Insurer Financial Strength Rating

Insurer financial strength rating is an instrument, which allows customers to evaluate stability and reliability of an insurance company and decide whether it is advisable to cooperate with a particular insurance company. Such a rating is one of the main instruments used in the course of a tender selection of an insurance company for providing insurance services.

Advisability of having a rating
Available financial strength rating allows an insurer to stand out from other insurance companies, while not disclosing confidential information to the public, to create a positive image in the market, as well as to demonstrate to potential and existing customers its openness and loyalty.

Rating procedure
The Insurer financial strength rating is determined in accordance with the Procedure of rating and Methodology of determining of the financial strength rating developed by IBI-Rating. Analytical group, guided by the above-listed documents, carries out a full-scale research of qualitative and quantitative indicators of an insurance company, and on the basis of the research findings a rating report is produced and the key factors affecting the grade of the Insurer financial strength rating are determined.

Rating product
The rating report is the main document, which is submitted to the members of the Rating Committee (a collegial body) for decision-making on determining the Insurer financial strength rating. Further, the Rating report as well as the Rating Committee’s Decision are presented to the insurance company. In addition, the Customer is provided with a Certificate of the grade of the Insurer financial strength rating and an Information logotype, which the insurance company can use for marketing purposes, i.e. to be placed on the Insurer's website, information portals, in the presentation materials, as well as at retail outlets of insurance policies.

Rating follow-up / Rating surveillance
Aiming at ensuring the relevance of the Insurer financial strength rating, IBI-Rating begins a procedure of monitoring of activities of the insurance company on the day following the rating assignment, periodically updating the results of the previously assigned rating. A scheduled review of the rating takes place on a quarterly basis. Such a monitoring procedure enables users of the Insurer financial strength rating to stay informed about the grade of financial strength of an insurance company.

Information accompaniment / Information servicing
Throughout the entire period of monitoring of the Insurer financial strength rating, IBI-Rating provides information accompaniment / information servicing of the rating, which contributes to the creation and support of business reputation of an insurance company and allows to communicate with partners and customers.