Best Insurance Companies for Latinos

 

Story By: Jose Madero

 
 

For the longest time, when it came to acquiring life insurance, Latinos were missing in action.

Insurance companies tended not to seek out if altogether ignore Hispanics when it came to promoting their products to them. Not anymore.

With the growth of the Hispanic population in the U.S. and the Latino boom of the 1990’s, Check out our Top Latino Insurance Agents, as part of our Insurance Feature, in both print and digital!industry giants like State Farm and Allstate have made it a mission to tap into the community. Venerable companies like New York Life employ well-trained armies of bilingual agents and have made inroads into the Latinos community under the guidance of their impassioned CEO, Ted Mathas.

Still, Latinos remain the group with the least life insurance. According to “Trends in Marketing Insurance to Hispanics,” a study conducted by the Center for Hispanic Marketing Communication of Florida’s State University, only 34% of Latinos had this type of coverage, compared to 62% of the general populations.

That study was done in 2006, so things may have improved. Still, the study seems to concur with a 2004 investigation done by the Tomás Rivera Institute which concluded that Latinos are some of the least covered by life insurance.

Nevertheless, according to experts, the fact that insurance companies seem now committed to penetrate the Latino market is encouraging. Below are the 15 companies chosen by Latino Leaders which are considered the best at this time for Hispanics.


Aflac

Headquartered in: Columbus, Georgia

Established in: 1955

Performance, variety of coverage. A Fortune 500 company, Aflac serves more than 50 million people all over the world. It insures the sick, those who have been hurt and prides itself in paying cash benefits “fairly and promptly” to their insured.

Outreach to Latino market: Aflac has been creating a series of Spanish-language commercials solely dedicated to this area. The company stresses the speed in which they make their payments and how they help their clients fast in times of need.

Diversity: Latino publications like Latina Style, has named Aflac as one of the best companies for Latinas to work for. Hispanic Magazine chose Aflac to be among its “100 companies providing the most opportunities to Hispanics.”

 

Allstate

Headquartered in: Northfield Township, Illinois

Established in: 1931

Performance, variety of coverage. The financial giant started as a part of Sears, insuring drivers. It spun off in 1993. Besides life insurance, the company offers autos, home, renters, boat, landlord, condo and motorcycle insurance.

Outreach to Latino market: It was one of the first life insurance companies to reach the Latino community. In 1999 it included spots in Sábado Gigante and during the last decade it ran the campaign “Así piensa Allstate.”

Diversity: Allstate improved during the 2016 HACR Corporate Inclusion Index report, reaching 75 points. It hires Hispanic agents and from early on it has recognized the importance of the agent as a marketing tool.

 

Cigna

Headquartered in: Bloomfield, Connecticut

Established in: 1982

Performance, variety of coverage. - Mainly know in the U.S. as a health insurance provider, it also provides life insurance via employers. Its current campaign, Ve. Informate. Toma Control targets the Hispanic community through improving health and medical check-ups.

Outreach to Latino market- Cigna has been doing outreach to the Latino community not only in the U.S., but abroad. It has been a mainstay in Spain since the 1950s and has offices in Guatemala.

Diversity: Scoring an impressive 90 points on the HACR Inclusion Index, the company has Roman Martinez IV on its board and has a supplier diversity program that dates back to the 1970’s.

 

Farmers Insurance

Headquartered in: Los Angeles

Established in: 1928

Performance, variety of coverage. Like its name says, it started as a company offering farmers and ranchers lower insurance premiums due to their better driving rates. Since then, the company has grown into an insurance company, including life and other financial services.

Outreach to Latino market- It started by putting a few television spots geared toward the Latino community, but by 2001 it had hired Enlace Communications, adopting the slogan “Tranquilidad asegurada.”

Diversity: The company stresses diversity in several ways, including a Farmer’s Women’s Network, Discovering Diversity (created by Farmers Employees) and stressing a bilingual workplace. “We embrace our bilingual environment, we view it as an asset to expanding the exchange of ideas,” according to their website.

 

GEICO

Headquartered in: Chevy Chase, Maryland

Established in: 1936

Performance, variety of coverage. The well-known brand actually belongs to conglomerate giant Berkshire-Hathaway. Known mostly for their Gecko mascot and car insurance, it offers all types of coverage, including life.

Outreach to Latino market: Since 1999 the brand started working with the López-Negrete agency. It has continued to spend a lot in reaching Latinos. It is now aiming for the Millennial generation and it is succeeding.

Diversity: The company prides itself in celebrating diversity. “At GEICO every individual is valued for his/her skills and perspectives. We hire the best people, help them develop their talents and abilities.

 

Kaiser Permanente

Headquartered in: Oakland, California

Established in: 1945

Performance, variety of coverage. A giant in the health industry. It has about 10.2 million health plan members, runs 38 medical centers and over 186,000 employees.

Outreach to Latino market: A large portion of its insurance members are Latino, with giant medical centers in heavily Latino areas like Los Angeles. DiversityInc’s included it in its top 50 companies in 2016.

Diversity: Latinos, Asians and African-Americans make-up over 66% of its workforce. It has two Latinos on its board: Ramón Baez and Cynthia A. Tellez. It belongs to the Billion Dollar Roundtable for spending over $1 billion on minority suppliers.

 

Liberty Mutual

Headquartered in: Boston, Massachusetts

Established in: 1912

Performance, variety of coverage. A Fortune 100 company, Liberty Mutual Insurance. It is the second largest property and casualty insurer. Besides life insurance, it also insures automobiles; it has over 50,000 employees all over the world.

Outreach to Latino market: Through Safeco, which was acquired by Liberty in 2008, the company has been making inroads into the Latino market. In 1990 it created a bilingual phone line with AT&T, followed by opening centers for multicultural training and recruiting.

Diversity: Angel Ruiz, Ericcson’s North American leader, sits on the board of Liberty Mutual. Gerardo Lopez, the CEO of Extended Stay America is on Safeco’s board. Both, Liberty and Safeco companies have diversity programs.

 

MassMutual Financial Group

Headquartered in: Springfield, Massachusetts

Established in: 1851

Performance, variety of coverage. It is one of the largest American Mutual Life Insurance companies, belonging to the Fortune 500 list. It provides life insurance, disability income insurance, long term care insurance, retirement, plan services and annuities.

Outreach to Latino market: With David Hufnagel as the Latino Markets Director at MassMutual, the company is working with non-profits like ALPFA, creating a website tailored to the Hispanic market and creating more offices across the country.

Diversity: The highly respected Patricia Diaz Dennis sits on the company’s board. Lorie Valle-Yáñez is Chief Diversity officer. It has reverse mentoring program in which millenials mentor senior leaders and a supplier’s diversity program.

 

Nationwide

Headquartered in: Columbus, Ohio

Established in: 1926

Performance, variety of coverage. The company grew from a small Mutual auto insurer into a national powerhouse. It offers insurance, of course, investments, financial planning and banking. Besides life insurance, it offers many others like property.

Outreach to Latino market: Nationwide has concentrated in the Hispanic market for some time now. It offers sponsorships as well as campaign ads and aggressively recruiting agents, joining forces with many Latino organizations.

Diversity: The company has been stressing diversity in several areas, including supplier diversity. Fortune Magazine, Latina Style and Black Enterprise Magazine has awarded the company for it efforts.

 

New York Life

Headquartered in: Manhattan

Established in: 1845

Performance, variety of coverage. One of the premiere insurance companies in the world. It offers life insurance in all levels with the experience you expect from such a highly respected company with CEO Ted Mathas at its helm.

Outreach to Latino market: The company started early in targeting the Latino community. CEO Ted Mathas knows the Latino community well and places a deep value in family life, which is at the core of the Hispanic community.

Diversity: By 1999 it started a national Hispanic Marketing Conference for its agents. It has nearly 200 Latinos in management positions, with Ralph de la Vega, Vice Chairman of AT&T sitting on its board; 10% of its agents are Hispanic.

