QBE Insurance Review – Complaints #hammond #real #estate

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QBE Insurance Review

The insurer from down under, QBE is a global company founded in Australia more than 125 years ago. Although they are focused mainly on commercial insurance, QBE also offers a few products for individuals.

QBE Summary

QBE Insurance was founded in 1886 as the North Queensland Insurance Co. Limited in Australia. In 1921 the Banker’s and Trader’s Insurance Co. was formed, and in 1959 the company acquired Equitable Probate and General Insurance Co. These three company names were combined to finalize the name QBE. Today, the company is Australia’s largest general insurer.

In 1991 QBE opened the doors of their North American branch. In the U.S. they offer both business and personal property casualty insurance, specialty coverage including accident and health, crop insurance, and coverage for financial institutions. In 2015 QBE scaled back their North American operations by selling their underwriter-agency business to Alliant and their mortgage and lenders products to National General .

Most products, particularly property casualty, are sold through independent agents and brokers. QBE doesn’t offer online quoting but does have some online services such as bill payment.

Best Auto & Home Insurance Company

Insurance Products

As previously mentioned, QBE offers mainly commercial products, but has a few personal products such as auto insurance and home insurance available.

Auto Insurance

QBE’s FlexAuto program is designed to reward good drivers and help keep rates down. According to the website, eligible drivers are determined by driving records and other characteristics. The website does not go into much detail regarding the program, or eligible driver characteristics.

From what is provided, the FlexAuto program includes the following:

Optional add-ons include:

  • Towing and labor
  • Audio/visual equipment
  • Transportation expenses

QBE has an Accident Forgiveness program in which drivers who have had 4 years of continuous coverage and 3 years without a chargeable accident will qualify to have the accident surcharge waived.

They also offer a list of common discounts such as:

  • Good student discount
  • Proactive customer discount
  • Passive restraint discount
  • Longevity discount
  • Accident/violation-free discount
  • Multi-policy discount

Home Insurance

QBE offers the following levels of homeowner’s insurance as well as renters and condo through their FlexHome program.

  • FlexHome Value is the most basic policy intended for those with basic needs or who are seeking to obtain coverage on a budget.
  • FlexHome Plus is a more comprehensive policy offering more coverage and higher limits.
  • FlexHome Ultra is the highest level of homeowner’s insurance, designed for those who have higher value homes and a lot of property to protect.

The FlexHome Condominium policy is also available in a basic and Ultra version as well.

Additional Products

Business Insurance

QBE insures businesses large and small. Business coverage options include:

Specialty Insurance

QBE has a range of specialty products that include some more unusual coverage options. These include:

  • Accident Health
  • Aviation
  • Management Liability and Professional Lines
  • Trade Credit
  • Surety

Specialty Products

QBE’s lineup also includes crop insurance, financial institutions coverage, and reinsurance products.

QBE Rates

Since there is no online quoting option, it’s difficult to compare QBE’s rates to other insurance companies. They advertise their rates as competitive, and it is clear from the website that they aim their auto insurance, in particular, at low-risk drivers who do not have tickets or accidents.

Since their policies are sold through agents, QBE products will include the cost of commissions. They are unlikely to be competitive with direct-buy insurers.

Claims

QBE policyholders can report claims directly to their insurance agent or to QBE via a toll-free number. There are several numbers available based on which of QBE’s companies is responsible for the policy.

Although QBE does have some online services, there is no option to report a claim online. This is unusual for such a large company.

Claims are handled similarly to most insurance companies – an adjuster will call the policyholder to go over the facts of the incident, inspect the damage and investigate, and then determine benefits and a settlement.

QBE does not appear to offer any sort of online tracking of claims, which is again something we would expect to see from a large company. Policyholders can contact their agent or adjuster to follow up on claims status.

Consumer Research and Complaints

The BBB rates QBE Insurance an A-, with a slight reduction in rating due to the failure of the company to respond to one complaint. However, this is one of very few complaints overall; the BBB records only a total of seven complaints in the past three years and only four of them in the past 12 months. That’s a very small number of complaints for a huge company, although it should be noted that much of the company’s business is commercial, and those policyholders are unlikely to complain to the BBB.

Overall, there are not many reviews of the company available, possibly due to their heavy leaning towards commercial insurance. The complaints themselves don’t raise major red flags, but the entire picture of QBE’s reliability remains somewhat fuzzy due to the lack reviews.





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