Esurance Insurance Services, Inc. is an American insurance company. It sells auto, home, motorcycle, and renters insurance direct to consumers online and by phone. Its primary competitors are other direct personal insurance writers, mainly GEICO and Progressive. Founded in 1999, the company was purchased by Allstate in 2011, and is now a wholly owned subsidiary of Allstate.
Esurance was founded in 1999, and became one of the first insurance companies to sell policies directly to consumers over the internet, instead of using in-person meetings or phone calls.
n 2000, Esurance was acquired by Folksamerica Holding Company, a subsidiary of White Mountains Insurance Group. Esurance, which is based out of San Francisco, had by that time expanded to offering policies in 24 states, but had also just laid off staff and was actively soliciting a purchaser
In 2004, Esurance began to offer multi-car discount packages to same-sex couples, by offering multi-car discounts to any group of people that lived together.[3] The company claims to be one of the first insurers to have offered such packages to same-sex couples.
In May 2011, Allstate announced that it was purchasing Esurance and rate-comparison site Answer Financial for approximately $1 billion. At the time, Esurance was selling policies in 30 states and was in the midst of a five-year growth period that saw them double the number of policies in force. Allstate, for its part, was losing policy holders to the three major online policy retailers; Esurance, Progressive, and GEICO
llstate's acquisition of Esurance was completed in October of that year. The combined company became the sixth-largest provider of auto insurance policies.[7] In September 2012, White Mountains filed a lawsuit against Allstate alleging that Allstate failed to meet a deadline to produce a financial audit that was part of the sale, and that Allstate deducted $5.2 million in legal expenses from the value of the sale that they were not allowed to deduct by the terms of the agreement.
Marketing
Esurance's first television advertising campaign was launched five years after the company went live.The campaign was aimed at the 18 to 24-year-old male demographic, and had a budget of $60,000, a tiny fraction of the over $1 billion spent on advertisements within the insurance industry. The commercials featured an animated character named Erin Esurance, a pink-haired spy inspired by Sydney Bristow from the television show Alias.[1] The character and campaign were initially well received, leading to over 30 separate advertisements featuring Erin, and a dramatic increase in brand awareness. However, by 2009 industry polling on corporate mascots found Erin had become unpopular with viewers; 30% of viewers found the character annoying - double the industry average - and was below industry average in sincerity and believably.[1] Polling found Erin was less popular than even Microsoft's notorious Clippy character.[9] Additionally, a large number of pornographic images featuring Erin were created, and in some cases sold, by fans of the character. The illustrations became so prevalent that when the character was searched for by name without mature content filters enabled, the vast majority of results were pornographic.
Esurance also markets itself heavily through sports teams and sporting events, where it casts itself as being more environmentally friendly than competitors. The company has sponsored a number of sporting events and teams, including the US Open tennis tournament, the Golden State Warriors, and the San Francisco GiantsIn 2010 Esurance launched a new advertising campaign designed by the firm Duncan/Channon. By this point the company had an advertising budget of $100 million. Set in a fictionalized version of the Esurance office, but featuring actual Esurance employees, the commercials emphasized both the company's high tech platform and the personal touches offered by speaking to employees. The campaign was a deliberate break from focusing the advertisements on the 18-24 male demographic.
The new campaign was short lived; In December 2011, Esurance announced another new advertising campaign. It emphasized efficiency and positioned the company as "Insurance for the Modern World"; the target demographic was families and professionals in the 25-49 age group. John Krasinski narrated the commercials, which were developed by ad agency Leo Burnett Farmers Insurance Group (informally Farmers) is a U.S. insurer group of automobiles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 50,000 exclusive and independent agents and approximately 22,000 employees.
1922 to 2000
1922
Farmers' future co-founders John C. Tyler and Thomas E. Leavey first met after Tyler moved to California.Tyler and Leavey had both grown up with rural backgrounds and believed that farmers and ranchers, who had better driving rates than urbanites, deserved lower insurance premiums During the 1920s, farmers across the United States were establishing their own mutual insurance firms and cooperatives in order to have less expensive policies. Tyler, the son of South Dakotan insurance salesman, and Leavey, who had formerly worked for the Federal Farm Loan Bureau and the National Farm Loan Association, recognized that these farmers, ranchers, and other rural drivers were an overlooked market and wished to create their own auto insurance firm.
1927
Tyler and Leavey received a loan from the founder of Bank of America, enabling them to start their company.[2]
1928
Tyler and Leavey opened the doors to their newly founded company, Farmers Automobile Inter-Insurance Exchange, in downtown Los Angeles, California.[2] Tyler served as president with Leavey as vice president. A sales manager and secretary completed the four-employee team.
