Electric Insurance Company
Electric Insurance Company started to operate in 1927 to answer the growing needs of GE employees’ for insurance coverage. Since then, it became a subsidiary of the said company and has been operating smoothly until today. It started its name under EMLICO and launched its first headquarters in Massachusetts.
The original plan of Electric Insurance is to provide insurance coverage for GE employees only but a radical change in the 1960’s took place and the company started to evolve into a more functional insurance company. During that time, they began insuring homes, automobiles, and even offered health insurance to GE employees. The program became so successful that the need to expand the coverage to all GE employees in the country became imminent.
Between 1970’s and 1980’s, the expansion continued at a regular pace and only skyrocketed when Electric Insurance offered its insurance policies through the internet, extending auto and life insurance policies during the 90’s. To date, it is estimated that the company’s net worth is about $1.5 billion and has $450 million worth of written insurance policies. Although General Insurance is still the major insurer of GE employees, it is now possible for anybody to become one of their policyholders. Their services now include renters and condo insurance, homeowners, auto and life insurance, as well as personal umbrella policies.
General Insurance is also known for its “one call does it all” process that actually helps the client in buying policies, as well as filing changes and claims in one quick and easy way. Over the years, they have built this reputation and have been tagged as one of the most reactive insurance firms ever existed. Additionally, discounts are being offered to companies that offer Electric’s services to their own employees, which has proven to be the main cause of Electrics’ huge market success.
It has been a long way for General Insurance to provide these superior services to General Electrics’ employees. But time and time again, they have always kept close to their ideals. Currently, besides the United States, General Insurance is also operating in Canada and the United Kingdom as well.