Amica Mutual Insurance Company

  • Overview

Amica Mutual Insurance Company will amicably serve your insurance needs. The oldest mutual automobile insurance company in the US, the company now provides a variety of personal insurance products, including auto, home, and life policies, as well as marine and excess liability coverage. Amica sells its policies directly to customers through some 40 offices throughout the US. The multi-line insurance company, in its current incarnation, was formed in 1973 when Automobile Mutual Insurance Company of America combined with Factory Mutual Liability Insurance Company of America.

Geographic Reach

Authorized to do business in every US state except Hawaii, the company has 40 offices in 28 states.

Operations

Property/casualty coverage is Amica's strong suit, and it offers coverage ranging from renter's insurance to marine insurance on yachts. Its life insurance and annuity offerings include long-term care and life settlement products. The company has some 1.4 million policies in place and holds assets of $4.5 billion.

Amica Mutual underwrites most of the property/casualty policies, with its Amica Property and Casualty Insurance and Amica Lloyd's of Texas unit handling policies in New Jersey and Texas, respectively. Life insurance is issued through the Amica Life Insurance Company subsidiary. The company also has two insurance brokerage subsidiaries: Amica General Agency, which serves specialty customers across the US, and Amica General Insurance Agency of California, which serves states in the West.

Sales and Marketing

Amica uses radio and internet advertising, as well as direct mail and social media campaigns, to market its products.

Financial Performance

Amica's revenues increased by 6% to $1.6 billion in 2102 thanks to a 6% growth in net premiums written. In 2012 its life insurance in force amounted to about $31 billion (7.4% up on 2011). Additionally, new life insurance business issued in 2012 totaled $2.9 billion (49% up on the prior year).

Net income increased in 2012 by 15% to $71 million as the result of higher revenues, a revised pricing structure prices, lower expenses, and improved loss results. This was partially offset by lower investment and other income as a result of a drop in net investment income (including real estate income).

Strategy

Amica is focusing on expanding its portfolio of insurance products, with an emphasis on growing its life insurance business.

The company has successfully expanded its policy sales volumes through marketing initiatives and technology enhancements in recent years. For example, Amica has upgraded its phone systems, implemented an electronic claims filing system, and launched a new website. It is also opening new regional offices to enhance customer service.

To cut costs and provide better customer service, in 2014 the company chose Semafone's secure payments technology to handle payments taken over the telephone. The new payments system will be implemented across Amicas 40 US branches and customer call centers, giving 1,500 customer service representatives the ability to process secure telephone payments through the Semafone system.

Company Background

The company traces its roots back to 1907 (when fire coverage was a car owner's most important need due to the danger of exploding gas tanks). Amica was founded in Providence by A. T. Vigneron.

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Amica Mutual Insurance Company


100 Amica Way
Lincoln, RI 02865-1156
Phone: 1 (800) 992-6422
www.amica.com

STATS


  • Employer Type: Private Mutual Company
  • Chairman, President, and CEO: Robert DiMuccio
  • CFO: James Loring
  • VP and CIO: Peter Moreau

Major Office Locations

  • Lincoln, RI
  • Providence, RI