By The Arbella Insurance Group today announced that it has been recognized in Best's Review magazine's 2014 Innovation Showcase. The Innovation Showcase, appearing in the January 2014 issue, honors sixteen insurance companies worldwide for unique and creative solutions to industry challenges. Arbella was featured for the development of its Carpartment product, which bundles discounted auto insurance with a renter's policy, and targets the millennial demographic--those aged 18 to 30.
Carpartment acts as an insurance "starter package" for young adults, bundling affordable renter's insurance with the auto policies consumers are more familiar with. Customers recognize the need for auto insurance, but many are not aware that their landlord's policy will not cover damage to their possessions in the event of a disaster. Research shows that only 30 percent of apartment dwellers have renter's insurance. Bundling discounted auto insurance with a renter's policy makes it convenient for young people to tack on additional coverage that they did not realize they needed until it was offered to them. In Carpartment's first two quarters, Arbella's renter's insurance new business counts were 166 percent over the previous year's numbers, and 88 percent of those policies came with auto policies as well.
"Carpartment is innovative because it targets a demographic that has been largely left out of the insurance conversation, but one with a lot of spending power and a lot to lose if they are not covered," said John Donohue, chairman, president and CEO of the Arbella Insurance Group, and chairman and president of the Arbella Insurance Foundation. "We are very proud that Carpartment was selected for this year's Showcase, and we're proud to be recognized for our commitment to innovative products that better serve our customers' needs."
Best Review's Innovation Showcase is an annual forum for recognizing forward thinking among insurance organizations. A panel of insurance industry experts assessed the relative merits of more than 40 submissions. Companies from North America, Germany, China and India participated.
In reviewing Carpartment, Dianne Batistoni, partner at EisnerAmper LLC, said it was commendable because "it targets the often under- or un-insured millennial generation, creates awareness of an insurance need, offers a coverage to meet that need at a reasonable cost and markets it in a way that appeals to younger generations, especially via social media."
In addition to the product itself, Carpartment was launched alongside a multi-faceted ad campaign created by Boston advertising agency Full Contact.
To read more about Carpartment and the other featured companies, visit www.BestReview.com. Though typically restricted to subscribers, the January digital edition will be available to all readers.
About the Arbella Insurance Group and the Arbella Insurance Foundation
Established in 1988, the Arbella Insurance Group (www.arbella.com) is a company with more than $600M in revenue with approximately $1B in assets, headquartered in Quincy, Massachusetts. Arbella is a customer-focused regional property and casualty insurance company, providing personal and business insurance in Massachusetts and Connecticut, and business insurance in Rhode Island and New Hampshire. Arbella Insurance Group founded the Arbella Insurance Foundation in 2004. The mission of Arbella's Foundation is to engage in activities and to support not-for-profit organizations that have a significant positive impact on the people and communities served by Arbella.
About Best's Review Magazine
Best's Review is published by the A.M. Best Co. for insurance professionals, including home office executives, agents and brokers. Founded in 1899, A.M. Best Co. is the world's oldest and most authoritative insurance rating and information source.
Greenough Communications
Christine Williamson, 617-275-6528
cwilliamson@greenough.biz
