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American private mutual company From Wikipedia, the free encyclopedia
American Family Insurance, also abbreviated as AmFam, is an American private mutual company that focuses on property, casualty, and auto insurance, and also offers commercial insurance, life, health, and homeowners coverage as well as investment and retirement-planning products. It is a Fortune 500 company and its revenues were over $9.5 billion in 2017.[3][4]
Company type | Mutual |
---|---|
Industry | Insurance and finance |
Founded | 1927 |
Headquarters | Madison, Wisconsin, U.S. |
Key people | Bill Westrate (Chairman, CEO)[1] |
Products | Insurance (Auto, home, life, health, commercial) |
Revenue | $12.2 billion USD (2019)[2][3] |
$455 million USD (2019)[3] | |
Total assets | $31.1 billion USD (2019)[3] |
Number of employees | 13,500 [4] (2022) |
Website | www |
This article contains content that is written like an advertisement. (April 2023) |
American Family Insurance was founded on October 3, 1927,[5] when insurance salesman Herman Wittwer opened the doors of Farmers Mutual Insurance Company (not to be confused with the Farmers Insurance Group) in Madison, Wisconsin. At the time, the company's product was auto insurance and its target market was farmers. Wittwer's ideologies believed that farmers presented lower risks than city drivers because they drove less often and not at all in the winter. [citation needed]
Over the course of a few years, Farmers Mutual expanded its market and product line to meet the changing needs of its customers. In 1963, Farmers Mutual changed its name to American Family Mutual Insurance Company to reflect its broader customer base.[6] In March, 1995, American Family settled a redlining lawsuit, resulting in a $14.5 million payout to victims.[7] The settlement was negotiated by the US Department of Justice and marked the first use of the federal Fair Housing Act of 1968 to counter discrimination in insurance; at the time it was the most costly insurance-company settlement ever for discrimination charges.[8] In 2017, AmFam launched an ongoing campaigned called DreamFearlessly. AmFam's company ambassador's use this as a hashtag on social media to help promote this campaign. The campaign encouraged consumers to express how they "dream fearlessly" for initiatives e.g. social justice, getting women into tech, Economic Empowerment. Kathy Ireland and her team were brought on early to help as with ambassador work.[9] Blake Van Leer a close supporter of the Society of Women Engineers helped manage this campaign from its launch.[10][11][12]
Companies of the American Family Insurance Group include:
American Family insurance products include term, universal, and whole life insurance; personal and business auto insurance; personal umbrella insurance; home insurance; motorcycle, boat, motor home, snowmobile, and car insurance; business liability key policy and business policy package insurance; farm and ranch liability insurance; and travel, trip cancellation, and global medical insurance.[19]
The company also offers a reward system for their insureds titled "Dreamkeep Rewards", which provides small to large rewards for completing various online tasks.[20]
The American Family Insurance Group is based in Madison, Wisconsin, and as of 2011 has four regional corporate headquarters in Minnetonka/Eden Prairie, Minnesota; Saint Joseph, Missouri; Denver, Colorado; and Columbus, Ohio.
Below is a list of milestones in the corporate history of American Family Mutual Insurance.
In 2010, National Safety Council selected American Family Insurance as a recipient of its Teen Driving Safety Leadership Award. Through its “Teen Safe Driver Program,” the company has provided, a video feedback program (using the DriveCam system) in which parents can watch the driving actions of their teens. The program was validated by scientists at the University of Iowa to produce a 70% reduction in risky driving behavior.[25] In 2015, American Family was recognized as the most LGBT-friendly insurance company by Out Magazine because of its discounts targeted at same-sex couples.[6]
American Family Insurance has an ambassador program with the stated mission to "inspire, protect and restore dreams".[26] Notable ambassadors include:
On March 4, 2003, American Family Insurance announced a $10 million gift launching the campaign to create the American Family Children's Hospital[37] at the University of Wisconsin Hospital and Clinics. From the initial gift, the amount grew by several millions more through employee, agent, and additional corporate donations. The hospital opened for business in September 2007.[38][39][40]
In 2007, and again in 2008, employees donated close to $1 million to United Way.[41][42]
In April 2020, the company estimates the refunds to reflect $225 million in liquidity, contributing to the $200 million gain on personal insurance holders' premiums. American Family Insurance provides an additional COVID-19 pandemic mitigation premium of 10% on car policies.[43]
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