Interesting article in the Huffington Post last month.  This article exposes what most of us already know.  Insurance companies are putting profits ahead of people.  They are able to get away with this because the laws which regulate this industry are weak and one-sided.  According to a prominent business professor from Northwestern University, claims have become a money-making process for the insurance industry.  What this means is that insurance companies actually make money when you have a loss.

According to the Huffington Post, the insurance company makes money off of their clients by purposefully low-balling their customers. According to the article, if a customer refused a low ball offer, their claim would be delayed and the customer would be intentionally forced to bring expensive litigation.  According to a former Allstate Insurance Company claims agent, their strategy was to make enforcing your rights so expensive and time-consuming that lawyers could not afford to help policy holders.  This former Allstate employee states that this policy was nick named, “From Good Hands to Boxing Gloves.”

The Huffington Post cites to an article which identifies Allstate Insurance Company as the worst insurance company in the country.  Behind Allstate are Unum, AIG, State Farm, Conseco, WellPoint, Farmers, UnitedHealth, Torchmark, and Liberty Mutual.   To read more about how insurance companies are purposefully delaying your claims read the article here. Link