NAIC Complaint Data for Erie Insurance Exchange
Insurance is an intangible service. It cannot be sampled, tested, touched or recycled. Thus, most people purchase personal and business insurance on the only tangible factor they can measure…PRICE. Although price is a major factor when purchasing insurance there are other factors that need to be considered when choosing the right insurance company.
One major factor to consider is if people are happy or satisfied with an insurance company. The last thing any customer wants, is to pay an insurance company for months or years and be disappointed when they have a problem or a claim. Thus, the National Association of Insurance Commissions (NAIC) compiles complaint data on nearly every insurance company and the information is available to the public!
5 Simple Steps to Get the Complaint Data
1. Paste the link https://eapps.naic.org/cis/ into your browser
2. Under the Company Search for Complaint and Financial Information section on the top right side of the page, enter your insurance company’s name. Then select PA as the Consumer’s Resident State and click the “Find a Company Button”
3. Click on “Closed Complaints Link”
4. Click on “Closed Complaint Ratio Report”
5. Select the insurance type (Ex-private passenger auto) and click the “Create Report” button
At this point you should have a report similar to the one shown in the picture above. The report shows an insurance company’s complaint ratio compared to a national median of 1.00. Any complaint ratio below 1.00 means the company is better than the median company and any company with a ratio above 1.00 means that they are worse than the median company.
Take advantage of this consumer data and find out what customers are saying about your personal or business insurance company…you may be surprised!