History, financial strength, & Superior Service…
Fortune 500 company
Erie Insurance is currently ranked #323 on the FORTUNE 500 list of companies.
Founded in 1925
Erie has a 90 year history of being above all in Service! Erie is older than Nationwide, Geico, Allstate, and many other major companies. Many new insurance companies have formed over the past few years – only a select few have the history & longevity of Erie. Erie’s founder – H.O Hirt had a founding principal – “To provide policyholders with as near perfect protection, as is humanly possible, and to do so at the lowest possible cost.”
Local Presence
Erie agents, claims adjusters, and company personnel live & work in our community. They understand our area and the unique issues associated with it. When you need help we will be there! Erie’s property adjusters don’t handle your claim from a call center hundreds of miles away – they are ready to be at home to help you in person! There is no substitute for “hands on” personal service and Erie Insurance delivers this promise each and every day.
Wards Top 50
Erie was recognized as a “Wards Top 50” Group of top performing insurance companies, which analyzes the financial performance of 3,000 property & casualty companies and recognizes the top performers for achieving outstanding results in safety, consistency, and financial performance over a five-year period. Erie has achieved this elite status 7 years in a row & 17 times overall.
Financial Strength
Erie Insurance has earned an “A” (Excellent) rating or better from AM Best each year since 1938.
Superior service
Erie is consistently one of the top ranked companies for claims satisfaction & overall customer service. One reason for this is that Erie uses their own, local, experienced claims adjusters throughout their territory. Many other insurance companies try to cut costs by using “independent adjusters” to settle their claims. Erie recognizes that in the event of a loss it is best for the policyholder to be working with a local, experienced adjuster – one who works directly for Erie Insurance and who will not be “here today, gone tomorrow.”
Regional Company
The benefit of a regional company is simple – when natural disasters and other weather related incidents hit other parts of the country – Erie’s exposure is much less than many competitors. By comparison, many of Erie’s competitors get hit with massive losses in parts of the country that Erie does not operate in. Erie’s policyholders do not have to subsidize losses that the company sustains in other (higher risk) states. This is just one of the many ways that Erie can keep their rates low!
25% Promise to Policyholders
Erie contractually guarantees to its policyholders that it will limit its operating expenses to 25% of the premium it collects. The other 75% is set aside to pay claims as they occur. Unlike other companies that spend massive amounts of policyholder money on advertising – Erie historically has not spent policyholder money to advertise. Instead, Erie let’s their superior service do their advertising.
Erie’s Customers Stay with ERIE
Erie Insurance has one of the highest customer retention rates in the insurance industry. From year to year 90% of Erie’s policyholders decide to stay with Erie. The industry average for customer retention is about 80%. Once policyholders experience Erie’s exceptional service they remain with Erie year after year.
“Steady as she goes” Pricing Philosophy
For 90 years Erie’s pricing philosophy has been modeled after the sailboat on the calm open water – “steady as she goes.” While all insurance companies raise premiums from time to time, Erie takes extreme caution when doing so. Erie does not shock its policyholders with massive premium hikes. While other companies take unprecedented premium increases, Erie always holds true to its “steady as she goes” pricing philosophy.