The majority of people who consider doing business with an insurance company are typically interested in the customer/claims service, products, and financial security of that company. The easiest and most convenient way to search for this information is the Internet. The great thing about the Internet is that there is an abundance of information on any company. The not so great thing is sifting through and understanding the information. Everything from Yelp reviews to Facebook posts can draw both negative and positive attention to companies. Below are different resources to assist you in making an informed decision when selecting an insurance company.
The most important thing to remember when turning to social media to research a company is that a post to social media is one person’s experience. This is true for both positive and negative comments. However, if you spot a trend with what people are posting (i.e. lengthy wait for call backs after a claim), that may be a helpful when considering the company.
Better Business Bureau
Lots of people turn to the Better Business Bureau when looking for information on a variety of companies. The BBB is a nonprofit organization that collects and provides free business reviews on millions of businesses. One important thing to realize is that the BBB is not a government agency. Their rating system has also come under fire in the media for being biased towards businesses that pay dues to the organization.
One of the best tools to use to obtain an accurate and unbiased view of a company is their A.M. Best rating. A.M. Best is a global credit rating agency that focuses on the insurance industry. The company analyzes the financial strength and creditworthiness of businesses. It provides rating information in an easy to understand grading scale with ‘A++’ (superior) being the highest rating and ‘S’ (rating suspended) being the lowest. More information regarding these ratings and what they mean are available on A.M. Best’s website.
So what’s the bottom line?
All of these resources can be helpful. But even with all of this information available, it is still perhaps best to ask family, friends, and colleagues what their experiences have been. Here at The Andrew Agency, it is always our goal to match you up with the best company for the best coverage that fits your needs. Give us a call today at 804-320-2886.