You won’t hear this just anywhere, but in our office this very important task is managed by — our receptionist.
Actually (and this is quite surprising), most insurance agencies have no formal process in place for monitoring the financial ratings of the companies they represent. That means other agents can easily allow a ratings downgrade to slip by, while they continue to sell that companies products to an unsuspecting public. And then, fail to take action to advise and protect their existing clients who may have insurance policies with that company. Not good.
We have a long-standing promise in our office to only place business with insurance companies maintaining solid financial strength ratings with the top three ratings firms (Standard & Poor’s, Moody’s, and AM Best). These ratings can change — although quite infrequently — depending on outside economic factors impacting our company partners, and internal influences such as their operating costs and claims experience.
Our receptionist, Susan Komorowski, is a five-year member of the Cheney Insurance staff and a very important part of our Support Team. While she has many tasks that make up her work, one of them is monitoring ratings. On a scheduled basis, she visits the internet websites for the ratings firms, notes the strength ratings for each of our companies, and enters those into a spreadsheet which is then provided to all staff. It is very typical for her periodic updates to show no changes, but any that do pop up are clearly identified so we can discuss, investigate, and proactively address them.
Ensuring that your policy is always with a financially sound insurance company is part of our responsibility to our clients. I know I have been saying this a lot lately, but I feel this is just one more good reason to always choose a Trusted Choice agency when you need insurance–and I like to suggest the fine, hardworking, local people at Cheney Insurance.
Dennis H. Hilton, President