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.

Auto Insurance Company Comparison – Discover The Only Criteria You Should Ever Use

Making an auto insurance company comparison relies heavily on having a sound judgment of what makes a good company. This article will reveal a simple but effective criteria for selecting a good company and hopefully getting the best deal on car insurance ever.

Start With Cost Savings
When seeking auto insurance, cost will surely be in the forefront of your mind. It’s important that when you make a comparison among insurance companies, cost is central to the criteria. It’s also important to bear in mind too that cheapest does not translate into best, so any cost comparison must be tied to the benefits associated with such costs.

The Company’s Payout Record
This is another important variable that should form any criteria for comparing companies. The main reason for having insurance is to ensure protection when and if something does go wrong.

It stands to reason therefore that if a company has poor track record of honoring claims then this basic reason for having insurance is defeated. You can always find out about a company’s past record by searching online for any negative consumer reports.

Built-in Deductible Amount
The deductible represents the amount that you’ll have to fund out of pocket towards the cost of repairs should you suffer an accident. This amount will vary across providers and so it’s important for use in comparing a companies overall suitability towards your needs. It ties in with cost, but should be looked at separately because it’s basis is quite often arbitrary. One company may have a deductible of 5%, while another may have stipulate 10%.

So, when you next go to make an auto insurance company comparison, use the criteria above. Not only will you find that your ultimate choice is better in terms of coverage, you’ll also save money on quotes as well.

Factors Effecting Car Insurance Premiums

The cost of car insurance premiums varies significantly from vehicle to vehicle and person to person. In fact, many factors affect the premium that you pay for your auto insurance.

As such, the risk associated with an accident affects the insurance premium largely. The higher the risk, the more you have to pay for the insurance coverage.

Factors:

1. Age: Statistics show that younger people are at a greater risk of confronting an accident as compared to older people. Generally, drivers between the age of 50 and 65 are considered as safe drivers.

2. Gender: Women are supposed to make fewer claims than men and considered to be safe drivers.

3. Driving History: Usually, people with a clean driving record attract lower car insurance premiums.

4. Driver Geography: Your residing address also makes a difference in car insurance premium. People residing in areas that have less traffic are expected to spend less on auto insurance as compared to people living in urban areas that have massive traffic. Car insurance premiums differ from zip code to zip code, depending on the rate of vehicle thefts in the local area. If you reside in a high-risk area, your insurance premiums are expected to be higher.

5. Car Type: Luxurious and powerful cars are usually expensive and are likely to be stolen. Hence, may cost more to insure. On the contrary, a cheap car will cost less to insure.

6. Driving Violations: If you have an accident record, then you are at a higher risk and thus, your car insurance premium will be comparatively higher. You may be penalized by the auto insurance company for as many as five years from the date of the accident. However, your premium will get lower with the improvement in your driving records.

7. Credit Rating: If you have a poor credit history, then the car insurance company will charge you a higher amount of premium. You can work on your credit rating to get a better score. This will help you to save on your premiums.

8. Car Parking: Your car insurance premium will be greatly affected by the place where you park your car. If your car is secured against theft and damage, the premium will be low. So, make sure to park the car in your garage and have a car alarm or a tracking device to pay less on premium.

9. Annual Mileage: The car insurance company will also estimate the annual mileage of your vehicle. This is because the annual mileage of the vehicle gives the insurer an idea of the level of risk associated with an accident. This can affect your auto premium to some extent.

To sum up, before finalizing auto insurance, make sure that you compare the rates offered by various local auto insurance providers to get the best deal in car insurance. You may take optimum advantage of these factors and work on to lower your auto insurance rates.