Commerce insurance is an American company that provides personal insurance, property insurance, and quality insurance in Massachusetts and the new hemisphere. The core product of the company lies in personal automobiles, homeowners, and commercial auto insurance. From its modest beginnings, the company has grown to become the largest provider of private passenger automobile insurance. In addition, based on the current information company is a leading provider of homeowners insurance and scent leading writer of commercial automobile insurance in Massachusetts.
Background of company
- 1 Background of company
- 2 Important highlights of the company
- 3 Operations of Commerce insurance
- 4 Financial performance
- 5 Strategy of the company
- 6 Services at Commerce insurance
- 7 Employee benefits at Commerce insurance
- 8 Conclusion
Before the mortgage lending crisis, the company also operated the real estate and commercial lending subsidiary Bay Finance. However, on the outcome of the crisis, Finance stopped writing new mortgage loans in 2008.
The commerce company founded in 1972 was acquired by Spanish insurer MAPFRE in 2008 to expand into the U.S. Following the acquisition, the company’s name changed to MAPFRE U.S.A in early 2010.
Important highlights of the company
When it comes to auto insurance, MAPFRE U.S.A is seen all over the map. This property, Casualty Company operates via several regional units. Its flagships are among the largest personal and auto homeowners insurers in Massachusetts because of its affinity marketing programs. Its commerce west and American Commerce subsidiaries sell auto insurance in 14 states while its MAPFRE insurance company of New York writes private auto insurance in New York. MAPFRE U.S Company sells via the network of independent agents and some brokers.
Operations of Commerce insurance
The company markets its products in the US via 5,750 agents and brokers. In 2012 company held a 39 % share of the motor insurance market in Massachusetts and a 12 % share of the home insurance market.
The company growth improved well of non-life -insurance sales in 2012 up to 4.3 % mainly due to higher business prices for individuals and businesses.
Strategy of the company
The company has expanded in the United States via acquisitions and launching new products. In 2013, it launched GO MAPFRE, which is a new mobile application for customers in Massachusetts. In 2012, the company introduced its drive advisor program which provides discounts on personal auto premiums for customers.
Parent MAPFRE has operations in 40 countries and serves customers in 16 US states. To boost risks business and expand its US operations, in 2012 MAPFRE acquired a US-based century automotive service, which specializes in the sale of warranty products of cars.
Services at Commerce insurance
It offers a wide range of insurance solutions to safeguard both your financial security and the security of family members if any disability or death occurs.
It is an excellent way to help protect and secure your family’s financial future. It can also be used to maximize pension when you get to retire. The amount and type of life insurance depend on the goals and your financial situation.
Here is the list of a range of life insurance products
- Term life insurance
It is the least expensive way that protects for a selected period, up to 30 years, along with premiums guaranteed to maintain during the entire selected period. There is also an option to convert your policy to a permanent plan if the situation changes or you can change your policy at any time.
- Universal life insurance
It allows you to adjust premiums and also offers the options of increasing or decreasing death benefits as our desires change.
- Whole life insurance
It protects your entire life at a fixed premium. In addition, it creates guaranteed cash value and may pay policy dividends.
- Multi-Benefit insurance
It is a single premium life insurance policy that delivers tax-advantaged benefits to both insured and their hires. It consists of
- Withdrawals that are used for long-term care expenses are tax-free.
- Tax-free death benefits for beneficiaries
- 100 % principal guaranteed with access to the principal
- Death benefits create tax-free value to heirs
- No ongoing premiums
- Cash value grows and transfers to heirs tax-free
- Long term insurance
It can provide financial reimbursement or payment of expenses that are not covered by Medicare or health insurance. It incites the individuals and family members when an injury is not in a position to live independently and needs help performing normal activities of life. Benefits can also be available for services received at home, assisted living, and nursing conditions. Long term insurance covers the following ranges
- Accidental injury
- Chronic illness
- Normal fragility and dependence that comes with growing age
- Disability insurance
Disability insurance provides financial protection for you and your family members by paying a desirable portion of your income while you have a period of disability, it can also help you to maintain your standard of living and help pay your bills. This type of insurance can be used in the following cases
Employee benefits at Commerce insurance
The four components of benefits include: Physical well-being, emotional well-being, financial well-being, and career development. These benefits have several sub-categories and you can access them below.
Physical well being
- Chronic illness, accident, and hospital indemnity insurance
- Paid medical leave
- Programs for healthy living\
- Healthy return tools
- Long term care insurance
- Dental and vision health plans
Emotional well being
- Work premium membership
- Commerce in community initiatives
- Employee assistance program
- Organized and flexible work schedules
- Paid holidays
- Vacation purchase program
- Sick and personal time off
Financial well being
- Long term disability
- Medical leave
- Adoption assistance
- Health saving accounts
- Dependent life insurance
- Base salary
- Retirement resources
- Perk discounts on goods services
- Mentorship opportunities
- Leadership development programs
- Education assistance
- Tuition discounts
- Job shadowing opportunities
Commerce insurance has become the symbol of trust and station for serving people. Therefore, it is highly aimed at providing property and casualty insurance to their customers ensuring trust and full support of their family members. Further, this company has the motto of home insurance, security holding to their customers. So, this is the best time to trust commerce insurance and become the part.