One month after launching its new auto insurance product, Seattle-based SAFECO is seeing the results it expected: a substantial increase in new business. The new product has more than doubled SAFECO’s auto market reach.
The new product debuted in Arizona, Utah and South Carolina in April. Agents there have offered SAFECO auto insurance quotes to their customers three times more often than before its introduction, with new-policy sales up over 40 percent in each state. On May 30, SAFECO launched the new product in five additional states: Connecticut, Kansas, Indiana, Idaho and Wisconsin. The rollout will continue in several more states each month until the product is launched in all 44 states where SAFECO does business.
“This is a bold statement of SAFECO’s focus on growth and profitability,” SAFECO Personal Lines President Mike LaRocco said. “Early agent feedback on the new product is very encouraging. We believe our vision of providing the market a blend of new products, new technology and our independent agents’ skill in serving customers gives us a distinct advantage.”
The new auto product brings together three marketspreferred, standard and non-standardinto one model and has expanded SAFECO’s market reach from 40 to 95 percent.
This marks the first time the company has offered non- standard auto insurance under the SAFECO brand.
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