Travelers Insurance Company Review
When you are trying to choose the right insurance company and find the best value on an insurance policy, you are looking for a company that can take care of all your needs, provide the service you need, and one that has the financial security to be around when you need it. With Travelers Insurance, you are getting the experience of an insurance company that has been in business for over 150 years with the capability to provide coverage for a broad range of insurance products.
As the second largest property and casualty insurer in the United States, Travelers Insurance was founded by J.G. Baterson with its original focus on insuring travelers who were using trains and steamboats to travel around the country. This was considered very risky and not something many insurance companies wanted to insure. Since that time, the company expanded to offer many personal and business insurance products both domestically and abroad. In fact, the company exited its original travel insurance business in 1993. The remnants of the original travel insurance company is now called Travel Insured International. Travelers is a leader in the insurance industry with such innovations as writing the first auto policy, writing space travel policies and providing a hybrid car insurance discount to auto policyholders.
Travelers Insurance is a publicly-traded company with the NYSE under the symbol TRV. The company has over 30,000 employees with operations in the U.S., Canada, United Kingdom, Ireland, and Brazil. The company headquarters is in New York City with other operating offices located in St. Paul, Minnesota and Hartford, Connecticut. Jay S. Fishman is the operating CEO. Traveler's annual revenue is over $28.9 billion with operating income as of 2012 at an estimated $2.73 billion. It is ranked at 106 on the Fortune 500 U.S. largest company list as of 2018.
The famous umbrella company logo was first introduced in 1870 and has remained as the company logo through various transitions and mergers. As a note of interest, Paul Freeman has appeared in several Travelers television commercials beginning in 2008 which featured the famous red umbrella.
Financial Results/Market Size
According to the National Association of Insurance Commissioners (NAIC) 2018 Market Share Reports, Travelers Insurance is ranked as the 6th top Property and Casualty Insurance Company with $26,244,172 in direct premiums written and a 3.85 percent market share. Those company's ranking higher and Travelers top competitors are State Farm, Berkshire Hathaway Group (GEICO), Liberty Mutual, Progressive and Allstate.
You can buy a Travelers insurance policy from one of more than 13,000 independent insurance agents who represent the company or you can choose to receive your insurance quote online. Travelers Insurance offers insurance for individuals, businesses and special risks including:
- Business Owner’s Policy
- Commercial Auto
- Workers Compensation
Special Risk Insurance
- Boiler & Machinery
- Environmental Liability Insurance
- Excess Casualty
- Global Products
- Indian Nations
- Inland Marine
- National Property
- Ocean Marine
Traveler’s Mobile App
Traveler’s Insurance has a mobile app available. The app is only available on the App Store for iOS devices. Policy holders can use the app to schedule payments, check claim status, report a claim, obtain policy documents and review coverage options. Through the app, you also have the ability to request roadside assistance.
Financial Strength & Customer Service Ratings
The financial strength ratings of Travelers Insurance show that is a financially sound insurance carrier that you can trust to be around for many years to come. A.M. Best rates all of the Travelers insurance companies with an “A” or above rating. Fitch rates the company as “AA”, Moody’s as “Aa2” and Standard & Poor’s rating is “AA.”
In a customer satisfaction survey by Insure.com, Travelers Insurance customers ranked the company with an overall 73.58 percent customer satisfaction rating. Seventy-four percent of Travelers’ policyholders plan to renew their insurance coverage with the company.
Travelers Insurance has an “A” rating with the Better Business Bureau. Over a three-year time span, there were a total of 418 closed complaints with the majority of complaints in problems with products, services, and billing/collections issues.
- Excellent Financial Strength Rating
- Multiple policy lines available through same company
- Large network of local insurance agents across the county
- Mobile tools application for claims and policy services
- Informative and user-friendly website
- Not all coverage options are available in all states
- Some customer complaints reported with billing/collection and customer service issues
Company Contact Information
To find out more about the insurance products available with Travelers Insurance, to receive a quote or find a local agent, you can visit the Travelers Insurance Website or call (888) 695-4625. You can also email Travelers’ customer service with any questions you have.
Naic.org. (2019). 2018 Market Share Reports for Property/Casualty Groups and Companies By State and Countrywide. [online] Available at: https://naic.org/prod_serv/MSR-PB-19.pdf [Accessed 29 Sep. 2019].