Insurance Industry: We’re #1 (but not in a good way…)
by ARC Legal Funding
NAIC Stats show delay tactics by Insurance Industry still #1 complaint by Consumers.
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
When they released last month’s insurance complaint numbers, it was not a surprise that claim-handling delays were the number one complaint among insurance consumers. With almost 30,000 complaints lodged against big insurance corporations so far in 2013, delay tactics accounted for nearly one-third of those complaints.
To the consumer legal funding industry and its consumers this is eerily similar to Bill Murray’s movie, Groundhog Day. Where delay tactics are used over and over and over again to stall and wait-out injured consumers who just want a fair settlement and to get back to a normal way of life.
It is no secret that the insurance industry uses these delay tactics as a business practice to help lessen the amount of money they pay out to claimants. The insurance industry takes pride in preying on those consumers who have been involved in an accident and are financially disadvantaged, forcing the consumer into a less-then-market-rate settlement.
Large insurances companies are taking advantage of those who have been in a serious accident, are out of work and their savings have run dry. Consumer legal funding bridges the financial gap from the time an accident occurs until a consumer has a chance to rightfully and fairly settle their injury claim.
Consumer legal funding has become such a threat to the insurance industry’s old ways of doing business that they have begun to spin a message that consumer legal funding is anti-consumer. It is laughable on its fact that helping to keep a roof over a family’s head, or to help provide financial assistance so a family is able to put food on the table is anti-consumer.
Without any substantial statistics to back up their claims, the insurance industries claims are a mere smokescreen for who the real anti-consumer culprit is in the room.
Unfortunately for big insurance companies, the National Association of Insurance Commissioner statistics do not lie. When it comes to consumer complaints, big insurance hands down leads the way.