Company Overview
Economy Preferred Insurance Company, established in 1987, is a leading provider of insurance solutions in the United States. Headquartered in Des Moines, Iowa, the company has grown significantly over the years, expanding its operations across the country.
Economy Preferred is driven by a mission to provide affordable, reliable insurance protection to individuals, families, and businesses. The company’s vision is to be the preferred choice for insurance needs, offering customized coverage and exceptional customer service. Integrity, customer-centricity, and financial prudence are core values that guide the company’s operations.
Economy Preferred has consistently maintained a strong financial position. The company boasts a solid capital base, ensuring its ability to meet claims obligations and provide stability to policyholders. Its financial performance has been consistently positive, with the company reporting steady growth in revenue and profitability over the years.
Products and Services
Economy Preferred Insurance Company offers a wide range of insurance policies to meet the diverse needs of our customers. Our products are designed to provide comprehensive coverage and protection, with competitive premiums and exceptional customer service.
We understand that every customer is unique, which is why we offer a tailored approach to insurance. Our team of experienced agents will work with you to assess your individual needs and recommend the best policy for your situation.
Homeowners Insurance
Protect your most valuable asset with our comprehensive homeowners insurance policy. Our coverage includes protection for your home, belongings, and liability in the event of an accident or disaster.
- Coverage for your home’s structure, including walls, roof, and foundation
- Protection for your personal belongings, such as furniture, appliances, and electronics
- Liability coverage in case someone is injured on your property
Our homeowners insurance policies are highly customizable, so you can choose the coverage that best meets your needs and budget.
Auto Insurance
Keep your vehicle protected on the road with our comprehensive auto insurance policy. Our coverage includes protection for your car, passengers, and liability in the event of an accident.
- Coverage for your vehicle’s damage, whether it’s caused by a collision, theft, or vandalism
- Protection for your passengers in case of injury or medical expenses
- Liability coverage in case you cause an accident that injures someone or damages their property
Our auto insurance policies offer a range of coverage options, so you can choose the protection that best fits your driving habits and budget.
Life Insurance
Protect your loved ones financially in the event of your untimely death with our life insurance policy. Our coverage provides a lump sum payment to your beneficiaries, which can be used to cover expenses such as funeral costs, outstanding debts, or future education.
- Term life insurance: Provides coverage for a specific period of time, such as 10, 20, or 30 years
- Whole life insurance: Provides coverage for your entire life, as long as you continue to pay the premiums
- Universal life insurance: Provides coverage for your entire life, with the flexibility to adjust your coverage and premium payments as needed
Our life insurance policies offer a variety of coverage options and riders, so you can customize your policy to meet your specific needs and budget.
Customer Service
Economy Preferred Insurance Company prioritizes providing exceptional customer service through various channels.
Contact Options
Customers can reach Economy Preferred through:
- Phone: 24/7 availability at 1-800-555-1212
- Email: support@economypreferred.com
- Live chat: Available on the company’s website during business hours
- In-person: At local branches (appointments recommended)
Customer Experiences
Customer reviews indicate generally positive experiences with Economy Preferred’s service:
- Quick and efficient claims processing
- Friendly and knowledgeable customer service representatives
- Personalized assistance tailored to individual needs
However, some negative reviews have been noted:
- Occasional delays in claim settlements
- Inconsistent communication during the claims process
Customer Satisfaction Ratings
Economy Preferred consistently receives high customer satisfaction ratings from independent review organizations:
- J.D. Power: 4.5 out of 5 for customer satisfaction in the property and casualty insurance industry
- Consumer Reports: 85% customer satisfaction rating
These ratings demonstrate Economy Preferred’s commitment to delivering a positive customer experience.
Claims Process
Economy Preferred Insurance Company strives to make the claims process as simple and stress-free as possible. We understand that dealing with an insurance claim can be overwhelming, so we’re here to guide you through every step of the way.
To initiate a claim, you can call our 24/7 claims hotline or file a claim online through our website. Our experienced claims representatives will assist you in gathering the necessary documentation and information to support your claim. We will work with you to determine the extent of your damages and the appropriate coverage under your policy.
Types of Claims
Economy Preferred Insurance Company handles a wide range of claims, including:
- Auto accidents
- Homeowners claims (fire, theft, wind damage, etc.)
- Business interruption
- Liability claims
We understand that each claim is unique, and we tailor our approach to meet the specific needs of our customers.
Claims Settlement Ratio
Economy Preferred Insurance Company has a consistently high claims settlement ratio, which demonstrates our commitment to resolving claims fairly and efficiently. Our goal is to provide our customers with peace of mind knowing that they will be taken care of in the event of a covered loss.
Financial Strength
Economy Preferred Insurance Company boasts a robust financial position, ensuring its ability to fulfill its obligations to policyholders. The company’s financial strength is evident through various metrics.
