Consumer Complaints on Life Insurance / Annuity Contracts - Ohio ...

<strong>Consumer</strong> <strong>Complaints</strong> on
Life Insurance / Annuity Contracts
Try solving the dispute yourself
Insurance is a very competitive business.
If you give the company a chance, you will
generally find folks are willing if not eager to
straighten out problems.
• Start with the agent.
• If not satisfied, contact the company’s
customer service office; most likely it’s a
toll-free number.
• If customer service falls short of
your expectations, ask to speak with
a supervisor about the company’s
procedures for appealing decisions.
If you’re still not satisfied, call the Ohio
Department of Insurance
If your self-help efforts fail, your next stop
should be the <strong>Consumer</strong> Services Division
of the Ohio Department of Insurance (ODI).
Call toll-free:
1-800-686-1526
• Ask to speak with a life insurance analyst.
• The analyst will answer questions over
the phone and explain any additional
steps you should take to resolve your own
problem.
• Our staff will give you honest, unbiased
answers — if it sounds as if the company
has done nothing wrong, we’ll tell you.
Click here
to file a consumer complaint.
ODI & complaints
• If your issue requires follow up with the
company, we’ll send you a complaint
form and instructions for filing a written
complaint.
• We generally will send the company a
copy of your complaint and ask them to
resolve it or explain their side of the story.
• By law, companies must respond to
the Department of Insurance — most
companies do so in a timely manner.
• We will review all the facts to make sure
the company has upheld its contract with
you and has followed insurance rules and
laws.
Counting complaints
In 2008, ODI received a total of 986
complaints about life insurance or annuity
contracts from Ohio consumers.
• If your complaint raises questions
that cause us to contact the agent
or company, we will register it in our
computer as a “complaint.”
• A complaint means a customer has been
unhappy with the company or agent.
• It does not necessarily mean the law has
been broken or that anyone did anything
wrong.
Company complaint records — 2008
The next page shows complaint records for
home insurance companies. The “complaint
ratio” column can help you make apples-toapples
comparisons.
Complaint ratio example: if a company's
complaint ratio is 1.0, it had one complaint
for every $1 million it collected in premiums
from Ohio customers. The lower the
complaint ratio, the better.
Insurance dispute tip
Provide complete, correct information to your insurance company
and file your claims as soon as possible in order to avoid delays.

2008 Life Insurance / Annuity Contract Complaint Statistics
Total number:
In 2008, consumer
complaints on life
insurance / annuities
received by the
Ohio Department
of Insurance...
Total number:
In 2008, authorized
companies having
life insurance
or annuity contract
premiums in Ohio...
Total number:
In 2008, authorized
companies having
life insurance /
annuity contract
complaints in Ohio...
Total number:
In 2008, complaints
about life insurance
or annuities involving
authorized
companies in Ohio…
Total number:
In 2008, life
insurers having
at least ten
complaints in
Ohio…
986 463 186 937 21
Top 10 Reasons for Life Insurance / Annuity Contract <strong>Complaints</strong> in 2008
Reason
<strong>Complaints</strong>
1. Coverage question 158
2. Marketing / sales misrepresentation 130
3. Information requested 118
4. Surrender problems 80
5. Delay of claim 76
6. Denial of claim 65
7. Premium notice / billing issues 61
8. Premium refund due, but not paid 37
9. Coverage /policy cancellation or non-renewal 27
10. Access to policyholder service /care 19
>> Total complaints represented by the above Top 10 reasons = 771
>> Represents 77% of the 995 total life insurance / annuity complaint reasons registered in 2008
2008 Life & Annuity Insurance Complaint Ratios
Notes:
Includes every company that received at least seven complaints about life & annuity insurance in 2008
Market Share is the company's percentage of Ohio's total life & annuity premium in 2008
Complaint Ratio is a comparison of the company's Ohio life & annuity premium and complaints in 2008
We've shortened company names by omitting words like 'Insurance' and 'Company'
Life & Annuity Ohio Ohio Complaint Total
Insurers Life & Annuity Market to Premium <strong>Consumer</strong>
(in alphabetical order) Premium Share Ratio <strong>Complaints</strong>
Allianz Life Ins Co of North America $311,863,334 1.57% 0.10 31
American Gen Life & Acc Ins Co $38,193,937 0.19% 0.73 28
American Gen Life Ins Co $115,739,872 0.58% 0.07 8
American Investors Life Ins Co $256,292,153 1.29% 0.03 7
Bankers Life & Cas Co $39,152,907 0.20% 0.41 16
Conseco Life Ins Co $6,244,368 0.03% 2.40 15
Genworth Life & Annuity Ins Co $139,088,112 0.70% 0.06 8
Genworth Life Ins Co
$85,701,661 0.43% 0.08 7
Globe Life & Accident Ins Co $24,239,621 0.12% 0.95 23
Great American Life Ins Co $179,679,376 0.91% 0.04 8
Ing USA Annuity & Life Ins Co $484,108,405 2.44% 0.01 7
Jackson Natl Life Ins Co $589,932,418 2.97% 0.02 9
John Hancock Life Ins Co $157,480,697 0.79% 0.06 9
Lincoln Natl Life Ins Co $902,907,485 4.55% 0.03 23
Metropolitan Life Ins Co $613,782,769 3.09% 0.06 36
Midland Natl Life Ins Co $142,309,218 0.72% 0.06 8
Monumental Life Ins Co $110,544,566 0.56% 0.29 32
National Western Life Ins Co $26,174,084 0.13% 0.42 11
Nationwide Life Ins Co $598,112,097 3.01% 0.04 25
New York Life Ins Co $193,747,119 0.98% 0.05 10
Ohio National Life Ins Co $568,558,569 2.86% 0.02 13
OM Fin Life Ins Co $100,477,354 0.51% 0.20 20
Pacific Life Ins Co $515,968,812 2.60% 0.02 10
Phoenix Life Ins Co $42,117,893 0.21% 0.17 7
Primerica Life Ins Co $52,177,037 0.26% 0.17 9
Protective Life Ins Co $187,125,389 0.94% 0.06 12
Prudential Ins Co Of Amer $355,763,679 1.79% 0.12 44
Reassure America Life Ins Co $32,728,313 0.16% 0.46 15
Stonebridge Life Ins Co $11,365,598 0.06% 0.70 8
United Ins Co Of Amer $9,299,617 0.05% 1.51 14
Washington Natl Ins Co $5,255,143 0.03% 2.66 14
Western & Southern Life Ins Co $60,250,279 0.30% 0.41 25
Western Southern Life Assur Co $377, 613 , 856
1. 90%
012 0.12 45
Total Carriers Above / 2008 $7,333,995,738 36.94% 0.08 557
All Ohio L & A Carriers / 2008 $19,852,675,075 100.0% 0.05 937
Above Carriers Percent of 36.94% 59.45%
All L & A Carriers / 2008