Top Property and Casualty Insurance Companies

The property & casualty insurance industry today faces a lot of challenges including market pressures, technology, rising claim cost, expense management, legislation, compliance and more. The top property and casualty insurance companies have to take these challenges in stride. They often do things with a different approach to set themselves apart from the competition.

These top performing companies in particular maintain efficient operating models; they meet the needs of their clients and successfully execute their business strategy. There are some benchmark practices that set apart the top performing companies from the rest of the industry.

Operational Efficiency

Today companies must manage significant changes in workloads and workflows in all areas of their organization as a result of technological advances and changing market conditions. The top property & casualty insurance companies have about 19% fewer employees when measured against premiums written. Also web-based technology, enterprise content management, predictive modeling have significantly impacted on operating models.

The ability to switch to new technology has provided significant savings in expense and a more efficient workforce. For instance, imaging and automated workflow has provided the companies the opportunity to centralize the back office operations while still keeping the customer-facing activities in the field. They have also succeeded in maintaining a staff to management ratio of 6.8 to 1, in comparison to 5.3 to 1, on the average. This difference in staff to management equals a savings of nearly $2,200 per employee, on the average.

Customer Focus

Most often, when companies begin to experience increasing demands from their clients, it is easy for them to get lost in the myriad of request and possibly lose focus on the customers. Customer services have gone beyond just servicing the policy holders. Insurance firms know that they have a lot of customers to support both internal and external.

The top companies consciously service all the customers, including the policy holders, employees, agents and outside service partners. Because they believe with superior customer service and ease of doing business, customer loyalty and retention will be improved significantly.

Strategic Execution

Companies that want to remain competitive must clearly understand their core competencies with which to develop and execute their corporate strategy. The top property & casualty insurance companies always achieve superior results through the combination of effective distribution channels, product focus, technology and strong market knowledge within their target areas. Every company that has been able to quickly capitalize on these strengths will always have a tremendous competitive edge.

Based on the above benchmarks, some top performing property and casualty insurance companies are as follows:

  • Accident Fund
  • Acuity
  • Amerisure Companies
  • California State Automobile Association
  • Canal Insurance Group
  • Chubb Group
  • Germania Insurance Group
  • Grange Mutual Casualty Group

When you need the services of a top property and casualty insurance firm, always make sure that they satisfy these fundamental benchmarks, and by so doing you will be guaranteed a great service. The insurance industry and their services are even more needed in the 21st century than ever because our society today is plagued with so many dangers and uncertainties, hence the increasing need for insurance.

Auto Insurance Company FAQs

What is auto insurance? Most states require the owner of a vehicle to have a certain minimum coverage. But to protect oneself from law suits and expensive repair bills, it makes sense for the customer to go for more than the minimum coverage.

What is liability insurance?

Liability insurance is the coverage that the insurance policy gives the consumer, if he/she has caused an accident that has resulted in bodily injury to another party and/or damage to the property of another person. Bodily injury coverage pays for the medical expenses and the likely loss of wages, whilst property coverage pays for the cost of repair or even replacement for the vehicle of the victim.

What is a 20/40/10?

These are the liability coverage limits. Instead of presenting in terms of thousands of dollars, limits are presented in a series of numbers. 20/40/10 stands for $ 20,000/40,000/10,000, where $20,000 is the coverage for the bodily injury per person, $40,000 is the coverage for the bodily injury per vehicle. $10,000 is the property damage coverage per accident.

Is the minimum liability coverage limit the same, wherever one lives in the US?

It is different in all the fifty states. In Texas, for example one has to purchase at least 20/40/15 liability coverage limits. In California, it is 15/30/5. In New York it is 25/50/15.

It makes sense for the owner to know the local coverage limit and have a coverage which is more than the limit.

How important is the driver?s history in getting a good offer from an insurance company?

Owners with good driving habits are generally rewarded with discounts by the auto insurance companies. These may include people with airbags and centralized locks in their vehicles, people with no tickets history or driving offences etc.

What is an SR-22?

SR-22 is a form that proves that one carries auto insurance. SR-22 status is given for people falling in category of high risk. All the states require SR-22 for people who have had a past history of serious driving violations like drunken driving and reckless driving.

What is no fault insurance?

Several legislations in the US provide coverage like the ?no fault insurance,? where the victim should only prove his/her injury to claim damages from the insurers.

How does one know which auto insurance to choose?

Owners of the vehicles would be advised to choose companies with good credit worthiness. These companies are rated as A, AA, and beyond. The above points can be the best guidelines for any auto owner in choosing the right auto insurance company.

Could Your Life Insurance Company Fail?

Life insurance policies provide your family the much needed financial stability in case of your sudden demise. This becomes all the more essential when the breadwinner of the family is gone suddenly. Your family can still meet their vital needs and maintain the same standard of living that was available that they had earlier. However, what if the insurance company goes bust?

Like in case of a bank, your insurance company could also go bankrupt. However, this does not mean that all your hard earned money is gone forever and you are left penniless. This is because every insurer is monitored by IRDA (Insurance Regulatory and Development Authority) on a regular basis. The insurer is also supposed to maintain a solvency margin for recovery in case of an unfortunate incident.
What are the Safety Measures

There are various measures and regulations undertaken by the government and IRDA so that your money is always safe, even if the insurer goes bust. There are various strict guidelines and regulations that ensure that one or two serious incidents or financial loss doesn’t result in the company going down. The two main acts that cover all these regulations and are the foundations of various activities that are carried out in the field of insurance are:

• The Insurance Act 1938

• The Insurance Regulatory and Development Act 1999

The various guidelines and regulations are the following:

• Every insurance company has to be registered and needs a license from the relevant authorities. This will prevent fraud companies from carrying out their illegal operations and duping investors.

• The process of registration and renewal has to be strictly followed by every insurance company.

• A solvency amount of Rs 150 crores has to be submitted with RBI, under IRDA. This is safety deposit money that is kept for compensation to customers in case the company goes bankrupt.

• Every insurance company is required to be attached to a re-insurance company. The re-insurance company will take up the legal responsibility of reimbursement of insurance claims of customers, in case the insurer goes bankrupt.

• There are strict regulations regarding the minimum capital requirements, funds, accounts and management of the companies.

• There are also strict guidelines regarding the amount of cash companies can invest in stock markets, individual stocks etc.

What Else Can You Do?

On the other hand, to be doubly sure, you might invest your money with different insurers in different policies. This reduces the risk of losing all your insurance cover in case one of the insurers goes bust. However, it has a downside that you will be paying a policy fee for multiple policies to different insurers. Also, you will be missing out on the discounts and other benefits that one insurer gives on a single bulk policy. Also, when you get life insurance, you must go for online life insurance that will enable you to choose the best and most reliable insurance company.

With the strict guidelines and regulations, it is almost impossible for any insurance company to go bankrupt in India. You can therefore be confident and fully assured that your hard earned money will be safe with the insurance companies. If at all anything unfortunate happens, IRDA and the Finance ministry in the Central government will ensure that your and other customers’ issues are addressed and your money recovered.