GEICO picks up new small business insurance partners
It is widely known that small business shoppers visiting the GEICO site and indicating interest in obtaining a small business insurance quote were redirected to Hiscox for many years.
Here is a reminder of the message that was shown to potential customers during that customer journey:
According to Similarweb, GEICO is the leading source of referral traffic to Hiscox – sending 75.3K visits in the last 12 months, which represents 62% of Hiscox’s referral traffic. But as the saying goes, all good things come to an end.
Nowadays, GEICO’s new small business flow includes a rating platform that presents quotes from multiple carriers including Hiscox, Liberty Mutual and Homesite. Additionally, GEICO displays the following fine print:
“The information you provide will be shared with selected insurance companies to obtain a policy. If GEICO is unable to match you with one of our trusted partners, you may opt to be referred to Commercial Insurance Center (“CIC”), to help find a commercial insurance solution for your business. Your information will not be shared with CIC without your consent.” (CIC is another name for Bold Penguin ).
It’s worth paying attention to the different binding options of the three carriers presented.
Bottom Line: Coverager’s impression based, on several conversations, is that GEICO is preparing to introduce a small business insurance product using its own paper sometime next year. This is particularly interesting given what Berkshire Hathaway has done in the space with THREE and biBERK .
With this move, GEICO will be following in the footsteps of USAA , which is offering small business insurance as of last year. But for now, GEICO is opting to offer choice and choosing its brand above else.