On March 28, 1928, the first meeting of the board of governors was convened. Two days later, Charles Brisco insures his 1925 Cadillac Phaeton and becomes the first Farmers customer.
1935
Truck Insurance Exchange, a new reciprocal insurer, was launched to specialize in truck insurance.
1936
Farmers Insurance Exchange was named the leading reciprocal in earned premiums for auto insurance by National Underwriter
.
1942
Fire Insurance Exchange, the third reciprocal insurer, was launched, specializing in home insurance.
1950
Mid-Century Insurance Company became a subsidiary of the Farmers Insurance Exchange. Aside from the insurance coverage provided by the original three exchanges, Mid-Century offered insurance coverage for Inland Marine, robbery, burglary, personal lines, plate glass, selected bonds, and floaters.
Continue Reading…
National health insurance (NHI) – sometimes called statutory health insurance (SHI) – is a legally enforced scheme of health insurance that insures a national population against the costs of health care. It may be administered by the public sector, the private sector, or a combination of both. Funding mechanisms vary with the particular program and country. National or Statutory health insurance does not equate to government-run or government-financed health care, but is usually established by national legislation. In some countries, such as Australia's Medicare system or the UK's National Health Service, contributions to the system are made via general taxation and therefore are not optional even though use of the health scheme it finances is. In practice, of course, most people paying for NHI will join the insurance scheme. Where the NHI scheme involves a choice of multiple insurance funds, the rates of contributions may vary and the person has to choose which insurance fund to belong to. Germany has the world's oldest national social health insurance system,
with origins dating back to Otto von Bismarck's Sickness Insurance Law of 1883.In Britain, the National Insurance Act 1911 included national social health insurance for primary care (not specialist or hospital care), initially for about one third of the population—employed working class wage earners, but not their dependents.This system of health insurance continued in force until the creation of the National Health Service in 1948 which created a universal service, funded out of general taxation rather than on an insurance basis, and providing health services to all legal residents.National healthcare insurance programs differ both in how the money is collected, and in how the services are provided. In countries such as Canada, payment is made by the government directly from tax revenue. The collection is administered by government. In France a similar system of compulsory contributions is made, but the collection is administered by non-profit organisations set up for the purpose. This is known in the United States as single-payer health care. The provision of services may be through either publicly or privately owned health care providers.An alternative funding approach is where countries implement national health insurance by legislation requiring compulsory contributions to competing insurance funds. These funds (which may be run by public bodies, private for-profit companies, or private non-profit companies), must provide a minimum standard of coverage and are not allowed to discriminate between patients by charging different rates according to age, occupation, or previous health status. To protect the interest of both patients and insurance companies, the government establishes an equalization pool to spread risks between the various funds. The government may also contribute to the equalization pool as a form of health care subsidy. This is the model used in the Netherlands.
Other countries are largely funded by contributions by employers and employees to sickness funds. With these programs, funds come from neither the government nor direct private payments. This system operates in countries such as Germany and Belgium. These funds are usually not for profit institutions run solely for the benefit of their members. Usually characterization is a matter of degree: systems are mixes of these three sources of funds (private, employer-employee contributions, and national/sub-national taxes).
In addition to direct medical costs, some national insurance plans also provide compensation for loss of work due to ill-health, or may be part of wider social insurance plans covering things such as pensions, unemployment, occupational retraining, and financial support for students
National schemes have the advantage that the pool or pools tend to be very very large and reflective of the national population. Health care costs, which tend to be high at certain stages in life such as during pregnancy and childbirth and especially in the last few years of life can be paid into the pool over a lifetime and be higher when earnings capacity is greatest to meet costs incurred at times when earnings capacity is low or non existent. This differs from the private insurance schemes that operate in some countries which tend to price insurance year on year according to health risks such as age, family history, previous illnesses, and height/weight ratios. Thus some people tend to have to pay more for their health insurance when they are sick and/or are least able to afford it. These factors are not taken into consideration in NHI schemes. In private schemes in competitive insurance markets, these activities by insurance companies tend to act against the basic principles of insurance which is group solidarity.
Capital One Capital One Financial Corporation is an American bank holding company specializing in credit cards, home loans, auto loans, banking and savings products. When measured in terms of total assets and deposits, Capital One is the eighth-largest bank holding company in the United States. As of 2012, The bank has 963 Capital One Bank Branches ncluding 10 café style locations for their Capital One 360 brand On July 27, 1994, Richmond, Virginia-based Signet Financial Corp announced the spin off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO[12] (Signet Banking Corp is now part of Wells Fargo). Signet renamed the subsidiary Capital One in October of that year.[13] The spinoff was concluded February 28, 1995, making Capital One fully independent. Unlike other diversified financial services firms, Capital One began as a "monoline", meaning the vast majority of its business was in consumer lending, particularly credit cards. Remaining a monoline is risky, as it can be very profitable industry in good times, and markedly unprofitable in bad. Most consumer-lending monolines in the past twenty years have either gone out of business (e.g., The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g., MBNA, Beneficial, First USA); Capital One is notable for having experienced neither.
