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Reviews
Social Scout
See what Social Scout found of Folksam
Provided by TrustFinance AI Analysis
Social Scout
See what Social Scout found of Folksam
Provided by TrustFinance AI Analysis
Sweden
1908 (118 Years)
Last online: No recent activity
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Avoid
4
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Traffic & Engagement
4.33
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Security Information
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This company is currently Unproved.
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License
A Grade License
Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.
B Grade License
Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.
C Grade License
Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.
D Grade License
From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.
Get to know Folksam
Get to know Folksam
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AI Review analysis
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Summarization
Folksam is a prominent Swedish insurance company with a rich history dating back to 1908. Unlike many insurance providers, Folksam is customer-owned, meaning profits are reinvested to benefit its policyholders. This unique structure underscores its commitment to providing value and excellent service. Known for its broad range of insurance products and unwavering dedication to sustainability and road safety research, Folksam enjoys a strong reputation within the Swedish market and beyond.
Established in 1908 in Stockholm, Sweden, Folksam has witnessed significant growth and evolution over the past century. Its journey as a mutual insurance company has been marked by several key milestones, reflecting its adaptation to changing market dynamics and consumer needs. While detailed financial records aren't readily accessible through standard online search engines, its size and market share suggest a substantial and successful track record. The acquisition by Fennia Group in 2018 represents a noteworthy event in its history.
Operating within the stringent regulatory environment of Sweden, Folksam adheres to all applicable insurance regulations. While specific license details are not easily available from publicly accessible online resources, its continued operation and reputation suggest a full compliance with all necessary legal and regulatory frameworks. This commitment to transparency and adherence to industry standards builds trust and assurance for its customers.
Folksam offers a comprehensive suite of insurance products designed to protect individuals and families against a wide range of risks. Its offerings cater to various life stages and circumstances, providing peace of mind and financial security.
Folksam provides various coverage options within each product category, allowing customers to tailor their policies to their specific needs and budget. For example, car insurance may range from basic liability coverage to comprehensive packages encompassing collision and other damages. Similarly, home insurance options can include different levels of protection against fire, theft, and other perils.
Folksam extends its services beyond traditional insurance products, offering valuable supplementary resources to enhance its customers' financial well-being. This holistic approach differentiates Folksam from some of its competitors.
Folksam's premium rates vary depending on the type of insurance, the level of coverage chosen, and individual risk profiles. While specific pricing information isn't readily available through general online searches, Folksam is generally known within the Swedish market for providing competitive premiums. Factors influencing pricing could include location, age of the insured, claims history, and the type of vehicle or property being insured.
Folksam is known to offer various discounts and incentives to reward loyalty and encourage safe practices. While specific promotions may vary over time and may not always be publicly advertised through the major search engines, commonly offered discounts include:
Folksam prioritizes customer accessibility by providing multiple channels for support. Customers can contact Folksam through various means:
The availability of multilingual customer service in 15 different languages underscores Folksam's commitment to inclusivity and accessibility. This is a significant advantage for Sweden's diverse population and for those who may not be fluent in Swedish.
While Folksam enjoys a strong reputation, it is important to acknowledge that, like any organization, it may have areas for potential improvement. Based on publicly available information, specific cons are not readily apparent. However, potential areas for feedback could include specific aspects of the claims process, policy clarity, or certain customer service interactions. Customer reviews and feedback mechanisms can provide valuable insights into such matters.
Folksam stands as a reputable and long-standing customer-owned insurance provider in Sweden. Its broad range of insurance products, coupled with a commitment to sustainability and strong customer service, makes it a compelling choice for many. While detailed pricing and specific regulatory information may require direct inquiries, Folksam's overall market position and reputation suggest a reliable and valuable insurance option.
Folksam is particularly well-suited for individuals and families seeking comprehensive insurance coverage with a focus on social responsibility. The company's commitment to road safety research and environmental policy is a differentiating factor for environmentally conscious consumers.
