When Did Kemper Insurance Go Out Of Business?
The story of Kemper Insurance dates back to the late 19th century, when the company was founded in 1887 in Chicago, Illinois. The company specialized in providing insurance for businesses, and during its long history, it served a wide range of customers. However, over time, the company struggled to remain competitive in the insurance industry, and in 2012 it announced plans to go out of business. This article will discuss the history of Kemper Insurance, the reasons why it closed its doors, and what happened to the former customers of the company.
History of Kemper Insurance
Kemper Insurance was founded in 1887 by Charles Kemper, an insurance broker. It was initially a small company, providing insurance to small businesses in the Chicago area. Over time, the company grew and expanded, eventually offering insurance to individuals as well as businesses. In the 1950s, the company began to offer life insurance, and by the 1970s it had become one of the top providers of life insurance in the country. In the 1980s, the company began to expand into other forms of insurance, such as car and health insurance.
In the 1990s, the company began to struggle due to competition from other insurance providers. In order to remain competitive, the company began to reduce its services and raise its rates. This caused customers to begin to look for other insurance providers, and by the early 2000s, the company was in decline. The company attempted to restructure and reduce costs, but these efforts were not enough to save the company.
Why Did Kemper Insurance Go Out of Business?
The main reason that Kemper Insurance went out of business was because of the competition from other insurance providers. As mentioned earlier, the company was unable to remain competitive due to its high prices and reduced services. Additionally, the company was facing increasing costs due to its aging infrastructure and the cost of updating its systems. These factors combined to make it difficult for the company to remain profitable.
Another factor that contributed to the closure of Kemper Insurance was the increasing regulation of the insurance industry. As the industry became more regulated, it became more difficult for the company to remain competitive. The company was also facing increasing costs due to the increased need for compliance with new regulations.
Finally, the company was facing increasing costs due to the increasing number of claims being filed by its customers. Due to the increasing number of claims, the company was unable to remain profitable and was forced to go out of business.
What Happened to Kemper Insurance Customers?
When Kemper Insurance went out of business, all of its customers were required to find new insurance providers. The company worked with the state of Illinois to ensure that all of its customers were able to find a new insurance provider. Customers were provided with a list of other insurance providers who were willing to provide coverage to former Kemper Insurance customers.
Additionally, the company also provided customers with information on how to file claims through their new insurance providers. The company also worked with the state of Illinois to ensure that customers were not left without coverage. The company worked hard to ensure that all of its customers were taken care of and were able to find new insurance coverage.
Conclusion
Kemper Insurance was a long-standing insurance provider that had served individuals and businesses for more than a century. However, the company was unable to remain competitive in the insurance industry and was forced to go out of business in 2012. The closure of the company left many of its customers without coverage, but the company worked with the state of Illinois to ensure that all of its customers were able to find new insurance providers. Kemper Insurance may be gone, but its legacy lives on in the form of the customers it served.