Colorado’s Division of Insurance has published an online index of insurance company complaints, allowing consumers to see whether a company has an above, below, or average number of complaints compared to other companies.
“When consumers consider doing business with a company, they want as much information as possible,” said Marcy Morrison, Colorado’s Commissioner of Insurance. The Complaint Index is compares each company’s complaint counts against the rest of the industry to show whether each company has better-than-average or worse-than-average total complaint counts, taking into account the size of the company. The Complaint Ratio indicates the number of complaints per million dollars of premium.
Many consumers use premium cost as the main criteria for choosing an insurance company, but the index provides another measure to consider, Morrison indicated.
“We added the index because the ratio doesn’t account for an industry average. Some larger companies will have more complaints just because they have more customers,” Morrison said. “But they may treat customers well, overall, when you look at the size of the company and the number of policies they have in place. And there are some smaller companies who may provide great customer service, but could get lost in the complaint ratios. The index helps answer this question: what information can help predict how the company you select is going to treat you, the customer, when addressing your concerns?”
The Complaint Index and Complaint Ratio can be viewed at DORA’s Division of Insurance web site at: www.dora.state.co.us/pls/real/Ins_Comp_Ratio_Report.Home.
Source: DOI
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