Colo. Releases Tools for Consumers to Check Insurance Company Complaints
The Colorado Division of Insurance has released two references to help consumers make more informed decisions about buying insurance: an Interactive Complaint Ratio search tool and the Consumer Complaint Ratio Report.
The Interactive Complaint Ratio (www.dora.state.co.us/insurance/pb/pp.htm#complaintratio) is an online tool that will allow consumers to search companies by name and display the complaint ratio, total complaint counts, number and percentage of confirmed complaints, premium volume, market share and name of the group of companies that company is associated with. “Confirmed complaints” are those in which the consumer prevailed in a complaint against the company.
The Consumer Conplaint Ratio Report (www.dora.state.co.us/insurance/pb/pb.htm#complaintratio) provides the same information as the online searchable toool, but is a complete report of all of the companies, DOI said. The report offers informtion about the number of complaints and questions that have been lodged against insurance companies. The information should be useful in helping consumers to evaluate different insurance companies and health carriers, DOI said. The Department also uses this report to identify companies that might require closer regulatory scrutiny.
“As more consumers are empowered to make their own decisions about insurance coverage, it is important that they have meaningful information to help them make good choices,” Commissioner Marcy Morrison said.
In unrelated news, the DOI also reported that its Consumer Affairs Section saved Colorado consumers more than $11 million in 2006, mainly in claim payments, overturned denials of benefits, and reinstated benefits to consumers. Staffers in the property and casualty and life and health sections assisted consumers with more than 20,000 phone, e-mail and other inquiries, and more than 4,000 written complaints last year, the DOI said.
Source: DOI
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