‘Prime’ is a term that has hit headlines in the United States. In accordance with an article by Boston Globe, Plymouth Rock Assurance Company has launched the insurance tool that attempts to give a chance to all the consumers in Massachusetts to manage their vehicle’s insurance covers online and still keep in touch with the agents. It has twisted every other thing in the insurance industry, which has been trying to keep up with the changing marketplaces. The agents have dominated it for quite a long time but options for the technology experts are making entries. Quoting the Company’s President, the Company is trying to evolve with the evolving market. According to him, the Company is not trying to push the customers into making false choices.
The state of Massachusetts has a total of one thousand six hundred insurance agents which up to sell now their vehicle coverage. These agent companies are in command of two out of three of the market, but this share has decreased by about ten percent. Prior to Massachusetts deregulating the insurance industry, above two hundred agents have closed their businesses since the year 2007. This created a gap in the industry that has given companies like Progressive and Geico insurance corporations a green light to enter the market. Insurance comparison sites like San Francisco start-up and CoverHound.com have also positioned themselves to take up the duties of these insurance agents, for instance, acting as the link between the insurance companies and the consumers.
The entry of these companies has left the independent agents with no option but testing Prime; even though some feel that the insurer will at last do away with the agencies. Plymouth, however, has countered this by arguing that they are not interested in abandoning the agents, but they are trying to help them to adapt to a new technology.
The Plymouth Rock Company was founded by James M. Stone, who is still its Chairman and the Chief Executive Officer. Prior to coming up with the company, he was the SRB, Corporation chairman. He was also tasked with the Board of Directors chairmanship in Management Health Sciences Corporation. He is a Ph.D. in Economics holder from Harvard University.