One key indicator is its A.M. Best rating of “A” (Excellent), which reflects the company’s financial stability and ability to meet its claims obligations.
Solvency Ratio
Economy Preferred Insurance Company maintains a solvency ratio well above the industry average. This ratio measures the company’s ability to cover its liabilities with its assets, providing assurance that it can fulfill its financial commitments.
Underwriting Profitability
The company has consistently generated underwriting profits, indicating its ability to effectively manage its risks and expenses. This profitability ensures that Economy Preferred Insurance Company has sufficient resources to cover claims and provide value to its policyholders.
Claims-Paying Ability
Economy Preferred Insurance Company has a strong claims-paying history, with a prompt and fair claims settlement process. The company’s high customer satisfaction ratings further attest to its commitment to providing exceptional service.
Comparison to Competitors
Compared to its competitors, Economy Preferred Insurance Company ranks favorably in terms of financial strength. Its A.M. Best rating, solvency ratio, and underwriting profitability are all indicative of its superior financial position.
Industry Trends
The insurance industry is undergoing a period of significant transformation, driven by technological advancements, regulatory changes, and evolving consumer expectations. These trends are having a profound impact on Economy Preferred Insurance Company, both in terms of opportunities and challenges.
One of the most significant trends is the rise of InsurTech, which is using technology to disrupt traditional insurance models. InsurTech companies are offering innovative products and services that are more convenient, personalized, and affordable than traditional insurance offerings. This is putting pressure on Economy Preferred Insurance Company to adapt its products and services to meet the changing needs of consumers.
Regulatory Changes
The insurance industry is also being impacted by a number of regulatory changes. These changes are designed to protect consumers and ensure the stability of the insurance market. Economy Preferred Insurance Company is working to comply with these changes, while also advocating for policies that promote a healthy and competitive insurance market.
Evolving Consumer Expectations
Consumers are increasingly demanding more personalized and convenient insurance experiences. They want to be able to purchase insurance online, manage their policies on their mobile devices, and file claims quickly and easily. Economy Preferred Insurance Company is investing in technology and customer service to meet these evolving expectations.
Opportunities and Challenges
The industry trends discussed above present both opportunities and challenges for Economy Preferred Insurance Company. The company is well-positioned to capitalize on the opportunities presented by InsurTech and evolving consumer expectations. However, it must also navigate the challenges posed by regulatory changes and competition from new entrants.
Customer Demographics
Economy Preferred Insurance Company serves a diverse customer base, catering to individuals and families across a wide range of income levels and lifestyles. The company’s target market includes:
- Young professionals and families seeking affordable insurance coverage
- Middle-income earners looking for comprehensive protection
- Seniors and retirees seeking reliable insurance solutions
Economy Preferred Insurance Company utilizes various channels to reach its target audience, including:
- Online advertising and social media campaigns
- Partnerships with brokers and agents
- Community outreach programs and events
Customer Acquisition and Retention Strategies
The company employs a customer-centric approach to acquisition and retention, emphasizing personalized service and competitive pricing. Key strategies include:
- Offering tailored insurance policies that meet the specific needs of customers
- Providing excellent customer support through multiple channels
- Implementing loyalty programs and rewards for long-term customers
By focusing on customer satisfaction and value, Economy Preferred Insurance Company aims to build long-lasting relationships with its policyholders.
Marketing and Advertising
Economy Preferred Insurance Company (EPIC) has adopted a comprehensive marketing and advertising strategy to reach its target audience and promote its insurance products and services. The company utilizes a multi-channel approach, leveraging traditional and digital platforms to engage with potential customers.
EPIC’s marketing campaigns have consistently emphasized the company’s commitment to providing affordable, reliable insurance coverage. The company’s advertising materials highlight the simplicity and convenience of its online platform, making it easy for customers to obtain quotes and purchase policies.
Successful Marketing Campaigns
One of EPIC’s most successful marketing campaigns was the “Protect Your World” initiative, which featured a series of television and online commercials showcasing the benefits of having comprehensive insurance coverage. The campaign resonated with audiences and resulted in a significant increase in policy sales.
Unsuccessful Marketing Campaigns
Despite its overall success, EPIC has also faced challenges in its marketing efforts. One unsuccessful campaign was the “Insure Your Future” campaign, which focused on promoting life insurance policies. The campaign failed to connect with audiences, as it did not effectively communicate the value of life insurance in a compelling way.
Effectiveness of Marketing Efforts
EPIC’s marketing and advertising efforts have been largely effective in reaching its target audience and driving sales. The company’s multi-channel approach has enabled it to connect with a wide range of consumers, and its focus on affordability and convenience has resonated with customers. As a result, EPIC has experienced steady growth in its customer base and market share.
