Category Archives: Smart Ideas

Claiming Both Car Insurance Spectrum

 

With internet making everything a hundred times easier and more accessible, people taken to shopping online, renting movies and even purchasing things as important as car insurance online as well. As stated in an article found in the Boston Globe, Plymouth Rock offers customers on both ends of the buying spectrum the opportunity to buy and manage car insurance online as well as speak to an agent in person. In Massachusetts tangible agents still run two thirds of the of the market. Even largely known online companies such as Geico and Progressive have entered the agent centered insurance game. An internet survey done in 2014, nearly 60% of car insurance was bought through an agent either in person or over the phone. Plymouth Rock’s strategy seems to be a good move seeing as it is still widely custom for agents to get most of the business while offering online services includes the rest of the population who would rather sit at a computer than in an office.
James Stone, founder and CEO of the Boston based business has spent the majority of his life dealing with insurance world and studying economics. After obtaining his bachelor’s degree in 1969 from Harvard University, he continued on to obtain his PhD from Harvard in 1973. Before earning his higher degree his undergraduate work and papers on the economy won him two separate awards.

After leaving Harvard as a student in 1973 he was appointed as an economics lecturer and also consulted part time for the insurance industry. By 1975 he was appointed by the governor to be Insurance Commissioner for the commonwealth of Massachusetts. He continued his career in government insurance and quickly became chairman of the United States Commodity Future Tradings Commission in 1979. In 1983 he finished his time in Washington and returned to Boston where he would start his company, Plymouth Rock. Stone has been working in the insurance world for decades. It comes as no surprise that his company would be one of the first to meld agents and online insurance together to help suit his customers needs.