Assurant Overview

Assurant Overview

Assurant, Inc., is an American insurance company with over 125 years of solid experience in the insurance industry. The sole mission of Assurant, Inc., is to be a hub of refuge for its clients while striving to help protect and safeguard what matters most to them, mitigate loss during hard times and help people and business return to their feet as quickly as possible after perilous encounters. The Fortune 500 company deals with risk management of products and services and serves over 300 million customers globally. Assurant, Inc., operates majorly in two market segments: Global Lifestyle and Global Housing while providing niche market-based insurance products and a myriad set of specialities in such areas as casualty insurance, property protection, extensive device protection, mobile life-circle management, connected living, multifamily housing, financial services, lender-placed insurance, flood protection, manufactured housing, and other pre-need insurance services. However, in this piece, you will be shown all the relevant information needed for you to garner about the Fortune 500 company to enable you to have a broader knowledge about the company. Therefore, it would be worthwhile to keep an eye on the following outlined keywords, as this will act as a guide to this entire article, picking and addressing every keyword one after another for easy and seamless understanding.

Key Facts About Assurant Inc.

Customer Strength: Over 300 Million Active Customers Worldwide

Year in Industry: 130 Years of Industrial Experience

Trading: Trading on New York Stock Exchange (NYSE) Market

Efficiency Ranking: A Fortune 500 Firm

Customers Review Rating: 4.7 out of 5star of over 4Million Customers Review

Assurant, Inc. History

Formerly known as Fortis, Inc.,  Assurant Inc., was founded in 1892 with its headquarters based in New York, United States. Assurant’s historical journey began with LaCrosse Mutual Aid Association when it started offering insurance services to people with disability. The company was named, Lacrosse and was later changed to Time Insurance Company.

In the year 1978, the quest to lay Assurant’s foundation began. Time Insurance Company was bought by a Netherlands-based Dutch company under the name, N.V. AMEV of the Netherlands. The acquisition marked N.V. AMEV’s first U.S. acquisition. N.V. AMEV primarily deals with the sale of individual health insurance plans as well as small group insurance plans.

In 1990, the real growth of Assurant began to materialize: Fortis, Inc., which was Assurant’s predecessor, was established through the amalgamation of the AMEV/VSB of the Netherlands and AG. The merger was according to research the financial sector’s first cross-border European merger. Fortis operation deals with speciality insurance services like providing pre-funded funeral insurance to customers, and availing investment products to businesses and people within the United States.

In 1995, Assurant witnessed a drastic expansion, extending beyond the shore of the United States to Europe while spreading its tentacles in such major countries in Europe as Germany, France, Italy, Spain, and the United Kingdom.

In 2002, the Assurant expansion continues as it expands to Latin America. The company established its presence in such Latin countries as Brazil, Chile, Mexico, Argentina, Colombia, and Puerto Rico.

In the year 2004, the company goes public as it entered the public market, and began its trading on the  New York Stock Exchange (NYSE) market with the ticker symbol AIZ.

In the year 2008, Assurant continues its expansion and extends its market presence to Asia. The Fortune 500 company established its presence in countries such as Japan, China, and South Korea.

In the year 2011, Assurant Inc., bought SureDeposit, and the purchase led to the expansion of Assurant Inc.’s multifamily products and services, offering low-cost and affordable payment alternatives to a security deposit.

In 2015, the company created a new vision, and as such, Assurant Inc., restrategized its business niche to focus keenly on the lifestyle and housing market. Consequently, due to the restructuring Assurant Inc., announced the closure of its legacy health venture as well as the sale of its employee benefit venture. 

By the year 2018, Assurant Inc. has expanded globally. In that year, the company bought The Warranty Group, a move which led to its drastic expansion in its extended service contract, vehicle protection as well as financial service businesses. The expansion spans 21 major countries in the world. The acquisition also marked the largest acquisition in the history of the company.

Mode of Operation/ Modus-Operandi

As earlier mentioned in the introductory part of this piece, Assurant, Inc., operate majorly in two market niches which are: Global Housing and Global Lifestyle. Hence, this section will briefly address the two niches in the succeeding lines.

