Insurance Innovation of the Month: Toggle by Farmers

Efma-Accenture’s Insurance Innovation of the Month award for March 2020 goes to Farmers Insurance’s for its reimagined renter’s insurance service, Toggle.

Insurance Innovation of the Month: Toggle by Farmers

Farmers Insurance was founded in 1928 and since then, both the insurance industry and the world at large have changed dramatically. While 90+ years of experience certainly brings with it a wealth of experience, often times legacy companies can sometimes become entrenched in their modes of traditional thinking. This can make innovating and adapting to changing consumers and more challenging. Some companies respond by acquiring smaller companies with a new technology or the opportunity to expand their market, but bridging teams and cultures can create another challenge in itself. Farmers decided to take a different approach and create a startup from within, bringing together a small group of innovative thinkers to attract and build loyalty with modern day consumers. The result was Toggle.

Toggle is a revolutionary renter’s insurance product designed specifically to meet the needs of today’s renter. Toggle was designed from the bottom-up. Unlike standard renter’s policies, Toggle was built to be an “open peril policy” for transparency. Toggle divides covered items into six categories that consumers ‘toggle’ up or down to customize their coverage. Real-time price changes educate the customer about the price/coverage trade-off so they can make better decisions. This level of customization is unique to Toggle.

Toggle is portable, moving with customers no matter their life situation. It’s personal, giving customers the ability to customize coverage to fit their budget and lifestyle. And it’s approachable, speaking to consumers in easy to understand terms and making the complicated make sense.

Toggle also created unique ‘add on’ options, to better meet the needs of today’s renter. “Pet Parent” covers damages to rental property caused by a pet and provides pet boarding should the tenant be temporarily displaced due to a loss. “Side Hustle” coverage is like a ‘micro business’ policy for customers who supplement their primary income with a side business. “Credit Lift” offers customers a monthly subscription to report rent payments to all three credit bureaus to build credit scores. These are just three examples of many, showcasing how Toggle was built to solve modern day problems.

Since its launch in October 2018, Toggle more than doubled its internal sales goal and expanded to 25 states, covering 66% of the addressable market. The next step is scaling the renters’ product to all 50 states by 2021 and expanding the ecosystem to offer additional insurance products and value add services.

After 90 years and counting, Farmers could be forgiven for sticking to its core business. Yet they still seek to deliver exceptional customer experiences for the modern-day insurance buyer. Toggle is a prime example of the type of approach that can succeed for a legacy player. 2020 promises to be another year of innovation thanks to Farmers Insurance’s focus on innovation and problem solving.

Farmer’s Insurance’s innovation will be automatically selected as a nominee for the Efma-Accenture Innovation in Insurance Awards 2020. Submit your innovations on the Efma Insurance Innovation portal. Participation is free of charge and open to all insurance institutions. Deadline is 10 April.

insurance_awards_2020.png (40 KB)


Digital/Mobile channels Customer experience Home insurance


This website is not compatible with Internet explorer please use one of the following browsers: Chrome, Edge, Firefox