Capital One Auto Finance
Capital One Auto Financial Corporation is the parent company of Capital One Auto Finance Company, based in Plano, Texas The company includes Summit Acceptance Corporation, which Capital One acquired in July 1998, and PeopleFirst Finance LLC, which was acquired in October 2001. The companies were combined and rebranded as Capital One Auto Finance Corporation in 2003. As of 2012, Capital One Auto Finance is the largest Internet auto lender, as well as one of the top US auto lenders overall.The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.
CapitalOne 360CapitalOne 360 is an online banking division of Capital One. The division originated in a separate company, ING Direct, which was founded in 2000 in Wilmington, Delaware as a brand for a branchless direct bank. In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from the failed virtual bank NetBank.Two months later, ING Direct acquired online stock broker Sharebuilder.Since 2001, Capital One has been the principal sponsor of the college football Florida Citrus Bowl, rebranding it the Capital One Bowl in 2003. It sponsors a mascot challenge every year, announcing the winner on the day of the Capital One Bowl. Capital One is one of the top three sponsors of the NCAA, paying an estimated $35 million annually in exchange for advertising and access to consumer data.wo months later, ING Direct acquired online stock broker Sharebuilder.In June 2011, Capital One Financial Corporation purchased ING Direct USA from its Netherlands based parent, ING Group, paying US$9 billion (€6.3 billion). The sale was completed on June 16, 2011 with the CEO of ING Group at that time Jan Hommen saying the sale "marks a further important step in the restructuring of ING Group. Yet at the same time we are saying goodbye to a very successful business and a dedicated teamFollowing the acquisition, ING direct was rebranded Capital One 360
The Capital One Cup is a multi-sport award given to a school to acknowledge athletic success across all sports. Several sports programs from are pitted against each other, acquiring points throughout the school year based on how individual sports teams finish in national championships. Sports are divided into two groups based on popularity and pool of competition, with Group B scoring three times the amount of points of Group A. There are separate Cups for men's and women's sports.Group A men's sports include Cross Country, Skiing, Rifle, Water Polo, Indoor Track & Field, Wrestling, Fencing, Swimming & Diving, Ice Hockey, Gymnastics, Volleyball, Tennis, and Golf. Group B men's sports include Soccer, Football (FCS), Football (FBS), Basketball, Lacrosse, Outdoor Track & Field, and Baseball.Group Awomen's sports include Field Hockey, Cross Country, Skiing, Rifle, Indoor Track & Field, Swimming & Diving, Ice Hockey, Fencing, Bowling, Gymnastics, Water Polo, Tennis, Golf, Rowing. Group B women's sports include Soccer, Volleyball, Basketball, Lacrosse, Softball, Outdoor Track & Field.As of 2012, the latest figures available in 2015, the US has a total of 4,726 eligible, degree-granting institutions: 3,026 4-year institutions and 1,700 2-year institutions.The US had 21 million students in higher education, roughly 5.7% of the total population. About 13 million of these students were enrolled full-time which was 81,000 students lower than 2010.A US Department of Education of 15,000 high school students in 2002, and again in 2012 at age 27, found that 84% of the 27-year-olds had some college education, but only 34% achieved a bachelor's degree or higher; 79% owe some money for college and 55% owe more than $10,000; college dropouts were three times more likely to be unemployed than those who finished college; 40% spent some time unemployed and 23% were unemployed for six months or more; and 79% earned less than $40,000 per year.
