To find out which insurance company can satisfy their needs and which company serves him in best way. An annual ranking report has been made by DOI in 2008.
This report helps those customers who are in dilemma to find the company from which they should buy the policy or find out the top 10 insurance companies. With the help of this ranking report the customer can compare the companies according to their ranks in report and find out whether they are dealing with right company or there is another one which can be considered by them. The report is made by analyzing the data in the reports of year 2006 and year 2007. This report only tells about the ranking of the companies which are doing their business in New York only.
As New York is highly populated state, so this report can represent a clear picture of the performance of various insurance companies at national level. The various criteria which are considered while ranking a company are discussed in this article. First criteria are the complaint ratio of that particular company. The ratio of complaints can be calculated by total number of complaints registered against company. Companies having fewest registered complaints as per billion dollars of policy premiums are ranked as top companies in the list. Obviously the companies whose complaint ratio is high are ranked with low ranks.
Ranking is an important characteristic of an insurance company but this should not be the only criteria which consumers weigh when deciding which company is best to choose. While taking decision about it the customer can take reviews from their friends, neighbours, relatives and co workers about the company they are dealing with. Ranking includes various points but also misses some points. It never calculate the complaints which customer has directly registered to the company but only includes the problems submitted through DOI to the company. Consumer can get aware about the progress made by the companies in last so many years because a proper table is maintained to keep record of the progress and inflation made by company. Top companies ranked in list are mercury general group, American express, Amex assurance, united services automobile assurance group, everyday insurance, Utica mutual. A wise consumer is one who knows how to tackle his insurance claim in order to maximize the recovery in case he had gone through some automobile loss unfortunately.
