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28.09.2010
Credit-Rating Spots Most Client-Oriented Motor Insurers
Credit-Rating has conducted a survey ‘The Most Client-Oriented Motor Insurers’, aimed at informing potential customers of the most typical terms of insurance agreements in order to make the process of company’s selection easier. The survey resulted in a ranking of client-orienting and designated companies that offer the most beneficial terms.
The process of survey captured insurance products of 21 companies. The collection of information for comparison of the products was performed through questionnaires submitted to the insurers that volunteered to take part in the survey. The reliability of the information collected was checked by its comparing with the data from open sources and by checking terms of insuring offered to potential customers in preliminary negotiations.
The most client-oriented motor insurers are the following: Ukrainian Insurance Group (ranked the 1st), Universalna IC (ranked the 2nd), and Illichevskoye Insurance Company (ranked the 3rd). These companies are characterized with medium level of tariffs and small number of exclusions and limits on compensation payments enjoying rather democratic settlement procedures.
Basing on the research conducted we may conclude that the tariffs for motor insuring are roughly the same in the majority of the companies and the terms differ mainly by the number of exclusions and peculiarities in the procedure of reimbursement payments. The most typical exclusions are transferring vehicle to lease, use of a vehicle as a taxi or a training vehicle, use of a vehicle in disrepair, driving in a state of intoxication, installation of supplementary equipment that breach fire safety rules. Thereat the violations of traffic rules deemed as exclusion by not all companies.
According to Dilyara Mustafayeva, a Head for Credit-Rating’s Department of Methodology Development and Perspective Researches, today most of ordinary people encounter certain difficulties in choosing an insurer. This is connected with insufficient transparency of the market and absence of experience of potential customers in analyzing terms of insurance agreements. When concluding an agreement the customers take into account mainly amount of tariffs remaining insufficiently attentive to all terms of insuring. By this reason they often disregard the terms, violate reimbursement procedure in case of insurance event, and make claims to insurers when facing legitimate problems with obtaining compensations.
Credit-Rating will continue analyzing client-oriented aspects of insurers and anticipates an increase in number of participants. This will enable the agency to provide customers with more comprehensive information on insurance market, which will facilitate in raising confidence and development of the market.
Full version of the survey may be found in the agency’s web-site. Apart from this survey Credit-Rating has conducted similar surveys in property insurance, life insurance, and health insurance.
Credit-Rating has operated in the Ukrainian market since 2001 being committed to assignment of national scale credit ratings. The agency also conducts different types of surveys with regard to transparency of participants of Ukraine’s financial market, and has developed bank deposit rating and insurer strength rating that are intended for ordinary customers.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
