Key Facts About American Family Insurance:
1. History:
Founded by Herman Wittwer in 1927 as Farmers Mutual Automobile Insurance Company. Initially served farmers who had fewer risks of accidents than city drivers. Renamed to American Family Mutual Insurance Company in 1963 to reflect its expanded customer base.
2. Products and Services:
Auto Insurance:
AmFam offers an assortment of auto insurance policies, with typical coverage like liability, collision, and comprehensive, as well as optional add-ons like roadside assistance and rental reimbursement.
Homeowners Insurance:
Covers property damage, liability, and additional living expenses. The company also offers elective coverages such as identity theft protection and equipment breakdown.
Life Insurance:
This program specifically provides:
· a. term life
· b. whole life
· c. universal life insurance policies
Renters Insurance:
Protects personal belongings and liability for those who rent homes or apartments.
Commercial Insurance:
Offers a range of products for small businesses, including property, liability, and workers' compensation insurance.
Health Insurance:
Limited offerings, often in partnership with other providers.
3. Technology and Innovation:
Invests in technology to improve customer service, including mobile apps and online account management. Has a division called American Family Ventures, which invests in innovative startups related to insurance and financial technology.
4. Corporate Structure:
Mutual Company: As a mutual company, American Family Insurance is owned by its policyholders, not by shareholders. Profits are often reinvested into the company or returned to policyholders in the form of dividends. Subsidiaries: Includes companies like The General Insurance, Homesite Insurance, and CONNECT, powered by American Family Insurance.
5. Community Involvement:
Known for its strong commitment to community involvement and corporate responsibility. Supports various charitable causes through the American Family Insurance Dreams Foundation. Actively promotes sustainability and diversity initiatives.
6. Financial Strength:
Consistently receives strong ratings from major credit rating agencies, reflecting its financial stability and ability to pay claims. In 2023, it ranked 254 on the Fortune 500 list.
Conclusion
American Family Insurance is recognized for its customer service, comprehensive coverage options, and commitment to innovation and community service. The company has evolved significantly over the years but continues to focus on protecting the dreams and assets of its policyholders.
