POCATELLO — An insurance company headquartered in Pocatello has been ranked among the best in Idaho.
Forbes and the market research firm Statista recently compiled a list of the “Best Insurance Companies in Each State.” And they ranked Farm Bureau Mutual Insurance Company of Idaho No. 1 in the state when it comes to homeowners insurance.
“We are proud of this recognition because it reflects the outstanding work and commitment to customer service that our agents and employees have,” Todd Argall, executive vice president and CEO of Farm Bureau Mutual Insurance Company of Idaho, wrote in an email response to the East Idaho Business Journal. “We have knowledgeable and experienced team members and they make the difference.”
Forbes and Statista focused their study, which included a survey of 20,000 U.S. customers, on five products: auto, homeowners, renters, term life and permanent life insurance.
“Our survey factored customers’ overall recommendation, general satisfaction as well as five subdimensions such as financial advice, customer service, pay-to-performance ratios, transparency and damage/benefit ratios,” according to forbes.com. “To provide a comprehensive assessment of insurers on a state-by-state basis, we were able to award 1-to-5 insurance companies in all U.S. states for up to 5 insurance products.”
Insurers had to score at least 70 on a scale of 0 to 100 to make the list.
“Because many insurers operate in multiple states, just 93 firms made our list, or about 1.5 percent of providers nationwide,” according to www.forbes.com. “In total, our ranking includes 772 awards throughout all products and states.”
More information about the study is available at bit.ly/2Zcrfwn.
Farm Bureau Mutual Insurance Company of Idaho is the largest insurance company entirely based in Idaho, according to its website. It was founded in 1947 by a group of ranchers and farmers and based on the belief that neighbors should help neighbors.
“Because of this, Farm Bureau Insurance has built a customer-centered culture that has helped us grow stronger through decades of change,” according to idahofarmbureauinsurance.com.
Argall says local adjusters handle claims in-house, which simplifies and streamlines the process.
“The biggest difference between Farm Bureau Mutual Insurance Company of Idaho and our competitors is our local presence throughout Idaho and the great service that our agents and employees provide to our customers,” Argall wrote. “We are 100 percent committed to Idaho and supporting the growth of this beautiful state.”
The company currently has 140 agents — 46 in East Idaho — and plans to hire more as it continues to grow. It serves about 90,000 customers.
Farm Bureau Mutual Insurance Company of Idaho offers personal, farm and ranch, and commercial insurance products.
“We are the top writer of farm and ranch insurance in Idaho based on market share reports,” Argall wrote. “We are in the No. 2 spot overall in the state for premium written.”
Argall says they also have a finance company that offers personal loans for customers who want to finance vehicles and properties, and their agents work with business partners to provide life and health insurance among other products.
“The company is strong financially with over $550 million in assets,” Argall wrote. “We had a successful 2020, despite the impact of COVID-19, and are positioned for an exciting future. Our focus is on ‘Protecting what Matters’ most for the wonderful families, farms and businesses in Idaho.”