{"id":133669,"date":"2023-07-24T17:39:09","date_gmt":"2023-07-24T17:39:09","guid":{"rendered":"https:\/\/fin2me.com\/?p=133669"},"modified":"2023-07-24T17:39:09","modified_gmt":"2023-07-24T17:39:09","slug":"the-most-hated-insurance-companies-in-america-ranked","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/the-most-hated-insurance-companies-in-america-ranked\/","title":{"rendered":"The Most Hated Insurance Companies in America, Ranked"},"content":{"rendered":"

Theoretically, buying insurance should provide financial protection against a specified loss. On one side of the contract, the customer pays a premium to the insurance company over time in exchange for financial coverage in case of an accident, illness, or other contingencies. On the other side of the contract, the insurance company is supposed to pay up when an incident happens. However, it is not always that simple.<\/span><\/p>\n

Insurance functions like a big pot of emergency funds. Most customers put money into the pot but will never have to use it. These customers make the company money. The customers that file an insurance claim to take money out of the pot often need significantly more money than they put in. These customers cost the insurer money, and it is in the company\u2019s financial interest to avoid paying.<\/span><\/p>\n

Simply put, insurance companies don\u2019t make money by paying out claims. Getting a legitimate claim paid can sometimes be a lengthy battle that is filled with paperwork, phone calls, and delays. For those already dealing with the consequences of an accident, robbery, or natural disaster, having to fight to be justly compensated can be exhausting. (Also check out<\/span> America\u2019s most hated companies<\/span>.)<\/span><\/p>\n

To identify the most hated insurance companies, 24\/7 Wall St. reviewed the American Customer Satisfaction Index\u2019s <\/span>Insurance and Health Care Study 2021-2022<\/span>, which surveyed 12,841 people between October 2021 and September 2022 on their satisfaction with different insurance companies that offer property and casualty insurance. Company profits and revenues come from the most recent financial statements.<\/span><\/p>\n

The ACSI surveyed customers on different aspects of their experience with their insurance companies. The categories with the lowest rate of customer satisfaction were availability and range of policy discounts and rewards, ease of understanding billing statements, speed of most recent claim processing and completion, and courtesy and helpfulness of representatives and agents. For these categories, around 75% to 78% of customers were satisfied.\u00a0<\/span><\/p>\n

Customers were most satisfied with the quality of their insurers\u2019 mobile apps, the reliability of the mobile apps, and company websites, with around 83% of customers satisfied in these categories.<\/span><\/p>\n

The most hated insurance companies range in size, but all bring in over $8 billion a year in revenue and are Fortune 500 companies. Over the years, many have had controversial policies and stances, or they have taken controversial actions. Others have had legal troubles for negotiating in bad faith or failing to pay out claims. (<\/span>Oldest companies in the Fortune 500<\/span>)<\/span><\/p>\n

Click here to see the most hated insurance companies in America.<\/strong><\/span><\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Theoretically, buying insurance should provide financial protection against a specified loss. 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