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 ).

Here’s a look at the new flow:

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.