and dad’s insurance company. Having 1,000,000 folks “like” your Facebook page is a real cultural coup – after all, the under 30 crowd will be wondering how bad of a company they can be if 1,000,000 customers “like” them.
The actuary team would be able to compute the impact to the bottom line in terms of new policy premium and retention. They’re counting on virtually every customer in Texas taking advantage, so their rates will be based upon that assumption. A lot of companies would hide the 10% discount in the base rate, though I certainly don’t have any insight to their filing and pricing strategy.
Either way,the consumer feels good about getting the discount and Esurance will be able to tout their popularity with consumers. It’s a win/win.
I’m sure the Texas DOI would not approve such an absurd discount. That being said, they have to be writing this particular business with a Texas County Mutual Ins. Co. You can rock and roll with County Mutuals and change rates every day, unless the laws have been changed in this regard. Comments? An even better discount than the above is the auto discount The Hartford promised me because I was a dog owner and they felt that dog owners were better drivers. PLEASE!!!! And thank you Petco and Petsmart for selling my info (without my permission) to slugs like The Hartford!!!!
To renoscs “An even better discount than the above is the auto discount The Hartford promised me because I was a dog owner and they felt that dog owners were better drivers.”
I have read all of the above comments and all of you have some pretty good thoughts on the matter. Does anyone care about how long the discount will last for? Will it be for that one year, 10years or a lifetime? Is this a panic scheme from Allstate because there 2nd Qtr earnings have falling due to the rate increases they’ve had on there homes? Who will help them pay there stock holders their annual bonuses? FACEBOOK USERS!
do they surcharge the policy 10% if you “dislike” them?
Sounds like rebating to me, which I thought was illegal.
Thats exactly what I thought.
What no Tweet discount? I am so disappointed.
I am sure the geniuses who came up with ‘credit profiling’ also came up with this discount. The junk science museum must be crammed to the rafters these days. What next (other than real underwriting) will be touted as the latest sure fire method to manipulate P&C insurance premiums?
I weep for the future!!!!
Liking esurance on Facebook makes me a better risk, HOW? Maybe by keeping me out of my car and off the road, but then again, maybe not. One can access Facebook by cell phone, even while driving.
(NO!! Do NOT use your cell phone while driving!!)
Perhaps it is just a return of “marketing” expense…Or perhaps it rebateing or perhaps they jacked up everyones rate by 10% and are willing to credit back the lamers on facebook who like it and drive their internet presence higher…
No anti-rebating laws in TX?
Interesting campaign, and smart. Esurance is building a clientele based upon being the carrier of choice amongst the under 30 crowd by being hip, being different…basically not your mom and dad’s insurance company. Having 1,000,000 folks “like” your Facebook page is a real cultural coup – after all, the under 30 crowd will be wondering how bad of a company they can be if 1,000,000 customers “like” them.
The actuary team would be able to compute the impact to the bottom line in terms of new policy premium and retention. They’re counting on virtually every customer in Texas taking advantage, so their rates will be based upon that assumption. A lot of companies would hide the 10% discount in the base rate, though I certainly don’t have any insight to their filing and pricing strategy.
Either way,the consumer feels good about getting the discount and Esurance will be able to tout their popularity with consumers. It’s a win/win.
You know e-surance is owned by Allstate, right?
“after all, the under 30 crowd will be wondering how bad of a company they can be if 1,000,000 customers “like” them. ”
If that is how they think then I am frightened for the future.
I’m sure the Texas DOI would not approve such an absurd discount. That being said, they have to be writing this particular business with a Texas County Mutual Ins. Co. You can rock and roll with County Mutuals and change rates every day, unless the laws have been changed in this regard. Comments? An even better discount than the above is the auto discount The Hartford promised me because I was a dog owner and they felt that dog owners were better drivers. PLEASE!!!! And thank you Petco and Petsmart for selling my info (without my permission) to slugs like The Hartford!!!!
Anyone know how this got approved through insurance department? OR any other states that have this discount??
They don’t have to get it approved in Texas, if they’re writing the business through a County Mutual.
I heard this on the Radio today. I beleive they said the discount was available in Texas and Arizona.
What if the acquisition costs associated with securing such a customer is $100 per sale, versus $200 via other marketing expenditures?
To renoscs “An even better discount than the above is the auto discount The Hartford promised me because I was a dog owner and they felt that dog owners were better drivers.”
Were you offered this discount in Texas??
no
I have read all of the above comments and all of you have some pretty good thoughts on the matter. Does anyone care about how long the discount will last for? Will it be for that one year, 10years or a lifetime? Is this a panic scheme from Allstate because there 2nd Qtr earnings have falling due to the rate increases they’ve had on there homes? Who will help them pay there stock holders their annual bonuses? FACEBOOK USERS!