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
  • ANPAC
  • California State Automobile Association
  • Canal Insurance Group
  • Chubb Group
  • GEICO
  • 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.