Today Comparably looks at the company cultures of five major U.S. companies from the Insurance Industry: Allstate, Geico, Liberty Mutual, Nationwide, and Statefarm. We’ll be looking past market shares and product innovation to focus on how employees of each of the companies feel about working where they do, in order to offer some useful advice for those looking to find a place in the industry. To accomplish this, we’ll take advantage of our employee-submitted anonymous reviews for each company. What kind of insurance benefits do you get when you work for an insurance company? Read on and find out…
OVERALL CULTURE
First to win today, in the category of Overall Culture, is Liberty Mutual. They beat runner-up Nationwide by just one percentage point. The other three companies – Geico, Allstate, and Statefarm – also registered good scores around the B range.
Allstate: “My overall experience has been absolutely wonderful for 10 years on and off as a dedicated employee. They always like to take me back if and when I need it and are very accomodating if I need to work a second job.”
Geico: “I love working for the company. You have the opportunity for a flexible schedule that works for you to have a positive work-life balance with all the benefits of working for a corporate business.”
Liberty Mutual: “They include everyone in everything. Not one point are you out of the loop on anything important.”
Nationwide: “People are very friendly and helpful throughout the company. I feel I can reach out to other departments and they will answer my questions or concerns or help me be in contact with the correct people. Great work environment.”
Statefarm: “Quantity vs quality is not working, especially with being understaffed more than ever. Get rid of the metrics, constant policing of employees, and ridiculous attendance and point system along with other mentioned changes and morale would change and shift the culture back to one in which people want to come to work.”
CEO & LEADERSHIP
Nationwide takes little gold trophy number two, in the CEO category. Their CEO, Stephen Rasmussen, beat out Allstate’s Thomas Wilson, Geico’s Tony Nicely, and Liberty Mutual’s David Long by just a few points each. In last place by a rather large margin is Statefarm’s Michael Tipsord, who has much room to improve.
Allstate: “Thomas Wilson should be more concerned with employees.”
Geico: “The CEO gives a great ‘American Dream’ story of moving from the mailroom all the way up. However, the culture has changed and doesn’t care about experience – they value education.”
Liberty Mutual: “The leadership team is open and transparent with regards to changes and our company’s direction.”
Nationwide: “Leadership knows all of their staff by name. You are not just a number. They walk through the call center and talk to us, ask how we are doing & if we need anything. They actually care & show it.”
Statefarm: “Michael Tipsord has no concern for employees. His leadership has resulted in poor business results including poor customer service results and poor operating results. He does not tolerate honest feedback.”
COMPENSATION
A second with a rare A+ for Liberty Mutual in the Compensation category, which measures how employees feel about their salary packages. Geico and Nationwide were fast runners-up but StateFarm and Allstate both seem in danger of turning off new hires with less-than-stellar pay.
Allstate: “It is an insurance company and they do not provide insurance for their employees.”
Geico: “They pay their employees more than enough.”
Liberty Mutual: “Raises and bonuses yearly based on company and personal performance. Also company match for 401k.”
Nationwide: “The variable compensation plan needs to be more realistic and attainable (a stretch objective is fine) but there should be recognition for strategic organizational changes in the sales leader objective. Also 401K matching should be more robust, at least a 5 or 6% match at 100%.”
Statefarm: “We need higher pay. This is the number one insurance company but they pay less than competitors.”
PERKS & BENEFITS
Another win for Liberty in the Perks & Benefits category. Let it be known that employees do not seem to highly rate the insurance packages offered by the insurance companies they work for. Geico turned in a respectable score good enough for second place, but our other three challengers have less to be happy about.
Allstate: “Paid holiday and 10% off on insurance.”
Geico: “Profit sharing bonus ranges from 18-21% of previous year’s salary. In addition, you start off with almost a month’s worth of paid time off within a year (between sick time, vacation time, and floating holidays).”
Liberty Mutual: “Dental, health, vision. Tuition reimbursement. Discounts for prescription and gym and discounts on other places such as the movies. Occasional lunch in the office every now and then.”
Nationwide: “We are matched in retirement savings, there are programs to get money to help pay towards your health insurance premiums, you get money put in to your HSA account, there is tuition reimbursement.”
Statefarm: “Expensive health plan with high deductible. Life insurance. Short term disability that only pays part of your pay. Long term disability you pay.”
DIVERSITY
Solid B’s across the board, save for lagger Statefarm. The winners for Diversity are Liberty Mutual and Nationwide, both tying with a score of 71. But Geico and Allstate also have enough diversity among the staff to win approval from their employees.
Allstate: “They need to not be so prejudiced and to be more communicative and treat people like human beings.”
Geico: “They are very diverse.”
Liberty Mutual: “We have a very diverse company.”
Nationwide: “Much diversity throughout the company and departments.”
Statefarm: “They claim to have diversity but it’s not really there, they want everyone to act and work all the same.”
OUTLOOK
Allstate: “They are aware of the day-to-day challenges of their employees, and are fully committed to the dramatic level of change necessary for our long-term success.”
Geico: “Homeowners sales is growing immensely fast and are also having difficulties because the management staff cannot agree on being executioners or innovators.”
Liberty Mutual: “Liberty Mutual is an International Company that understands the needs of the future, from a technical standpoint and are focused on that as their goal while being competitive and profitable.”
Nationwide: “Even a rough day here is a good day!”
Statefarm: “They will lose a lot of business if they keep running the way they are. Everything is a call center environment and customers don’t want that!”
With another victory in the Outlook category, Liberty Mutual Insurance takes the top prize with five trophy wins. Second place goes to Nationwide with two. Our other three competitors need to take a little more direct care of their employees if they want to see high approval ratings in a U.S. workplace increasingly turning towards offering substantial benefits and an active culture to their workers.
