Home Life Insurance What are COMDEX rankings for all times insurance coverage firms?

What are COMDEX rankings for all times insurance coverage firms?

What are COMDEX rankings for all times insurance coverage firms?

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Rachael Brennan has been working within the insurance coverage business since 2006 when she started working as a licensed insurance coverage consultant for twenty first Century Insurance coverage, throughout which era she earned her Property and Casualty license in all 50 states.
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Rachael Brennan

Licensed Insurance coverage Agent

Rachael Brennan

UPDATED: Apr 24, 2022

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Here is the Scoop

  • COMDEX rankings for all times insurance coverage firms compile monetary energy rankings from a few of the greatest insurance coverage firm score businesses to make it simpler to know an organization’s monetary energy
  • COMDEX rankings are expressed in a rating from 1 to 100 that signifies which percentile an organization is in in comparison with different insurance coverage firms
  • The upper the COMDEX score, the higher an organization’s monetary energy

In case you’ve ever tried to find out about selecting one of many finest life insurance coverage firms, you’ve in all probability heard concerning the significance of monetary energy rankings when deciding on a coverage. Nevertheless, discovering an organization’s monetary energy score could also be sophisticated and complicated, particularly with the variations between score businesses’ strategies.

To make it simpler for customers and insurance coverage brokers, EbixLife developed the COMDEX rankings to compile monetary energy rankings from main score businesses. Nevertheless, when you’re questioning, “What’s a COMDEX score on life insurance coverage?” you’re not alone.

Maintain studying under to find out about COMDEX rankings, what they imply, how you can discover them, and why it’s essential to know monetary energy rankings earlier than shopping for a coverage.

What are COMDEX rankings for all times insurance coverage firms?

COMDEX rankings are used to measure an insurance coverage firm’s monetary energy. COMDEX (which stands for composite index) combines the rankings from important insurance coverage score businesses to create a percentile rating.

It averages the scores from a few of the greatest monetary energy score businesses, together with A.M. Greatest, Moody’s, Fitch, and Commonplace & Poor’s. Due to this fact, an insurance coverage firm should have rankings from at the very least two of those businesses earlier than receiving a COMDEX score.

By utilizing the opposite businesses’ rankings, the COMDEX score produces a rating between 1 and 100. The upper the rating, the upper the insurance coverage firm’s monetary energy.

The COMDEX can generally make it simpler for buyers to know the monetary energy of an insurance coverage firm as a result of the rating correlates with the percentile to which the corporate belongs. For instance, if an insurance coverage firm has a COMDEX score of 85, it’s financially stronger than 85% of the opposite firms.

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How are COMDEX rankings calculated?

COMDEX rankings are comparatively straightforward to calculate, however on a regular basis customers most definitely don’t need to spend an excessive amount of time looking out a number of web sites to see every company’s score. As well as, it may be difficult to know every company’s score technique.

Due to this fact, COMDEX rankings are calculated by EbixLife utilizing VitalSigns software program. The scores are recalculated each few weeks or extra typically for large insurers. EbixLife can compile tons of data from every company to see which percentile an insurance coverage firm suits into in response to every company. The percentiles are then averaged to calculate the COMDEX score.

For instance, if an insurance coverage firm is within the ninetieth percentile from A.M. Greatest, eighty fifth percentile from Moody’s, and eightieth percentile from Commonplace & Poor’s, you’d merely add 90+85+80 and divide by three to get a COMDEX score of 85.

Moreover, the COMDEX score of 85 signifies that the insurance coverage firm has a greater monetary energy score than 85% of the opposite insurance coverage firms.

Why are monetary energy rankings essential?

If you’re looking for a life insurance coverage firm, it’s important to make sure you’re shopping for a coverage from an organization that may adequately handle its property and offers your life insurance coverage beneficiaries with the demise profit you paid for. Due to this fact, while you’re procuring round, it may be useful to analysis an organization’s monetary energy earlier than shopping for from them.

The businesses listed above (A.M. Greatest, Moody’s, Fitch, and Commonplace & Poor’s) charge insurance coverage firms primarily based on their monetary energy, together with creditworthiness, asset administration, profitability, income forecasts, and extra.

Nevertheless, it may be difficult to know the rankings from every of those businesses. It could even take a subscription to entry the knowledge needed to find out an organization’s monetary energy. Then again, the COMDEX score is less complicated to know, compiles knowledge from a number of sources, and is simple to seek out on-line.

How can I work out an organization’s COMDEX score?

Sadly, VitalSigns is on the market solely to insurance coverage brokers and brokers promoting insurance coverage insurance policies. Whereas they will present a model of the software program on their web site for particular person prospects, it’s not extensively out there.

Nevertheless, many web sites and blogs on-line will present lists of some top-ranking firms with their corresponding COMDEX score. Merely do an internet seek for “COMDEX rankings,” and also you’re prone to discover a couple of completely different lists which were up to date lately.

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Who has the best COMDEX score?

COMDEX rankings might change over time, however here’s a checklist of some prime life insurance coverage by 2021 COMDEX rankings:

Prime 25 Life Insurance coverage Firms by 2021 COMDEX Scores

FirmCOMDEX Score
Northwestern Mutual Life Insurance coverage Firm100
New York Life Insurance coverage Firm100
Berkshire Hathaway Lifetime of NE100
Academics Insurance coverage & Annuity Affiliation100
USAA Life Insurance coverage Firm99
TIAA-CREF Life Insurance coverage Firm99
Berkshire Life Insurance coverage Firm of America99
Massachusetts Mutual Life Insurance coverage98
State Farm Life Insurance coverage Firm98
Guardian Life Insurance coverage Firm of America98
Knights of Columbus98
Nice-West Life & Annuity97
Solar Life & Well being Insurance coverage Firm97
Minnesota Life Insurance coverage Firm96
American United Life Insurance coverage Firm96
Western & Southern Life Insurance coverage Firm96
Integrity Life Insurance coverage Firm96
State Life Insurance coverage Firm96
Lafayette Life Insurance coverage Firm96
Columbus Life Insurance coverage Firm96
Securian Life Insurance coverage Firm96
Metropolitan Life Insurance coverage Firm95
Prudential Insurance coverage Firm of America95
Pruco Life Insurance coverage Firm95
Pruco Life Insurance coverage Firm of NJ95

As we talked about above, COMDEX rankings can change each few weeks. Due to this fact, it could be helpful to debate any modifications with an insurance coverage agent that has entry to present reviews.

Researching a number of life insurance coverage firms can take effort and time. Nevertheless, in the long term, it’s price it to make sure you’re selecting an organization that can present peace of thoughts and monetary help for you and your loved ones.