The premier insurance rating agency, AM Best, announced Tuesday that it revised the outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) of ALPS Property & Casualty Insurance Company.
AM Best cited ALPS’ investment in technology as influential in the upgrade from stable to positive.
“With the emergence of insurtech in many lines of insurance, we know that our policyholders expect streamlined solutions to the insurance process. For ALPS that includes everything from a quick and easy online application, a painless renewal process and the ability to access all policy documentation online,” said ALPS CEO David Bell.
AM Best also noted ALPS efforts to improve the customer experience, particularly within the company’s niche market of smaller-sized law firms. “An investment in technology has not removed the human element from our process. We know our policyholders have a lot on their plates. We’re here for them when they need us. It’s an unfortunate rarity these days, but ALPS is a company that still answers the phone,” added Bell.
In addition to ALPS’ outlook revision, AM Best’s A- (Excellent) rating reflects ALPS financial strength. Bell concluded, “It’s really an affirmation of our ability to do what we say we do and to fulfill the promise of our policy.”
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the insurance industry. Policyholders refer to Best’s ratings and analysis as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles. Read the full press release from AM Best.
ALPS is legal malpractice insurance made easy. Founded by lawyers for lawyers in 1988, ALPS is the nation’s largest direct writer of lawyers’ malpractice insurance and is endorsed by more state bars than any other carrier.