Global Housing: Assurant, Inc.’s Global Housing market offers and avails customers of lender-placed insurance, mortgage services, and multifamily housing.

Global Lifestyle: The company’s Global Lifestyle market offers and provides protection services for mobile devices and extended service insurance plans for vehicle protection, consumer electronics and appliances, credits, and other insurance services.

Assurant Inc., Product and Service Offerings

Mobile Lifecycle Management

Connected Living

Vehicle Protection Services

Multifamily Housing

Manufactured Housing

Financial Services

Lender-Placed Insurance

Flood Protection

Assurant Inc., Financial Overview

Revenue: 10.19 Billion USD

Operating Income: 783 Million USD

Net Income 1.37 Million USD

Total Assets 33.19 Billion USD

Total Equity: 5.59 Billion USD

Assurant Inc. Pros

Assurant Inc. in its entirety offers a lot of benefits that are not only limited to its customers, owners, and employees alone but by extension, its immediate communities and the entire world at large. However, this section will outline the company’s major benefits to all its major stakeholders which include its customers, employees, communities, and owners.

Highly Rated: Assurant Inc. is rated 4.7 out of 5 stars by customers commenting they feel good about Assurant Inc.’s products and services.

Financially Strong: With long-shot sustainability in business without liquidating, Assurant Inc. has proven to be a Rockefella company with a rock-solid financial strength

Adequate and Long-shot of Industrial Experience: The company’s industrial experience and lengthy years of existence are one of the strengths the company leveraged to build itself a world-class brand whilst delivering its services.

Industry Expert: Assurant Inc. is an expert in the industry and as such, customers could rely on it completely for it knows what’s now and what’s in the field of business.

Social Support and Sustainability Development: Assurant Inc., actively supports and strengthens sustainability by striving to enhance its approach to innovative products, and talent, and improving its impact on its global climate. Additionally, Assurant Inc.’s philosophy is based on developing innovative and talent-driven products that help people flourish in across the world. In its entirety, Assurant Inc. operates in such ways that help mitigate and reduce its carbon footprint while enhancing the sustainability of its global resources.

Embraces Cultural Diversity: Assurant Inc.’s policy fosters and values cultural diversity and also invests in its employees.

A Fortune 500 Company: Assurant, Inc., is ranked amongst the Fortune 500 company for its efficiency

High Rate of Return on Investment: Investors and shareholders at Assurant Inc., enjoy high ROI as the company’s capital sharing policy is more suiting for investors.

Assurant Inc. Cons

Since the major benefits of the company have been addressed above, it is, however, imperative to address its cons as well for objectivity purposes. Thus, the few lines below will quickly run through the cons of Assurant Inc.

No Swift Response to Customer’s Complaints: According to research, several customers are complaining about Assurant, Inc.’s slow and phlegmatic response to queries.

High Service Fee Rate: Comparing the charging rate of other insurance companies, customers of Assurant, Inc., complain about the company’s charge rate which is on the high side

Reluctance in Discount Offering: Unlike other insurance companies, Assurant, Inc., does not include a discount rate on its product and services on its website, and such disposition proves to be a reluctant approach to discount. 

Complicated Website: The official website of Assurant, Inc., is not relatively seamless not navigate and visitors can easily get confused and mystified due to its interface complexity.

Conclusion

With all being said, the success of Assurant, Inc., is based on its three philosophical statements of staying ahead: (1) See Further, representing the company’s deep and strong expertise in the industry, knowing all the complexities and rudiments of risk management  (2) Get There First, which represents the company’s astounding reputation and matchless insight in the marketplace., and (3) Adapts As You Go, represents  Assurant, Inc.’s overall interconnected channel of operation, helping clients all around the world to have a strong defence in times of peril. Hence, these three philosophical mantras are what help the country to remain relevant in the industry up to this very moment. Ultimately, deducing from the above extensive analysis of this Fortune 500, it is quite glaring that the company’s success is a result of its own daring approach to its operations. I hope you are able to garner all there is to know about the astounding company, Assurant, Inc., and by extension, this piece will help you make rational decisions.