American national insurance Review
In this comprehensive review, we delve into the details of American National Insurance, a well-established provider in the insurance industry. We’ll explore the company’s history, financial stability, diverse insurance products, and customer service quality.
We’ll also examine customer satisfaction levels based on reviews and ratings. Our goal is to provide potential clients with a clear, unbiased understanding of what American National Insurance offers, helping them make informed decisions about their insurance needs.
American National Insurance Company, often referred to as American National, was founded in 1905 by William Lewis Moody Jr., a businessman from Galveston, Texas. The company has its headquarters in Galveston, Texas, at One Moody Plaza.
American National offers various insurance products and services in all 50 states and Puerto Rico. The company’s offerings include life insurance, annuities, health insurance, credit insurance, pension products, and property and casualty insurance. These products and services are distributed through multiple companies.
Over the years, American National has grown significantly. By 1910, just five years after its founding, the company’s assets had risen to more than $1 million, and its insurance in force had increased from $2.1 million to $22 million. By 1942, American National became the first Texas insurance company to claim $100 million in assets, and two years later, the company’s insurance in force passed the billion-dollar mark.
Today, American National remains a significant insurance provider and annuities, with multiple subsidiaries operating in various locations, including Springfield, Missouri, Glenmont, New York, and League City, Texas. The company has more than 3,000 employees in its offices. Throughout its history, the Moody family members have maintained an active role in the company’s direction, contributing to its strong management and prudent reinvestment in its growth.
Disclaimer: We are not in any way affiliated with American national insurance. We are independent insurance agents that offer top-rated insurance products from multiple companies to get you the best quote possible. This article is our personal review of their personal insurance and Business insurance program, along with our opinions on the matter. If you want to contact American National Insurance directly, The company headquarters telephone number in Galveston, Texas, is (409) 763-4661.
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The financial strength and stability of American National Insurance are reflected in its ratings from major rating agencies such as A.M. Best, Fitch, and S&P Global.
A.M. Best has given American National Insurance an “A” rating, which signifies an “Excellent” level of financial strength. This rating is based on the company’s strong level of consolidated risk-adjusted capitalization, growth in statutory capital and surplus, continued profitable earnings, and diverse product offerings.
Fitch Ratings has also affirmed American National Insurer Financial Strength (IFS) rating at ‘A,’ indicating a strong capacity to meet policyholder and contract obligations. The outlook is stable, suggesting that the rating is not likely to change in the near future.
S&P Global Ratings has affirmed its ‘A’ rating on American National Insurance, indicating a solid capacity to meet financial commitments. The outlook is stable, which means the rating is unlikely to change in the short term. S&P Global Ratings also noted that American National has a satisfactory competitive position and excellent capital adequacy.
These ratings indicate that American National Insurance has a strong financial foundation well-positioned to meet its policyholder obligations. This financial stability is an important factor for potential clients when choosing an insurance provider, as it provides assurance that the company will be able to fulfill its financial commitments.
American National Insurance products
**Life Insurance**: American National provides different types of life insurance to suit various needs and situations. These include Whole Life and Universal Life insurance policies. Universal Life insurance offers the flexibility to adjust payments and payout amounts as circumstances change. Policyholders can increase or decrease their death benefits and borrow against a portion of their policy’s cash value to help pay for unexpected expenses. The company also offers riders to customize policies with options like disability waivers, extending coverage, and covering children.
**Auto Insurance**: American National offers comprehensive auto insurance policies that provide more than just claim processing. The company offers coverage for rental cars at no additional charge for comprehensive or collision customers. It also provides discounts or complete waivers on deductibles if the policyholder is involved in an accident with another vehicle insured by an American National company. The company covers up to $2,000 of customized equipment on cars with its Comprehensive & Collision Coverage.
**Homeowners Insurance**: American National provides homeowners insurance policies that cover the building, possessions, and any other structures on the property. The company also offers coverage for personal liability and medical payments to others should someone suffer a covered injury on the property. Additionally, American National provides ID theft protection coverage options.
**Health Insurance**: American National offers health insurance plans that cover a wide range of necessities, such as supplemental health plans that provide specified coverage. Some indemnity policies pay cash benefits for covered incidents and can work with your medical insurance plan.
**Business Insurance**: American National provides insurance coverage for businesses, offering protection against costs to fix damaged data and systems after a cyber attack. The company also offers an umbrella insurance policy that provides a low-cost means for obtaining coverage that picks up where other policy limits end.
**Other Insurance Products**: In addition to the above, American National also offers insurance for collector or antique cars, providing coverage options that are tailored to the needs of classic and antique car owners. The company also provides renters insurance, offering coverage for personal belongings and guests in the event of an accident.
These diverse insurance offerings allow American National to cater to a wide range of customer needs, providing comprehensive coverage options across multiple areas of life.
Customer Service and Satisfaction
American National Insurance Company has received mixed reviews regarding its customer service and satisfaction. The company has been recognized for its service quality, receiving awards such as being named one of America’s Best Insurance Companies for 2024 by Forbes. This award was based on an independent survey considering customer recommendations, satisfaction, and loyalty, as well as factors like advice, customer service, price/performance ratio, transparency, digital services, and damage service. American National was also named the Most Trustworthy Insurance Company on Newsweek’s America’s Most Trustworthy Companies 2022-2023 list.
