It might be the insurance provider that best meets your needs if you are seeking a company that is not only sizable enough to be financially secure but also receives high marks for the quality of its customer care. It is one of the most venerable names in the history of vehicle insurance in the United States. A. T. Vigneron was the one who initiated the company's creation in 1907. He founded the company with the idea of penning insurance policies for selected risks and providing lower prices for vehicle insurance.

Information Relating to Trade

Amica Insurance is a mutual insurance company, which means that its customers are also its owners. Policyholder-owned firms are not publicly listed, so they are not required to pay dividend to shareholders. Nevertheless, certain policyholder-owned companies may pay dividend to policyholders, depending on the state of their finances for the previous year.

Financial Stability

Comparing a firm's historical financial performance with its debt ratio accurately determines the degree to which that company is financially stable. On the balance sheet, you'll find a statistic referred to as the debt ratio. This ratio compares the company's assets to its obligations and is calculated by dividing the whole amount of liabilities by the total assets. Amica has a debt ratio of 2.13 for the fiscal year 2020. Suppose a company has a debt ratio of 1 or higher.

In that case, it is generally considered to be in a more precarious financial position and more likely to be unable to pay its obligations. In addition, the company has been in operation since 1907, which is sufficient time to survive several economic downturns, natural catastrophes, and other occurrences that have the potential to impact enterprises.

Recognition & Honors Received

Insurance rating groups such as A.M. Best and J.D. Power & Associates have provided positive feedback on Amica Mutual Insurance Company's business practices. The consistent achievement of high rankings year after year demonstrates that the company's primary competitive advantage is in the quality of the service it provides to customers. In fact, for the last seven years running, J.D. Power & Associates has evaluated this company as having the greatest overall customer satisfaction.

The company has been given an "A+" grade for its financial stability by A.M. Best, a credit rating company that works with insurance companies (Superior). In addition, Ward's Top 50 named the company as one of the top 50 for the years 2006 through 2012. Insure.com recognized Amica with its People's Choice Award in 2012, and Forbes included the company on its list of the Best Mid-Size Employers for 2019 and 2021.

Policy Administration

Amica does not engage in the direct sale of insurance products via insurance agents. Rather, clients may purchase a policy by calling, emailing, or going to a local office in person. This removes the need for middlemen, which results in further cost savings. Over 3,000 individuals are employed by the company, which has offices in forty localities. They have put in a lot of effort to ensure that their claims management and billing systems are up to date with the most recent technology, which enables them to provide better service to their clients.

History

Amica was one of the early automotive insurance suppliers in the United States. The company was established in 1907 and had its headquarters in Lincoln, Rhode Island. As the business evolved and became more successful, it began to provide a wider variety of insurance policies. In 1956, the company began selling homeowner's insurance; in 1970, it began selling personal liability insurance; and in 1973, it began selling life insurance.

According to Amica's website, assets exceed $5.7 billion. It also has more than a 1.5million active policies. The company's mission statement states that the clients are always first. This demonstrates its commitment to providing exceptional customer service. Amica's reputation for customer service excellence gives it a competitive edge in the insurance industry.

Details about Who to Contact

You may visit Amica website to get a quotation or learn more about Amica Mutual Insurance Company's products. The company's website offers both contact information and a location finder for its many locations.