Comparison of Insurance Company Websites - Research Paper Example

Comparison of Insurance Company Websites Business expansion? Comprehensive coverage? Home improvements? These are some questions that insurance companies would love to hear from its customers. No businesses in the country exist without support from insurance companies, thus making them some of the biggest companies in the world. With the enormous competition at present, these companies need to be aggressive in their approach and competently advertise their products. This paper reviews three insurance company websites, two in the U.S. and another in Germany. The review compares the three companies in terms of their offerings, web design and usability. The three insurance companies reviewed in this paper are namely, AIG, Allianz and American Family Insurance. AIG and Allianz are both well-established in fact they hold the fourth and third places in the world, respectively. Meanwhile, American Family is a fast-growing insurance company established in 1927. Allianz originates in Germany while the other two are American companies. Expectedly, these three companies maintain websites for promotions and other customer concerns. As insurance companies, the three are expected to have something in common: all offer insurance coverage for individuals and businesses. Nevertheless, American Family makes a big difference in terms of its products and services. Table 1 presents a summary of what the three companies offer. The three insurance providers have some products in common including auto, health, life, and home/property insurance. At first glance, one can determine that American Family has more coverage than the two other companies, especially in terms of individual products. Likewise, the other two share the same range of benefits except for educational package, which only AIG offers. Products American Family Insurance AIG Allianz Accident and Health Yes Yes Yes Annuities Yes Yes Yes Life Yes Yes Yes Mutual Fund No Yes No Travel Yes Yes Yes Education No Yes No Individual Retirement Yes Yes Yes Home Yes No Yes Real Estate Yes Yes Yes Business Yes Yes Yes Auto Yes Yes Yes Motorcycle Yes Yes Yes Snowmobile Yes No No Mobile Home Yes No No Motor Home Yes No No Condo Yes No Yes Farm and Ranch Yes Yes Yes Flood Yes No No Boat Yes No No ATV Yes No No Bundled Packages Yes No No Table 1. Insurance Products of the Three Companies Insurance for vehicles have become a common trend, hence the three companies present coverage of such on their websites. Auto insurance usually covers new automobiles, and such is the case with the three companies. All boast of a wide coverage but AIG limits itself to luxury cars. Meanwhile, the two other companies offer almost the same products and services, including coverage of motor vehicles. Both of them have repair and towing services 24 hours a day, under even the most difficult weather conditions. Notably, American Family includes accessory programs to their usual coverage such as the Teen Safe Driver, Auto Rental Reimbursement and discounts to services. It is good to see that the two websites enumerate their programs and services but Allianz has a better way of presenting these products. Instead of just mentioning the features of the products, Allianz narrates case management strategies related to auto insurance. For instance, it tells the story of how a mother and son were trapped on a ditch while heading to another city for the boy’s entrance test. Allianz coverage saved them as the company contacted a towing service nearby and provided a service for the clients. Later, it was reported that the mother thanked Allianz for having saved them that day and his son’s future. Another deciding factor for individuals who want auto insurance is the variety of vehicles an insurance company covers. In particular, American Family is the only one of the three that offers insurance for motorboats, snowmobiles, trucks, ATVs and motor homes/campers. The company’s coverage includes emergency roadside service. Also, the insurance coverage for the said vehicles differs. For example, snowmobile coverage is tailored to the needs of the customer. They can opt to avail of the medical assistance alone or the comprehensive coverage. The three insurance companies all feature health and medical coverage. With AIG, customers can avail of the minimum coverage online. This means that customers do not have to complete a physical exam to be covered. Allianz also has this feature but theirs take much harder to register. However, among the three, only Allianz boasts of international coverage but members can only avail of health coverage in countries where Allianz is present. Their website also provides a list of accredited care providers and a guarantee that they can be reached 24/7. Allianz gives recognition to customer service representatives who render commendable assistance to customers. Meanwhile, American Family website does not seem to make healthcare a priority with its very simple page layout and minimal features under health products. Life insurance is another usual product of insurance companies. This could mean pension gained over years of savings and maturity, funeral products and services. The same features can be found in AIG, with its life and retirement plans. However, Allianz makes a big difference in this regard as it offers assistance during old age. In the event of accident, the company offers its members assistance to personal needs such as home cleaning, meal service, laundry, shopping, transportation to care facilities, etc. These kinds of assistance cannot be found in the two other companies, thus making Allianz no. 1 in terms of life and retirement products. As for home products, the two companies (Allianz and American Family) offer insurance on household facilities for protection against bankruptcy in the event of theft, fire, and other force majeure. In contrast, AIG offers home loan only. Between the two, only Allianz offers a very comprehensive product that includes home services. Customers can either avail of the repair service or claim insurance for services done to their home. Moreover, Allianz concerns itself low carbon dioxide emission, thus offers companies to avail of green building construction and green property update. Likewise, home owners who are concerned with the environment can avail of this product. As their websites reveal, the three insurance companies offer a wide range of products and services. American Family have the most number of products while AIG has the least. Nevertheless, Allianz has the best services for its customers worldwide due to its comprehensive coverage of their customers’ needs. In particular, Allianz is commendable for its case management strategies. The website helps illustrate to customers how they would benefit from the company’s products and services. From reading the contents of the site, visitors will be truly amazed by the great benefits Allianz provides. No wonder, it is currently the third insurance company worldwide (“Top Ten Insurance Companies in the World 2014” 2014). Meanwhile, with its promising insurance products for the family, American Family could also be on the frontier in the next years to come. References Families. (2015). Retrieved from https://www.allianz.com/en/products_solutions/private_insurance/families.html For individuals. (2015). Retrieved from http://www.aig.com/individuals_3171_411333.html Insurance products. (2015). Retrieved from http://www.amfam.com/products/home/homeowners-insurance.asp Top ten insurance companies in the world 2014. (2014). Retrieved from http://www.mbaskool.com/fun-corner/top-brand-lists/9823-top-10-insurance-companies-in-the-world-2014.html?start=7 Read More