Over 450,000 businesses offer Aflac plans to their employees including more than 17,000 government entities and over 40% of all the hospitals in the U.S. Many of those companies asked these questions when selecting their voluntary carrier:
What is the provider’s financial strength rating?
Aflac is rated A+ (Superior) by A.M. Best, the second highest rating given by A.M. Best. View our Investor Factsheet.
Aflac herein means American Family Life Assurance Company of Columbus and American Family Life Assurance Company of New York.
How often are the rates increased?
For 50 years, Aflac has had a history of rate stability across almost all product lines.
Applies to products underwritten by American Family Life Assurance Company of Columbus.
How do claims payments compare?
Aflac pays twice as much on claims as on administrative costs, unlike other insurance carriers. Don’t be fooled by competitors who don’t provide the benefits policyholders deserve.
1 Aflac herein means American Family Life Assurance Company of Columbus.
2 Aflac processes most claims in an average of four days.
3 Allstate herein means American Heritage Life Insurance Company.
4 Allstate claims will be processed in less than ten business days (if all claim forms are completed accurately and no additional information is required).
5 Colonial’s goal is to process 90% of claims in less than or equal to ten days.
6 Represents Aflac’s A.M. Best rating as of January 25, 2011.
DO YOU KNOW WHY MORE THAN 17,000 GOVERNMENT ENTITIES CHOOSE AFLAC OVER OUR COMPETITORS?
Aflac Data, 2009
ADMINISTRATIVE COST/CLAIMS FORMULA:
Cost of Claims = Average Premium Size x Loss Ratio Administrative Cost = Average Premium Size x (1 – Loss Ratio)
AVERAGE PREMIUM SIZE:
Annual Statement for the year December 31, 2009, of the American Family Life Assurance Company of Columbus (60380); Exhibit of Number of Policies, Contracts, Certificates, Income Payable and Account Values In Force for Supplementary Contracts, Annuities, and Accident & Health, and Other Policies
Annual Statement for the year December 31, 2009, of the Colonial Life & Accident Insurance Company (62049); Exhibit of Number of Policies, Contracts, Certificates, Income Payable and Account Values In Force for Supplementary Contracts, Annuities, and Accident & Health, and Other Policies
A.M. Best Insurance Reports – Life Health,
U.S. 2010 Edition
(2009 Annual Data, Version 2010.2):
American Family Life Assurance Company of Columbus
Colonial Life & Accident Insurance Company
CLAIMS PROCESSING SPEED:
Colonial Life Service Goal Report Card, 3rd Quarter 2010
PRODUCT SATISFACTION, CLAIMS SATISFACTION, EASE OF BUSINESS, AND EASE OF ENROLLMENT:
Competitor Loyalty 2009, Rockhopper Research. Rockhopper Research is an independent marketing research firm that conducted an online competitor loyalty survey with benefit administrators at U.S. companies.