A Company Performance Survey conducted by the Professional Insurance Agents of Connecticut Inc. has found insurance carrier performance rankings have generally remained consistent over the past three years.
The survey of 150 of the state's independent agents asked them to rate their companies on 16 different performance items. Companies that have consistently shown strong performance in a variety of areas since the survey's launch in 2002 are Chubb Group, NLC Insurance Cos. and Progressive.
Overall top-scoring companies in 2005 for all performance items combined, earning a total score of 60 or higher, are NLC (commercial and personal), Chubb Group (commercial and personal), Progressive, St. Paul Travelers (commercial), Peerless (commercial), The Hartford (commercial) and Middlesex Mutual.
This year PIACT added five companies to the survey:
o American International Group
o Andover Companies
o CNA/Continental Casualty
o Quincy Mutual
Joseph Bishop III, president of PIACT, said the companies were added at their request and the interest agents showed in the companies.
The survey asked PIACT members to rank 30 insurance companies or company business units in performance categories including products and pricing; treatment of agents; marketing support; technology; claims handling; service; and underwriting.
Agents were asked to rate many companies' commercial lines and personal lines performance separately, because companies may maintain significantly distinct commercial and personal lines operations and agents may be active with a company for one but not the other.
Agents were asked how strongly they agreed with the following descriptions regarding the products and pricing of the company they were scoring:
o Pricing is competitive.
o Coverage compares favorably.
The Hartford and Middlesex Mutual rated among the top five carriers on both these performance items.
The companies perceived most strongly to have pricing that is competitive with other companies offering similar products are:
o NLC (commercial and personal)
o Safeco (personal)
o Peerless (commercial)
o The Hartford (personal)
o Middlesex Mutual
o St. Paul Travelers (commercial)
NLC, Peerless and Safeco repeat from last year; NLC and Safeco have ranked among the survey's most competitive companies in all four years.
Companies seen as having coverage that compares favorably with other companies offering similar products include:
o Chubb (personal and commercial)
o Andover Cos.
o The Hartford (commercial)
o Middlesex Mutual
Chubb and The Hartford repeat from last year. Chubb has scored high for its coverage in all four years.
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