 

Northwestern Mutual

Headquartered in: Milwaukee, Wisconsin.

Established in: 1857

Performance, variety of coverage. A highly respected company, in addition to life insurance, Northwestern provides wealth consultation, retirement planning, investment services, long-term care insurance and trust and private client services. It also provides business planning and investment advisory products.

Outreach to Latino market-With Jorge Quezada as its Diversity and Inclusion Leadership Lead, Northwestern Mutual’s current philosophy goes beyond targeting the Latino community: “We are embracing them,” Quezada says. Its goal-based planning aligns well with Hispanic families, he adds.

Diversity: The company is a strong sponsor of several Hispanic non-profits like ALPFA and the National Hispanic Corporate Council. It is a strategic sponsor of Latino initiatives and its supplier’s diversity program is valued.
 

Prudential

Headquartered in: Newark, New Jersey

Established in: 1875

Performance, variety of coverage. An American Fortune 500 company, Prudential has been part of the American financial landscape for a long time. It also works in 30 countries. From life insurance to annuities to mutual funds, the company is diverse.

Outreach to Latino market. The insurance giant began tapping into the Latino market in 1998. That included major television ads. It has sponsored events and organizations like the U.S. Hispanic Chamber of Commerce.

Diversity: It scored 80 in the HACR index and it has been constantly recognized as one of the best places for Latinos to work at. It has two Latinos in its board of directors and a respectable Supplier’s Diversity program.

 

Safeco

Headquartered in: Seattle

Established in: 1923

Performance, variety of coverage. An experienced insurer, Safeco offers everything from auto, boat, landlord protection and renter’s insurance. It has a Spanish-language website to complement its English version.

Outreach to Latino market: Safeco, which was acquired by Liberty in 2008, the company has been making inroads into the Latino market. In 1990 it created a bilingual phone line with AT&T, followed by opening centers for multicultural training and recruiting.

Diversity: Angel Ruiz, Ericcson’s North American leader, sits on the board of Liberty Mutual, Safeco’s parent company. Gerardo Lopez, the CEO of Extended Stay America is on Safeco’s board. Both companies have diversity programs.

 

State Farm

Headquartered in: Bloomington, Illinois

Established in: 1922

Performance, variety of coverage. State Farm and its affiliates are the largest providers of auto, home and individual life insurance in the United States. Its 18,000 agents and more than 65,000 employees serve more than 83 million policies and accounts – nearly 81 million auto, home, life, health and commercial policies, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies.

Outreach to Latino market: It is one of the most highly regarded companies of its kind by Latinos. State Farm is the top Hispanic advertising investor among the financial services and insurance category. In 2014, the company allocated 22 percent, or $109 million, of its advertising budget to Hispanic-dedicated efforts. In addition, the company has a robust community outreach and philanthropy program and has a relationship with a variety of national Latino organizations. State Farm’s charitable giving and social investments help build safer, strong, better educated communities.

Diversity: Dan E. Arvizu sits on its board. The company has been recognized as a good place to work by Latina Style, Working Mother and Black Enterprise to name a few. The HACR Index Report gave State Farm an impressive 80 points. Working Mother magazine, Best Companies for Multicultural Women (2009-2016). LATINA Style 50 Best Companies for Latinas to Work for the 19th consecutive year. And the State Farm Hispanic Employee Resource Organization (HERO) has been recognized by several publications.

 

TIAA

Headquartered in: New York

Established in: 1918

Performance, variety of coverage: Serving over 5 million employees in the academic, research, medical and cultural fields TIAA is a Fortune 100 company. It is a non for profit and just acquired EverBank.

Outreach to Latino market: TIAA created a National Contact Center to take care of customer requests, it launched a Spanish-language website and offers personalized, one on one retirement planning in Spanish.

Diversity: DiversityInc’s named TIAA into one of their top 50 companies for diversity, while Latina Style Magazine has chosen the company as one of the best employers for Latinas.