There are currently five major companies publishing financial strength ratings on insurance companies. It is in your best interest to check out any company you intend to do business with.
Ratings are based on Financial Strength Ratings, Issuer Credit Ratings, Debt Ratings, Syndicate Ratings and Bank Deposit Ratings. For a complete rating of the companies below click on their logo. The following ratings are part of the analysis and decision-making process in choosing the right health and insurance company. Best's Rating is a registered trademark of the A.M. Best Company.
Ratings from authentic firms are strategic tools used by insurance companies to earn customer confidence in areas like financial stability and services. A high rating is also a good marketing tool to help customers to decide to reinvest. For a life and health insurance company planning to penetrate a new market, a high rating is a useful tool for attracting new customers. Overall, ratings are a valuable resource for any life and health insurance company, but also provide its customers or potential customers with a clear picture of who they may or may not be doing business with.
Often, life and health insurance companies must undertake comparative analyses between themselves and other players in the industry with regard to performance and financial stability, in which case ratings are a big help. Ratings also help companies evaluate prospective reinsurance accounts. Depending on a health insurance company rating, companies can make decisions on the introduction of particular product packages to the market.
Basically, a life and health insurance company's rating helps the company understand their comparative position in the industry, and where they stand with respect to their competitors. Even if a company is financially sound, it has to compare its performance with others.
But most importantly, health insurance company ratings provides valuable information and statistics for consumers to use when choosing their health insurance company.
