Insurance is an agreement that bounds the insurer and the insured enter into a legal agreement. The agreement promises to the insured person that on the happening of any contingency, the insurer will make good the losses.
The agreement is known as an insurance policy. This policy tends to protect us from financial losses and this is known as risk management.
Elephant Insurance vs GEICO
The difference between Elephant insurance and GEICO lies in its services offered and target audience. The insurance contract binds the insurer to pay to the insured in exchange for the payment done by the insured as the initial payment known as the premium amount. To deal with insurance policies the two companies are well known for disrupting the market with their differentiation strategies.
Want to save this article for later? Click the heart in the bottom right corner to save to your own articles box!
The Elephant insurance company came up with online services for vehicles and drivers coverage. The website offered 24/7 services to its consumers and solved their grievances as soon as possible.
The company is all set to offer every service that its audience needs. The company has its services in limited regions of the U.S.
While GEICO entered with a niche target of government and military employees understanding the market need and then slowly expanding its consumer base along with introducing an app with a virtual assistant which can assist the consumer when in need.
GEICO has its services offered to cover the majority or whole of the U.S.
|Parameters of Comparison||Elephant insurance||GEICO|
|Target audience||Generic||U.S. government and military employees|
|Agents||No agents||Exclusive agents|
|Presence||Limited areas of the U.S.||All over the U.S.|
What is Elephant Insurance?
Established in 2009, Elephant Insurance entered the market as the new player in the field of competitors. The company differentiates itself by not only the name but also with the online services offered. Rather than using traditional independent or storefronts, it sells policies directly to consumers.
The company’s website tells that this insurer’s name is meant to symbolize the traits that Elephant Insurance is known for. This symbol describes certain attributes of the company that it is being big, strong, kind, and caring.
Elephant insurance has its availability limited in the United States. Its policies are only available in Illinois, Indiana, Maryland, Ohio, Tennessee, and Texas.
Online tools can be used to add or remove vehicles and drivers, change coverage amounts, or make other adjustments to their policies and information through the Elephant website 24 hours a day, seven days a week.
It also offers a quote tool on their website, which allows users to get a rate estimate by entering some basic information about them and their vehicle. The company also has company representatives who are available either by telephone or through live chat through the company website.
It additionally offers limits for packaging accident protection with mortgage holders, tenants, or different approaches, alongside a multi-vehicle rebate for people or families with more than one vehicle.
Notwithstanding auto and cruiser protection, Elephant offers emergency aides inclusion, with administrations, for example, towing, a kick-off, lock-out assistance, crisis fuel, and help with a punctured tire.
Past the domain of vehicles, Elephant composes approaches for property holders, leaseholders, and apartment suite proprietors. It likewise offers disaster protection and umbrella inclusion.
What is GEICO?
GEICO stands for Government Employees Insurance Company. The name has its own story. While when the company began, the founder Leo Goodwin firstly decided to keep U.S. government employees and military personnel as its target audience.
Today, the company has expanded its consumer base, by offering service to a wide range of customers.
The company was introduced in the year 1936 and since then it has offered its services to the U.S. military with the most affordable insurance options, as they believe that the troops offer an important service to our country.
The company offers them special discount programs and service options. Thus it partners with various institutions like federal, state, and local agencies, it doesn’t stop here it also partners with private, non-profit groups to deliver the message of driving safely.
GEICO’S most popular service is Private passenger auto insurance.
Apart from this it also provides various other services like a motorcycle, ATV, life insurance, boat insurance, jewelry insurance, renters, business owners, mobile home insurance; personal umbrella protection, general liability insurance, flood insurance; overseas insurance, commercial auto insurance, collector car insurance, professional liability insurance, identity protection, homeowners.
The company has its mobile app. The app was created to offer valuable service to the consumer with easy access to their insurance information. It also offers immediate access to, roadside assistance, a virtual assistant, and digital ID cards.
The company says that it never sells its products through any brokers or agencies. It has its exclusive local agents for GEICO and partner companies. These local agents are individuals who go into different businesses to represent the company.
Main Differences Between Elephant Insurance and GEICO
- GEICO was established in 1936 while elephant insurance came into the market quite late by 2009.
- The target audience for GEICO at first was U.S. government and military employees. While Elephant insurance did not have any specific target audience like GEICO.
- Elephant insurance disrupted the insurance market with its online services.
- GEICO has its app offering various services.
- GEICO has its exclusive local agents with the specific objective of generating leads.
- Elephant insurance has its presence over limited areas of the U.S. while GEICO has its presences all over the U.S.
I’ve put so much effort writing this blog post to provide value to you. It’ll be very helpful for me, if you consider sharing it on social media or with your friends/family. SHARING IS ♥️
Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.