However, customer reviews and ratings present a more nuanced picture. Some customers have praised the company for its respectful representatives and affordable coverage plans. On the other hand, there have been complaints about poor customer service, slow response times for claims, and issues with unauthorized charges. The National Association of Insurance Commissioners (NAIC) reported a complaint index of 0.49 for American National, with complaints about slow payment of benefits or poor customer service being the most common.
Pros of Choosing American National as an Insurer
**Variety of Insurance Products**: American National offers a wide range of insurance products, including auto, home, life, health, and business insurance, allowing customers to have all their insurance needs met under one roof.
**Bundling Options**: The company provides the option to bundle different types of insurance policies, which can lead to significant savings.
**Cash-Back Program**: American National has a unique Cashback program that rewards customers who remain claim-free for at least three consecutive years. This program has returned more than $500 million to clients since its inception in 1992.
**Nationwide Coverage**: American National operates in all 50 states and Puerto Rico, making it accessible to many customers.
**Strong Financial Stability**: The company has received an ‘A’ rating from A.M. Best and Fitch Ratings, indicating a strong ability to meet ongoing insurance obligations.
Cons of Choosing American National as an Insurer
**Limited Discounts**: American National offers relatively few discounts compared to other insurance providers despite the bundling and cash-back options.
**Customer Service Concerns**: Some customers have reported issues with customer service, including slow response times for claims and unauthorized charges.
**Website Lacks Detailed Information**: The company’s website has been criticized for not providing detailed coverage information, making it difficult for customers to make informed decisions.
**No Online Quotes for Life Insurance**: While American National offers a variety of life insurance policies, they do not provide online quotes for these services. Customers need to contact an agent for this information.
**Mixed Customer Feedback**: While some customers have praised the company for its respectful representatives and affordable coverage plans, others have reported poor customer service and slow response times for claims.
Claims Process
Filing a claim with American National can be done through various methods.
**Online**: Customers can log in to their account on the American National website and report a claim online. For life and annuity claims, a specific online form can be filled out.
**Phone**: Customers can also report a claim by calling the relevant department. The phone numbers for different types of claims are as follows:
– Homeowners & Auto: (800) 333-2860
– Roadside Assistance: (800) 333-2860
– Farm & Ranch and Business: (800) 333-2860
– Life & Annuity: (800) 615-7372
– Health & Disability: (800) 899-6520
– Specialty Products: (800) 899-6502
**Email**: For existing claims, customers can send an email to the relevant department.
American National also offers a mobile app, AN Mobile, available on both Google Play and the App Store. The app is designed around the American National client and features important policy information and payment options. It also allows users to report auto and home insurance claims.
The app includes multi-factor authentication for greater account security, auto ID cards, secure one-time payments, a help center with agent and company contact information, and the ability to request roadside assistance anytime without logging in.
However, it’s important to note that the app has received mixed reviews. Some users have reported issues with functionality, such as problems with resetting passwords.
After a claim is filed, a representative from American National will follow up within two business days with claim information.
Tips for Choosing the Right Insurance
Choosing the right insurance policy can be a complex process. Still, you can make a more informed decision by understanding your needs, diversifying your insurance portfolio, and building trust with your insurance provider. Here are some tips to help you choose the right insurance policy:
**Understand Your Needs**: The first step in choosing the right insurance policy is understanding your needs. This involves asking open-ended questions about your current situation and what you want from an insurance policy. Consider your health status, lifestyle, financial situation, and risk tolerance. If you have specific ongoing health needs, such as a chronic medical condition or plans for certain treatments, this information can help help you narrow down your options.
**Diversify Your Insurance Portfolio**: Diversification is a common strategy to reduce risk. In the context of insurance, this could mean having different insurance policies to cover various aspects of your life, such as health, home, auto, and life insurance. Diversification can help manage risk and reduce the impact of a single event on your financial stability.
**Build Trust with Your Insurance Provider**: Trust is a crucial factor in the insurance industry. Building a solid relationship with your insurance provider can help you receive the best service and coverage. This can be achieved through open and transparent communication, personalized service, and a thorough understanding of your insurance policies.
**Evaluate the Cost and Coverage**: When comparing insurance policies, consider both the cost and the coverage. Look at the premiums, deductibles, and out-of-pocket costs and compare these with the coverage provided. A policy with a low premium might seem attractive, but it could also mean higher out-of-pocket costs when you need care.
**Consider the Provider Network**: If you have preferred doctors or healthcare facilities, make sure they are in-network for the insurance plans you’re considering. A plan with a more extensive network may give you more choices and better odds of finding a local doctor who accepts your plan.
**Look for Value-Added Benefits**: Some insurance plans offer additional services like free health assessments, wellness programs, and virtual appointments. These can add value to your plan and enhance your healthcare experience.
**Research and Compare**: Use reputable sources of information to research and compare different insurance plans. Websites like Healthcare.gov, Medicare.gov, and Medicaid.gov can provide valuable information about various insurance options.
Remember, the goal is to find an insurance policy from a trustworthy provider that provides the coverage you need at a price you can afford. It’s important to read and understand the terms and conditions of any policy before purchasing.