State Farm CEO Exits After 30 Years At The Top

Edward Rust Jr. is stepping down as CEO of State Farm Insurance after 30 years leading the nation’s largest home and auto insurer. Another company veteran and alum of Illinois Wesleyan University, Chief Operating Officer Michael Tipsord, will succeed Rust in September, State Farm announced today. Rust, 65, will continue to chair State Farm’s board.…

Consumers Put the Brakes on Auto Insurance Shopping

Following steady gains from 2009 to 2012, the auto insurance market has reached a plateau as consumers are curbing their insurance shopping, according to the new TransUnion Auto Insurance Shopping Index. “This tells us that despite the fact internet usage continues to rise, consumers are not fundamentally changing how they shop for auto insurance,” says Mark…

Price Optimization: What It Is & What It Isn’t

Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation…