GEICO
The Challenge
GEICO sold insurance in every state except Massachusetts. When Massachusetts ended rate-setting and allowed "managed competition," GEICO sought market entry. As a newcomer without in-state agents, the company needed local expertise to build relationships and overcome competitive obstacles.
The Solution
The Suffolk Group leveraged its knowledge of Massachusetts insurance law and its regulatory contacts to expedite GEICO's approval, facilitating relationships with the Governor, Attorney General, Secretary of Housing and Consumer Affairs, legislators, consumer advocates, and trade groups. GEICO addressed initial skepticism by highlighting the benefits for underserved and urban drivers through cost savings and technology.
The Result
GEICO became a truly national company, operating in all 50 states. The firm has continued to rely on The Suffolk Group's legislative and regulatory counsel to become not only one of the largest auto insurers in the Commonwealth, but also one of its most respected.
“The Massachusetts' regulatory environment for financial services companies is unique and challenging. The Suffolk Group has utilized their extensive knowledge to negotiate favorable outcomes for every one of our issues and we recommend them highly.”— Katie Talley, Sr. Director of Government & Regulatory Affairs, GEICO