Elephant Insurance is a property and casualty insurance business based in Richmond and Virginia that sells directly to consumers. One of the very esteemed Fortune 500 insurance companies which were established in Northfield Township, Illinois, near Northbrook is the Allstate Corporation. The Elephant insurance was established in the year 2009, which is a lot later than the Allstate insurance which was then established in the year 1931.
Elephant Insurance vs Allstate Insurance
The difference between Elephant and Allstate Insurance is that Allstate insurance is a far bigger company than Elephant Insurance which has many unique insurances. The reason being that Allstate insurance has been in this business for a long time and hence it has established a dominant reputation. The revenue of elephant insurance is 1,305 Million USD whereas Allstate insurance’s revenue is 44.6 Billion USD.
Elephant insurance has expertise in automobile insurances whereas Allstate insurance deals with all types of insurances. With Elephant Insurance, Customers in the United States can purchase auto, house, motorcycle, and life insurance from it. It is a fully owned subsidiary of Admiral Group plc. A UK-based insurance business that is part of the FTSE 100 index. Elephant offers services in six states in the United States: Virginia, Maryland, Illinois, Texas, Indiana, and Tennessee.
There is no doubt that Allstate is one of the nation’s leading vehicle insurers. Its current ad campaign, which has been running since 2004, asks, “Are you in good hands?”. A suburban-styled home was held securely in a pair of purportedly huge human hands in earlier advertisements.
Comparison Table Between Elephant Insurance and Allstate Insurance
|Parameters of Comparison||Elephant Insurance||Allstate Insurance|
|CEO||Alberto Giuseppe Schiavon||Thomas J. Wilson|
|Types of insurance available||Automobile, House, Renter’s insurance, Umbrella insurance, Life insurance||Auto, Home, Life, Motorcycle, Renters, Boat, Landlord, Condo, Off-road vehicle, roadside, identity, Business Insurance Retirement, Investment products|
|Estimated annual revenue||36.3 Million USD||49.1 Billion USD|
|Number of employees||1000+||42,000+|
|Sector||Fintech||Property & Casualty Insurance|
What is Elephant Insurance?
Elephant Insurance is a direct insurer that focuses on the needs of its customers. The elephant is one of the largest insurers in the United Kingdom, with operations in eight countries and over 6 million customers worldwide.
Elephant may not appear to be the most obvious name for an insurance business, but it works very well. They believe that the characteristics of an elephant are a perfect match for how they do business and approach insurance. Elephants are large, powerful creatures that are built to last. They are gentle, compassionate, and protective of their herd at the same time.
Elephant Insurance tries to provide a flexible and adaptive work environment. They want to maintain our start-up mindset, which is supported by Admiral Group. Their workers work hard to create and implement new technology, processes, and procedures so that they may better serve our consumers around the country. Elephant may not be a US-based company, but they are trying their best to compete for their way in to establish dominance in a foreign land.
Elephant Insurance was created by Andrew Rose, who is also the President and CEO of Compare.com, as an American subsidiary of Admiral Group plc. Admiral Group is a UK-based direct-to-consumer insurance company. Elephant took this business concept to the United States. Elephant’s workforce has grown significantly since 2009, from 43 workers at the end of 2009 to over 600 employees at the end of December 2017.
What is Allstate Insurance?
Allstate is one of the major property-casualty insurers in the United States. Although personal vehicle insurance accounts for the majority of earnings, the firm also sells homes insurance and other insurance products. Life insurance accounts for roughly 10% of total revenue. In North America, over 10,000 business agencies mostly sell Allstate products.
Davis W. Ellis, a sales officer for Allstate Insurance Company, coined the slogan “You’re in excellent hands” in the 1950s, based on a similar statement he used to comfort his wife about a doctor caring for their kid. Since 1950, it has been the slogan. Allstate also went by the moniker “Good Hands People”. Ed Reimers, Allstate’s spokesperson, was featured in television, print, and radio advertisements in the 1960s and 1970s. The cupped-hand gesture was frequently seen on Reimers. He was the spokesman for the organisation for 22 years.
The Allstate tagline “You’re in good hands” was voted as the most identifiable in America in a survey conducted by Northwestern University’s Medill Graduate Department of Integrated Marketing Communications in 2000. Allstate spent a significant amount of time to dedicate their publicity which very well paid them off.
Theodore Conterio created the first hand’s logo for Allstate in the 1950s. Employees were instructed that whoever created the greatest logo would get $50. Theodore Conterio received the $50 award for his design, which was based on the tagline “You’re In Good Hands.”
Main Differences Between Elephant Insurance and Allstate Insurance
1. Elephant insurance is a rising company with a good reputation among the citizens of America, while Allstate insurance is a lot older company.
2. Elephant insurance provides limited services, while Allstate provides a wide scale of services.
3. Elephant insurance is a subsidiary under the Admiral Group, whereas Allstate insurance is a company in itself.
4. Elephant insurance provides services only in certain parts of the USA, whereas Allstate, as the name suggests, provides services in all the 50 states of America.
5. Elephant insurance comes under the Admiral Group making the company British while operating in America, whereas Allstate Insurance is an American company.
Even though both the companies provide automobile as well as life insurances, Elephant claims to prove that they are more dedicated towards their auto-insurance sector. However, Allstate being a very old and dominant company in this area, they have an impression of being an all-rounder in the insurance department.
Elephant deals with millions of dollars in a year, but in comparison to Allstate, it’s negligible since Allstate deals at a far higher level than Elephant. Being an older company in the property sector they have grown their wealth to billions. Elephants insurance is focused on their prime sector which suits them pretty well.
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