number of private liberal arts colleges and universities offer full need-based financial aid, which means that admitted students will only have to pay as much as their families can afford (based on the university's assessment of their income).This can turn some of the most prestigious institutions into the cheapest options for low-income students.In most cases, the barrier of entry for students who require financial aid is set higher, a practice called need-aware admissions. Universities with exceptionally large endowments may combine need-based financial aid with in which students who require financial aid have equal chances to those who do not. .Financial assistance comes in two primary forms: Grant programs and loan programs. Grant programs consist of money the student receives to pay for higher education that does not need to be paid back, while loan programs consist of money the student receives to pay for higher education that must be paid back. Public higher education institutions (which are partially funded through state government appropriation) and private higher education institutions (which are funded exclusively through tuition and private donations) offer both grant and loan financial assistance programs. Grants to attend public schools are distributed through federal and state governments, as well as through the schools themselves; grants to attend private schools are distributed through the school itself (independent organizations, such as charities or corporations also offer grants that can be applied to both public and private higher education institutions). Loans can be obtained publicly through government sponsored loan programs or privately through independent lending institutions.Merit-based financial awards are money given to a student based on a particular gift, talent, conditional situation, or ability that is worthy of the monetary award, regardless of economic standing. The intent of merit-based financial aid is to encourage and reward students who exhibit these qualities with attendance at a school of higher education through the financial incentive. Not only does merit-based assistance benefit the student, but the benefit is seen as reciprocal for the educational institution itself, as students who exhibit exceptional qualities are able to enhance the development of the school itself.Financial aid has also been found to be linked to increased enrollment. A study conducted by the found that an increased availability of any amount financial aid amounts to increased enrollment rates. Evidence also suggests that access to financial aids also increases both “persistence and competition”. Further benefit has been noted with academic-based scholarships, augmenting the effects of financial aid by incentivizing the scholarship with performance-based requirements.Many companies offer tuition reimbursement plans for their employees, in order to make the benefit package more attractive, to upgrade the skill levels and to increase retention.
In the US a mortgage bank is a state-licensed banking entity that makes mortgage loans directly to The difference between a mortgage banker and a is that the mortgage banker funds loans with its own Generally, a mortgage bank originates a loan and places it on a pre-established until the loan can be sold to an investor, such as The process of selling a loan from the mortgage bank to another investor is referred to as selling the loan on the Mortgage banks frequently use the to sell loans because the funds received pay down their warehouse lines of credit which enables the mortgage bank to continue to lend. A mortgage bank is not regulated as a federal or state bank and does not take deposits from consumers or businesses. A mortgage bank raises some equity which it uses to guarantee the warehouse line and the bulk of the funds are provided by the warehouse lender.A mortgage bank can vary in size. Some mortgage banking companies are nationwide. Some may originate a large loan volume, exceeding that of a nationwide . Many mortgage banks employ specialty servicers for tasks such as repurchase and fraud discovery work.Their two primary sources of revenue are from loan and fees (provided they are a loan servicer). Many mortgage bankers are opting not to service the loans they originate. By selling them shortly after they are closed and funded, they are eligible for earning a service released premium. Theinvestor that buys the loan will earn revenue for the servicing of the loan for each month the loan is kept by the .
Unlike a federally chartered a mortgage bank generally specializes only in making mortgage loans. They do not take deposits from customers. Their funds come primarily from the secondary wholesale market. Examples of the secondary market lenders most known are Fannie Mae, and Freddie Mac.A company desiring to enter the mortgage business often chooses to be a mortgage banker vs. a mortgage broker primarily to earn . Mortgage bankers risk their own capital to fund loans and therefore do not have to disclose the price at which they sell mortgage to another company. Mortgage brokers, on the other hand, earning the same yield spread premium disclose the additional fee to the consumer because the yield spread premium becomes an additional fee earned and therefore discloseable under federal and state law.A mortgage bank generally operates under the different banking laws applicable to each state they do business in.
Mortgage bankers can be very competitive in mortgage lending as they specialize in only lending, and do not have to factor in subsidizing any losses in other departments, such as traditional banking. At the same time they often do not have the same access to low cost adjustable rate mortgages which are typically associated with federal banks and access to federal money.A mortgage broker works as a conduit between the buyer and the lender, the loan officer typically works directly for the lender. Most states require the mortgage broker to be licensed. States regulate lending practice and licensing, but the rules vary. Most have a license for those who wish to be a "Broker Associate", a "Brokerage Business", and a "Direct Lender".A mortgage broker is normally registered with the state, and personally liable (punishable by revocation or prison) for fraud for the life of a loan. A loan officer works under the umbrella license of their current institution, typically a bank or direct lender. Both positions have legal, moral, and professional responsibilities as well as liabilities to prevent fraud and fully disclose loan terms to both consumer and lender. Additionally, agents of mortgage brokers may refer to themselves as "loan officers".Mortgage brokers must also be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS). The purpose of the Nationwide Mortgage Licensing System is to improve and enhance mortgage industry supervision, create better communication from state to state, and to create consistency in licensing requirements and automate the licensing process to the greatest degree possible. Loan officers that work for a depository institution are required to be registered with the NMLS, but not licensed.Typically, a mortgage broker will make more money per loan than a loan officer, but a loan officer can utilize the referral network available from the lending institution to sell more loans. There are mortgage brokers and loan officers at all levels of experience.
