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At the end of last year, the American Life Insurance Guide Network shared "Insurance company rankingRaiders:How to choose an insurance company that suits you?"This article helps policyholders understand the standard criteria that can be used to choose an insurance company.
But with2017CSO和AG49 regulationsMandatory requirements across the industry,Pre-mortem welfare conceptIn the competitive promotion of the insurance industry, in just one year, we have experienced the market giantsVoya quietly leaves, The former overlordAIGAfter the revival, the products of major insurance companies are "forced" to introduce new ones...It can be said that in the coming 2020, the competition among American life insurance companies will become more intense, and the industry market structure has almost been completely overthrown by regulations. Come.
For policyholders and consumers, fierce market competition has brought unprecedented benefits. In the column "U.S. Insurance Strategy Guide (XNUMX)In the article, the American Life Insurance Guide©️ clearly shared this core concept:
In a free market economy, it has never been a problem that mainstream consumers' needs cannot be met, but a problem of too many choices and which one is most suitable for them.
But in such a rapidly changing U.S. insurance market, consumers are faced with divergent opinions and sales organizations that hold the same word.Which American insurance company is more "insurable"?How to choose a more "insurable" insurance company has become a core issue we face.
In this article, insurGuru©️Insurance CollegeWill start with "Common sense decision"As the principle, I will share from three perspectives, how to compare the topic of choosing a more "insurance" insurance company.
The similarities and differences between choosing an insurance company and choosing a housekeeper
For policyholders who purchase American life insurance,Buying insurance is equivalent to opening a savings account with an insurance company.We deposit premiums into the account in accordance with the contract, and the insurance company provides us with corresponding protection and benefits in accordance with the contract.
Therefore, from a core perspective,We are actually choosing a housekeeper who will help us "take care of money and welfare."For the professional editors of the American Life Insurance Guide, if you want to choose a professional butler who will help me take care of 20, 30, or even life, we must first consider the following 3 points:
- How is this person's financial strength and reputation?Are there many good reviews or bad reviews?
- How many people trust this person and let him manage the account?How much does this person have in his pocket?
- How much money does this person give back to past customers as a benefit?
In the same way, when comparing different insurance companies which is more "reliable", we also need to ask this question, and the following comparative analysis method will help us use the language of daily life.To identify which insurance company is more “insurable”.
1. Good or bad review?Compare and view financial strength and credit rating
Before deciding to place an order on Amazon or Yelp, do you check user reviews about this product or restaurant in advance?Before the American Life Insurance GuideIndustry reportsIt also pointed out that "The evaluation of insured users directly affects 1/2 of the insured’s decision-making. "
In the same way, the evaluation of an American insurance company also determines whether it is a more "reliable" American insurance company.And this evaluation is a comprehensive scoring of each American insurance company's financial strength, credit rating, and consumer complaints.
Obviously, the evaluation of insurance companies cannot be justified because they are bad personally. Therefore, the entire U.S. insurance industry and the consumer rights industry need a commonly recognized evaluation standard.
AM BestIt is the only institution that focuses on the credit rating of the insurance industry.Comdex scoreIt's integratedBayes.Standard & Poor's.Moody和FitchWaiting for the Big FourCredit rating agencyA synthesis ofRanking.The positive and negative reviews of these two institutions are recognized standards in the industry.
Because Bayesian evaluation is relatively general,American Life Insurance Guide©️Prefers to the use of Comdex scoresRankingTo judge, the degree of praise is clear at a glance:A score below 60 fails, a score above 80 is excellent, and a score above 90 is a top student.
2. How much money is managed in total?Compare and view total assets or AUM
Asset management scale, the English full name is Asset Under Management, abbreviated as AUM.Asset management scale refers to a measure of the scale of a financial institution’s asset management business, and is the total market value of the institution’s current client assets under management.
The larger the AUM value of an insurance company, the more money it manages.We can also understand it in layman's terms, because more people or institutions choose to trust and trust this insurance company.
If the insurance company has other business income or assets, then after adding AUM, it is the company's total assets.The total assets of American insurance companies are completely open market data, which are publicly available on Google, insurance company financial reports, and insurance official websites.When we apply for insurance, insurance companies will even take the initiative to introduce the company’s AUM and total assets to help consumers understand the management capabilities of the insurance company.
3. How much money do you pay back every year?Compare and view the annual payout amount
Rich and generous, we all hope to make friends with such people.
In the same way, as policyholders, we must hope to see that the insurance company we have insured not only has sufficient AUM, but also hopes that it has a strong claim capability and claim history.Therefore, when comparing and choosing the reliability of insurance companies, an important factor is:We need to see how much money it pays out of its own pockets to settle claims for policyholders.
If an insurance company’s AUM value is very large, but the amount of money returned to us out of pocket each year is very small, then as an insured person, we must carefully consider it.
after all,The annual compensation amount is a golden signboard of a "reliable" insurance company, The insurance company has been eager to announce this figure to the world from the power of verification.If an insurance company has ambiguities in the annual payment amount and annual payment history, and information and data are difficult to obtain, then this type of insurance company must stay away from it.
Article summary
When choosing and comparing between several different insurance companies and looking for a more “insurable” insurance company, we first need to ask the questions pointed out in this article and seek corresponding answers to help us provide rational judgments. Factual basis.With the help of a mature and sound system, policyholders can now obtain public market data at almost no cost to help us answer the above questions and ultimately make decisions that are beneficial to themselves.
American Life Insurance GuideCompany ReviewsIn the column, the mainstream is provided for the publicAmerican Insurancethe company'sFinancial rating和Credit Rating, And regularly follow up the reports of the three major international rating agencies and Comdex for updates.At the same time, the company's asset scale and the annual financial report's compensation amount data can also be inquired.
therefore,Which insurance company is more "insurable" is not a century-old problem.The answer to this question, to a large extent, depends on ourselves, the result of subjective judgment based on various objective facts, and the answer lies in everyone's own choices and hearts.
>>>Update:2020 U.S. Insurance Company Ranking: The Best Index-Based Insurance Company Ranking Top3
appendix:
01. 2018 Pacific Life Annual Report, 2019, Pacific Life, https://bit.ly/334jgRn
02. Allianz Life Reports Solid 2018 Financial Results, 2019, Allianz Life Insurance Company of North America, https://bit.ly/339hj6m
