Plymouth Rock Moves Mountains in the Insurance Industry

 

Anyone who has ever purchased insurance knows the frustration that comes from researching the many options available to the modern consumer. Where once we simply visited our local insurance agent who provided us with packages and rates relatively similar to what every other insurer had to offer, now independent agencies abound, along with a host of online options. This creates enormous variation in rates, which makes purchasing insurance a much more complicated process.

Plymouth Rock Assurance has recently unveiled it’s new online tool called “Prime,” which provides the best of both worlds for consumers. Plymouth Rock’s President and CEO Chris Olie explained that when a consumer buys a policy online at Plymouthrock.com in the new Prime system, his or her policy is transferred to a local independent agent who can provide additional consultation and advice. In this way, consumers get all the ease of purchasing online, combined with the knowledge of a seasoned insurance agent.

Plymouth Rock Assurance is part of an insurance conglomerate started in 1982 by James Stone. Stone received his Ph.D. in Economics from Harvard in 1973, and was appointed as a lecturer in Economics by the Harvard faculty. During that time, he completed six examinations for admission to the Casualty Actuarial Society (CAS), and his 1973 paper on the insurance of catastrophic risk became a standard requirement of the CAS syllabus.

In 1975, he was appointed to be the Insurance Commissioner for the Commonwealth of Massachusetts, and in 1979 was appointed chairman of the United States Commodity Futures Trading Commission (CFTC) by President Jimmy Carter. In 1982, Stone founded the Plymouth Rock Company, which now includes 6 different insurance companies throughout the Northeast. The Plymouth Rock Group of Companies manages more than $1 billion in annual automobile and homeowners’ insurance premiums.