Top 10 Insurance Companies

Companies	Employees	HQ location	Revenue	Website	Industry
Life Insurance Corporation	View 69,660 employees	🇮🇳 India, Bhubaneswar	$ 500M – $ 1B	licindia.in	Insurance, Life Insurance, Health Insurance, Financial Services
The People’s Insurance Company (Group) of China Limited	View 6,221 employees	🇨🇳 China, Beijing	$ 1B+	picc.com	Insurance, Health Insurance, InsurTech
Liberty Mutual Insurance	View 38,244 employees	🇺🇸 USA, MA, Boston	$ 500M – $1B	libertymutualgroup.com	Insurance, Financial Services, Employee Benefits
China Life Insurance Company Limited	View 37,165 employees	🇨🇳 China, Beijing	$ 500M – $1B	chinalife.com.cn	Insurance
Cigna	View 29,354 employees	🇺🇸 USA, CT, Bloomfield	$ 1B+	cigna.com	Health Care, Health Insurance, Insurance, Life Insurance
State Farm Insurance	View 101,323 employees	🇺🇸 USA, IL, Bloomington	$ 500M – $ 1B	statefarm.com	Insurance, Auto Insurance, Property Insurance
China Taiping Insurance	View 302 employees	🇨🇳 China, Hong Kong	$ 1B+	cntaiping.com	Insurance
New South Wales	View 59,882 employees	🇦🇺 Australia, Sydney	$ 500M – $ 1B	nsw.gov.au	Non Profit, Insurance, Communities
Vanguard	View 24,584 employees	🇺🇸 USA, PA, Valley Forge	$ 500M – $ 1B	vanguard.com	Financial Services, Finance, Advice, Wealth Management, Impact Investing, Insurance, Retirement, Angel Investment
The Progressive Corporation	View 40,069 employees	🇺🇸 USA, OH, Mayfield	$ 1B+	progressive.com	Auto Insurance, Insurance, Property Insurance, Life Insurance, InsurTech, Commercial Insurance

1. Life Insurance Corporation

Life Insurance Corporation (LIC) is India’s largest insurance provider, offering a wide range of life insurance products, including individual and group policies, pension plans, and investment-linked products. With a strong presence across the country, LIC plays a pivotal role in financial protection and long-term savings for millions of people. Leveraging its extensive network of agents and digital platforms, the company remains committed to providing accessible and reliable insurance solutions, while continually adapting to evolving customer needs in a rapidly changing financial landscape.

Location 🇮🇳 India, Bhubaneswar	Size View 69,660 employees
Revenue $ 500M – $ 1B	Industries Insurance, Life Insurance, Health Insurance, Financial Services
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2. The People’s Insurance Company (Group) of China Limited

The People’s Insurance Company (Group) of China Limited (PICC) is one of China’s largest and most comprehensive insurance groups, offering a wide range of insurance products including property, life, health, and reinsurance. With a vast nationwide network and strong government backing, PICC plays a key role in safeguarding individuals, businesses, and state infrastructure through risk management and financial protection. The company is known for its extensive reach across both urban and rural areas, leveraging innovative digital tools to enhance service delivery and meet the growing demands of a rapidly modernizing economy.

Location 🇨🇳 China, Beijing	Size View 6,221 employees
Revenue $ 1B+	Industries Insurance, Health Insurance, InsurTech
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3. Liberty Mutual Insurance

Liberty Mutual Insurance is a global insurance company providing a broad range of personal and commercial insurance products, including auto, home, liability, and workers’ compensation. Headquartered in the U.S., the company operates in over 30 countries, offering tailored risk management solutions for businesses of all sizes. With a strong focus on innovation, Liberty Mutual uses technology and data analytics to improve claims processing and customer experience, while maintaining a commitment to helping clients protect their assets and navigate complex risks in an ever-evolving marketplace.

Location 🇺🇸 USA, MA, Boston	Size View 38,244 employees
Revenue $ 500M – $1B	Industries Insurance, Financial Services, Employee Benefits
	View Similar Companies

4. China Life Insurance Company Limited

China Life Insurance Company Limited is one of China’s largest state-owned financial and insurance enterprises, specializing in life insurance, annuity, health insurance, and accident protection. Serving millions of policyholders across the country, China Life provides comprehensive financial protection and retirement solutions. With a strong presence both domestically and internationally, the company leverages its extensive distribution network and digital innovation to meet the growing needs of individuals and families in China’s expanding economy. Its trusted brand and wide range of services position it as a leader in the Chinese insurance market.

Location 🇨🇳 China, Beijing	Size View 37,165 employees
Revenue $ 500M – $1B	Industries Insurance
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5. Cigna

Cigna is a global health services company offering health, life, disability, and accident insurance, as well as wellness solutions for individuals and businesses. Known for its integrated approach to healthcare, Cigna provides personalized health plans and services that focus on improving overall well-being and controlling costs. With a presence in over 30 countries, the company leverages advanced data analytics and digital tools to enhance patient outcomes and offer flexible, global coverage options. Cigna’s commitment to improving access to quality healthcare makes it a trusted partner for both individuals and employers.

Location 🇺🇸 USA, CT, Bloomfield	Size View 29,354 employees
Revenue $ 1B+	Industries Health Care, Health Insurance, Insurance, Life Insurance
	View Similar Companies

6. State Farm Insurance

State Farm Insurance is a leading U.S.-based insurance provider, offering a wide range of personal and commercial insurance products, including auto, home, life, and property insurance. Known for its extensive network of agents, State Farm combines personalized service with a commitment to helping customers manage everyday risks and recover from the unexpected. The company also provides banking and financial services, reinforcing its role as a trusted financial partner. With a focus on community engagement and customer-centric solutions, State Farm remains a top choice for millions seeking reliable protection and support.

Location 🇺🇸 USA, IL, Bloomington	Size View 101,323 employees
Revenue $ 500M – $ 1B	Industries Insurance, Auto Insurance, Property Insurance
	View Similar Companies

7. China Taiping Insurance

China Taiping Insurance is a comprehensive insurance provider with a strong presence in China and international markets. Offering a wide range of services, including life, property, casualty, and reinsurance, China Taiping serves both individual and corporate clients. With a history spanning over 90 years, the company is known for its stability and customer-focused approach. Leveraging digital innovation and a global network, China Taiping continually adapts to meet the evolving needs of a dynamic marketplace, while maintaining its commitment to providing reliable financial protection and risk management solutions.

Location 🇨🇳 China, Hong Kong	Size View 302 employees
Revenue $ 1B+	Industries Insurance
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8. New South Wales

New South Wales (NSW) insurance market is a robust sector offering a wide range of insurance products, including health, property, motor, and workers’ compensation. The market is highly regulated, ensuring consumer protection while fostering a competitive environment for both national and international insurers. With key players such as NRMA, Allianz, and QBE operating in the region, NSW insurance providers offer tailored solutions for individuals, businesses, and government entities. The industry is also embracing digital transformation, using technology to streamline claims processing, improve customer service, and address emerging risks like cyber threats and climate change-related events.

Location 🇦🇺 Australia, Sydney	Size View 59,882 employees
Revenue $ 500M – $ 1B	Industries Non Profit, Insurance, Communities
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9. Vanguard

Vanguard is not traditionally an insurance provider; it is best known as one of the world’s largest investment management companies. However, through its partnerships and offerings, Vanguard provides access to a variety of financial services, including annuities and retirement income solutions, which offer insurance-like benefits. These products are designed to help individuals manage long-term financial risks, such as outliving their savings. Vanguard’s focus on low-cost, client-centered investment options has made it a trusted name for individuals seeking financial security, particularly in retirement planning.

Location 🇺🇸 USA, PA, Valley Forge	Size View 24,584 employees
Revenue $ 500M – $ 1B	Industries Financial Services, Finance, Advice, Wealth Management, Impact Investing, Insurance, Retirement, Angel Investment
	View Similar Companies

10. The Progressive Corporation

The Progressive Corporation is a leading U.S.-based insurance company, best known for its auto insurance offerings but also providing home, renters, and commercial insurance. Progressive is a pioneer in using technology and data to offer innovative products like usage-based insurance, allowing customers to customize policies based on their driving habits. With its direct-to-consumer model, strong online presence, and vast network of agents, Progressive delivers flexible, cost-effective coverage options. The company’s commitment to customer service and its recognizable marketing campaigns have made it a top choice for millions of drivers and businesses.

Location 🇺🇸 USA, OH, Mayfield	Size View 40,069 employees
Revenue $ 1B+	Industries Auto Insurance, Insurance, Property Insurance, Life Insurance, InsurTech, Commercial Insurance
	View Similar Companies

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Things to Consider When Prospecting into Insurance Companies

Common Pain Points and Challenges for Companies in Insurance

Regulatory Compliance Complexity

The insurance industry faces constant changes in regulatory requirements, which vary across regions and sectors. Staying compliant with these evolving laws can be a significant operational burden for insurance companies.

Why it’s a pain point:

Ever-changing local, national, and international regulations.
High costs of maintaining compliance and avoiding fines.
Potential for reputational damage if regulations are violated.

Sales Insight: Sales professionals can address this by positioning their solutions as a way to help insurers streamline compliance processes. Highlighting features that enable automated updates to meet the latest regulations can ease the burden for prospects, reducing legal risks and operational headaches.

Rising Customer Expectations for Personalization

Customers expect highly personalized services from their insurance providers, but many companies struggle to meet these demands due to outdated systems and a lack of customer data integration.

Why it’s a pain point:

Legacy systems limit personalization efforts.
High competition makes customer retention challenging.
Consumers expect digital-first experiences similar to other industries like retail or banking.

Sales Insight: By acknowledging the pressure to offer personalized experiences, sales professionals can pitch solutions that integrate customer data for better insights, segmentation, and tailored product offerings. This can help insurers retain customers and meet growing expectations.

Digital Transformation Lag

Many insurance companies are still working with outdated systems and processes, making it difficult to adapt to modern digital tools and platforms. This slow pace of digital transformation leaves them vulnerable to competition.

Why it’s a pain point:

Legacy infrastructure is expensive and difficult to upgrade.
Increased operational inefficiencies and slower response times.
Competitors that have embraced technology offer faster, more user-friendly experiences.

Sales Insight: Sales teams can emphasize how their solutions help insurers modernize without the need for full-scale system overhauls. Highlighting incremental, scalable digital transformation strategies can appeal to insurers looking to balance innovation with practicality.

Cybersecurity Threats

As insurance companies collect and store sensitive data, they are becoming prime targets for cyberattacks. The cost of breaches—both financial and reputational—can be enormous.

Why it’s a pain point:

Insurance companies handle large amounts of personal and financial data.
Data breaches can result in severe regulatory penalties.
Eroded customer trust and brand damage following security incidents.

Sales Insight: Offering robust cybersecurity features or integrations can be a key selling point when targeting insurance companies. Emphasize the importance of protecting customer data and how your solution can help mitigate the risks of costly breaches.

Competitive Pricing Pressure

Insurers are facing more competition than ever, leading to significant price pressures. Offering competitive rates while maintaining profitability is a balancing act, particularly as newer, digital-first companies disrupt the market.

Why it’s a pain point:

Insurtechs and online-only providers often offer lower premiums.
The need to maintain profitability while offering competitive rates.
Consumers are increasingly price-sensitive and shop around for the best deals.

Sales Insight: Sales professionals can position their solutions as tools to improve operational efficiency, helping insurers reduce costs and pass on savings to customers without sacrificing profitability. Solutions that offer pricing optimization through better data analysis could also resonate well.

Claims Processing Inefficiency

Slow and cumbersome claims processes frustrate customers and add to insurers’ operational costs. Many companies struggle with high-touch, manual workflows, which delay settlements and hurt customer satisfaction.

Why it’s a pain point:

Manual processes lead to long claim resolution times.
Frustration and attrition from customers expecting faster payouts.
Increased operational costs due to inefficient workflows.

Sales Insight: Highlight how automation, AI, or machine learning can significantly improve the claims process, reducing both costs and customer churn. Solutions that speed up claims handling can make insurers more competitive by enhancing customer satisfaction.

Talent Shortages and Retention

The insurance industry is experiencing a talent shortage, particularly in specialized roles like actuaries and underwriters. Companies are also struggling to retain younger talent in a traditionally slower-paced industry.

Why it’s a pain point:

Difficulty attracting younger talent who prefer tech-driven industries.
High competition for skilled professionals in roles critical to operations.
Long-term knowledge loss when seasoned employees retire.

Sales Insight: Sales professionals can discuss how their tools can help mitigate talent shortages by automating routine tasks, enabling current teams to handle more strategic work. Also, focusing on solutions that make the industry more attractive to younger, tech-savvy professionals can be a compelling angle.

Escalating Catastrophic Risks

Climate change and other environmental factors are leading to more frequent natural disasters, increasing the number of high-value claims insurers have to process. This increases financial risk and strain on their resources.

Why it’s a pain point:

More frequent and severe natural disasters.
Rising cost of claims payouts.
Difficulty in forecasting and managing financial risk.

Sales Insight: Sales professionals can present solutions that offer advanced predictive analytics, helping insurers better assess and price risk. Providing tools that support faster and more efficient disaster claims processing could also be a major selling point.

Customer Retention

With more options than ever before, customer loyalty in the insurance industry is on the decline. Retaining clients is becoming increasingly difficult as consumers seek better pricing, more personalized policies, and smoother digital experiences.

Why it’s a pain point:

Consumers easily switch providers for better pricing or service.
Increased competition from insurtechs offering seamless digital experiences.
Difficulty maintaining long-term customer relationships.

Sales Insight: Sales professionals can pitch solutions that help insurers offer more personalized services and improve engagement. CRM tools that track customer behavior and preferences, as well as communication platforms that enhance customer service, can help boost retention rates.

Regulatory Pressure on Data Privacy

With the increase in data being collected by insurers, new regulations, such as GDPR and CCPA, place immense pressure on the industry to manage and protect personal information more securely.

Why it’s a pain point:

Stricter data privacy laws.
High penalties for non-compliance.
Increased operational burden in ensuring data protection.

Sales Insight: Sales professionals can position their solutions as compliant with global data privacy regulations, offering insurers a way to streamline their data governance processes. Ensuring the security of customer data and reducing the risk of fines will appeal to compliance-focused prospects.

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Key Decision-Makers and Influencers in Insurance

Key Departments

Sales

Insight: The sales team in insurance companies is responsible for acquiring new clients and retaining existing ones. They need CRM tools and analytics solutions to enhance client relationships and identify new business opportunities.

R&D

Insight: The R&D department in insurance focuses on developing new products and solutions. Their purchasing decisions revolve around tools that provide market insights, data analytics, and tools that help innovate insurance products.

Security

Insight: Security teams prioritize safeguarding sensitive data, especially given the regulatory requirements in the insurance industry. They focus on solutions that enhance cybersecurity, compliance, and data protection.

Operations

Insight: Operations teams ensure the smooth functioning of insurance processes. They seek solutions that streamline workflows, enhance operational efficiency, and reduce process redundancies.

Insight: IT departments are responsible for managing the company’s technology infrastructure. In insurance, IT looks for systems that ensure data integrity, security, and scalable integration with other business tools.

Finance

Insight: The finance department manages budgets and ensures the financial health of the organization. When making purchase decisions, they focus on cost-effectiveness, ROI, and compliance with financial regulations.

Legal

Insight: Legal teams ensure compliance with regulations and manage contracts. They are critical in reviewing solutions for regulatory compliance, risk management, and contract execution.

Supply Chain

Insight: In the insurance context, the supply chain department ensures the procurement of necessary tools and services, such as technology platforms or consulting services. Their focus is on cost-effectiveness, vendor reliability, and compliance.

Seniority Level

C-level Executives (e.g., CEO, CFO, COO)

Insight: C-level leaders are concerned with the overall profitability, compliance, and long-term strategy of the insurance company. Their decisions focus on solutions that enhance business scalability, streamline operations, and reduce risks.

Vice Presidents (VP)

Insight: VPs in departments like Risk, Claims, or Sales play a key role in driving departmental strategy. They focus on tools that align with their specific area’s goals, whether that’s improving claim turnaround or enhancing risk assessment accuracy.

Directors

Insight: Directors oversee teams and are responsible for executing strategies that align with business objectives. They are often key influencers in purchasing decisions, looking for tools that solve operational challenges and improve efficiency.

Managers

Insight: Managers handle day-to-day operations and may initiate the purchasing process based on immediate needs. Their decisions are driven by practical concerns such as workflow improvements, ease of use, and the impact of new solutions on team productivity.

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Buying Processes and Behaviors in Insurance

Risk-Averse Decision Making

Insurance companies prioritize minimizing risk, which influences every stage of their buying process. This mindset shapes their approach to purchasing new software and services.

Extensive evaluation of vendors to ensure low risk and compliance with industry regulations.
Preference for proven, well-established solutions with a track record of success.
Long decision cycles, often involving multiple stakeholders to reduce potential risks.

How to leverage: Build credibility by showcasing case studies, testimonials, and evidence of compliance with industry standards. Focus on highlighting low-risk solutions that have been proven in the field. Tailor your sales pitch to show how your offering mitigates risk while improving efficiency.

Strict Regulatory Requirements

Compliance with regulations is a key priority for insurance companies. They need to ensure that any software or service aligns with industry-specific regulations and laws, such as data privacy and financial reporting standards.

Need for vendors who can demonstrate compliance with both local and international insurance regulations.
Regular audits and due diligence on potential vendors to ensure alignment with compliance standards.
Heavy focus on data security and privacy features.

How to leverage: Emphasize how your product meets regulatory requirements and helps simplify compliance management. Offering robust security features and showcasing certifications or compliance audits can build trust with insurance buyers.

Budget-Conscious Approach

While insurance companies have large budgets, they are conservative in spending and look for solutions that offer a strong return on investment (ROI).

Focus on the long-term value and cost-effectiveness of solutions.
Preference for customizable or scalable products to avoid overspending on features they don’t need.
Need for clear ROI metrics and evidence of cost savings.

How to leverage: Clearly articulate the financial benefits of your solution, with a strong focus on ROI. Break down how your product can lead to long-term savings or generate revenue. Providing flexible pricing models or customizable options can appeal to their budget-conscious mindset.

Relationship-Focused Purchases

Trust and relationships play a significant role in insurance companies’ purchasing decisions. They prefer working with vendors who understand their business and can offer ongoing support.

Strong preference for vendors who offer long-term partnerships rather than one-off transactions.
Importance placed on reliable customer support and dedicated account management.
Ongoing communication and consistent performance are key factors in vendor retention.

How to leverage: Foster trust through consistent, value-driven communication. Position your company as a partner rather than just a vendor by offering personalized support and regular check-ins. Demonstrate how your team will provide ongoing value throughout the relationship.

Technology-Driven Transformation

The insurance industry is increasingly adopting digital solutions to stay competitive, with growing interest in automation, AI, and data analytics. However, this transition is gradual and risk-averse.

Interest in digital transformation, but careful adoption of new technologies.
Preference for scalable, flexible tech solutions that integrate with existing systems.
Focus on automation to reduce costs and improve customer experiences.

How to leverage: Showcase how your solution can aid in their digital transformation without disrupting their current operations. Highlight the ease of integration with existing systems and the potential for future scalability. Offering pilot programs or trials can reduce perceived risk and encourage adoption.

Data-Driven Decision Making

Insurance companies rely heavily on data to assess risks and make business decisions, and they expect the same from vendors.

Need for data analytics capabilities to evaluate and forecast performance.
Solutions that can integrate with their data systems for better insights and decision-making.
Preference for vendors who can provide data to support claims of improved efficiency, risk reduction, or cost savings.

How to leverage: Highlight how your solution can provide actionable insights and improve their decision-making process. Present data or metrics that show measurable results from your product, like reduced claim processing times or enhanced customer satisfaction. Tailoring your product demo with specific data-driven examples can be particularly persuasive.

Long-Term Contracts and Slow Decision Cycles

The insurance industry prefers long-term, stable relationships with vendors, which can lengthen the decision-making process.

Involvement of multiple stakeholders, including legal, financial, and operational teams.
Preference for long-term contracts to reduce the need for frequent vendor switching.
A thorough vetting process that includes detailed contract negotiations.

How to leverage: Be prepared for a long sales cycle and multiple rounds of discussions. Keep stakeholders engaged by providing regular updates and tailored information to each department. Position your offering as a long-term solution that reduces future purchasing needs.

Importance of Client-Centric Solutions

Insurance companies are focused on delivering excellent service to their policyholders, so any purchase must contribute to improving customer experience.

Need for solutions that streamline customer interactions, claims processes, or customer support.
Preference for technologies that enhance personalization and efficiency for policyholders.
High expectations for scalability to handle a growing client base.

How to leverage: Highlight the features of your product that improve customer experience, such as faster processing times, personalization, or better service. Show how your solution can directly lead to higher customer satisfaction and retention, helping them meet their own client-centric goals.

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Prospecting Tips for Selling to Insurance Companies

Understand the Shift Toward Digital Transformation

The insurance industry is undergoing significant digital transformation, with many companies adopting AI, automation, and data analytics to enhance efficiency and customer experience. When prospecting, it’s important to highlight how your solution can support or accelerate this shift. Show an understanding of how technology is changing the way insurers operate, from underwriting to claims processing.

Tip: Reference examples of how your product can integrate with digital tools or improve existing processes, making insurance operations more streamlined and customer-friendly.

Address Regulatory Compliance and Risk Management

Insurance companies are heavily regulated, and they must comply with a range of local and international laws. Demonstrating that your product can help manage risk and adhere to regulatory frameworks will resonate with this audience. Focus on how your solution can minimize operational risks and ensure compliance, which is a top priority for insurers.

Tip: Highlight your product’s ability to support compliance with industry regulations (like GDPR or Solvency II) and minimize risks, such as data breaches or operational errors.

Emphasize Cost Efficiency and Profitability

Insurance providers are always seeking ways to reduce operational costs while maximizing profitability. Solutions that help automate time-consuming processes, such as policy management or claims processing, are particularly valuable. Make sure your outreach highlights how you can help insurers save money while improving customer satisfaction.

Tip: Share case studies or ROI data showing how your solution has reduced costs and increased efficiency in insurance organizations.

Appeal to Customer-Centric Strategies

The insurance industry is increasingly focused on improving customer experience to drive retention and acquisition. Insurers are looking for ways to provide faster, more personalized services. If your solution can enhance customer interactions—whether through better data usage, automation, or improved communication—make that connection clear in your messaging.

Tip: Mention how your solution can help deliver a more seamless customer experience, whether by reducing wait times, simplifying claims, or offering personalized policy recommendations.

Highlight Flexibility for a Changing Market

The insurance industry is evolving, with new product demands like cyber insurance and usage-based coverage growing in importance. Insurance companies need solutions that are adaptable to these changes. If your offering is versatile and can cater to emerging insurance products or rapidly shifting market demands, emphasize this flexibility.

Tip: Discuss how your product can adapt to new market trends or changing insurance needs, making it future-proof for insurers looking to stay ahead of industry shifts.

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Want to see more insurance companies?

Things to Consider When Prospecting into Insurance Companies

Common Pain Points and Challenges for Companies in Insurance

Start finding new prospects that match your ICP

Key Decision-Makers and Influencers in Insurance

Key Departments

Seniority Level

Not joined Surfe yet? Sign up to Surfe today

Buying Processes and Behaviors in Insurance

Not joined Surfe yet? Get 20 free credits

Prospecting Tips for Selling to Insurance Companies

Need prospects?

Top 10 Insurance Companies — a guide for sales

Want to see more insurance companies?

Things to Consider When Prospecting into Insurance Companies

Common Pain Points and Challenges for Companies in Insurance

Start finding new prospects that match your ICP

Key Decision-Makers and Influencers in Insurance

Key Departments

Seniority Level

Not joined Surfe yet? Sign up to Surfe today

Buying Processes and Behaviors in Insurance

Not joined Surfe yet? Get 20 free credits

Prospecting Tips for Selling to Insurance Companies