On October 14, China Bancassurance Information Technology Management Co., Ltd. officially released the 2018 insurance company service ratings.
The list has changed a lot. Among life insurance companies, Evergrande Life Insurance has been upgraded to four levels in a row, from CCC to A; Taiping Life Insurance BoComm Kanglian has been upgraded to two levels in a row, both from BBB to AA; Property and Casualty Insurance Among the companies, LeAijin Property Insurance was upgraded six levels in a row, jumping from CC to AA. As in previous years, companies rated AAA still did not appear.
For consumers, the services of insurance companies are mainly reflected in the speed of compensation, the amount of compensation, and the satisfaction of compensation. This time, China Banking and Insurance Co., Ltd. also disclosed for the first time the industry medians of evaluation indicators for property and casualty insurance and life insurance.
The evaluation indicators focus on sales and claims consultation.
According to China Banking and Insurance Letter, the scope of insurance company service evaluation in 2018 is except for pension insurance companies, agricultural insurance companies, health insurance companies, policy insurance companies and other types of insurance companies. Property insurance companies and personal insurance companies that have been in business for three fiscal years on December 31, 2018.
The content of the evaluation is the service performance of the participating insurance companies in 2018. The evaluation system focuses on outstanding issues in sales, claims, consultation, rights protection, etc. that have been strongly reported by consumers. Based on the actual situation of the industry, the manual completion rate of incoming calls and the claim settlement odds are set separately for property insurance and personal insurance. Eight types of quantitative indicators such as , complaint rate, etc. are scored, and on this basis, points are added/subtracted for important service innovations and major negative events.
The evaluation results are based on the relative service level of insurance companies based on the current indicator system and do not represent their credit level and risk status. The evaluation results are divided into four categories: A, B, C, and D according to the scores from high to low, including ten levels: AAA, AA, A, BBB, BB, B, CCC, CC, C, and D.
The payment cycle for property insurance reports of less than 10,000 yuan is 13 days, and the payment time limit for life insurance is 62 days.
In addition to the rating results, this time China Banking and Insurance also disclosed the industry median of property insurance and life insurance evaluation indicators for the first time, providing a reference for insurance companies. "passing line". For property and casualty insurance, the manual call-through rate, customer service representative service satisfaction rate, and compensation case reporting and payment cycle are all important monitoring indicators; the life insurance company’s success rate of telephone return visits during the hesitation period, application payment timeliness, and insurance payment Results such as timeliness also affect the score.
China Banking Insurance also gave the industry median of insurance company service evaluation indicators in 2018.
Many companies skipped their ratings, China Life Ping An Life Insurance dropped in rating
Compared with 2017, the ratings of many companies have changed. The service rating of LeAijin Property Insurance (China) Co., Ltd. has jumped six levels this year, becoming the insurance company with the largest increase. Three property and casualty insurance companies, Ping An, PICC, and Pacific Insurance, successfully secured AA ratings. Dinghe jumped one level from BB to A, and Fubon Insurance jumped two levels from B to A. Jintai Property slipped from AA last year to A this year. Anda Insurance lost its A this year and was downgraded to a B.
Among life insurance companies, the AA-rated companies are not the ones with the largest market share, but three are BoComm Kanglian, Taiping Life and Pacific Life. Among them, Pacific Life has won Double A for the third consecutive year; Taiping Life and BoComm Kanglian have been upgraded two levels in a row, from BBB to AA. Among the life insurance companies, Evergrande Life Insurance Co., Ltd. has been upgraded rapidly, which has been upgraded to four levels in a row, from CCC to A; Zhujiang Life Insurance has been upgraded from CCC level 2 to BB.
The service ratings of Ping An Life, China Life, CITIC Prudential and other companies have declined. Since the evaluation system focuses on outstanding issues in sales, claims, consultation, rights protection, etc. that are strongly reported by consumers, large companies have many insurance policies and are prone to losing points in these items. Small companies have a small total number of insurance policies and face greater pressure on indicators such as complaints per case and complaints per 10,000 people.
The 2018 insurance company service evaluation results are detailed in the table below (the same level is arranged in the pinyin order of the company name).
