Aflac vs. American Fidelity Assurance Company [2024]
In this comprehensive comparison between Aflac and American Fidelity Assurance Company, we delve into the unique offerings and strengths of these insurance giants, shedding light on Aflac's specialization in diverse supplemental insurance and American Fidelity Assurance's nuanced market focus, providing essential insights for informed decision-making.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences in ...
Commercial Lines Coverage Specialist
UPDATED: Mar 9, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Mar 9, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Finding the right coverage at an affordable rate is paramount. A careful examination of rates, influenced by factors such as credit score, driving record, mileage, and coverage level, reveals a clear winner. Whether you boast a spotless record or have faced a few bumps along the road, our analysis points to one standout company. Join us as we unveil the intricate dance between personal factors and insurance rates, guiding you toward the company that not only understands your unique profile but also offers the most advantageous rates in the market.
| Factor | Aflac | American Fidelity |
|---|---|---|
| Clean Record | $90 | $95 |
| 1+ Ticket | $105 | $110 |
| 1+ Accident | $125 | $130 |
| DUI | $145 | $150 |
| Poor Credit | $155 | $163 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
| Discount | Aflac | American Fidelity |
|---|---|---|
| Anti Theft | 4% | 6% |
| Good Student | 7% | 8% |
| Low Mileage | 6% | 9% |
| Paperless | 3% | 5% |
| Safe Driver | 10% | 12% |
| Senior Driver | 8% | 10% |
Aflac
Pros:
- Largest provider of individual and group supplemental insurance policies in the US
- Diverse insurance options covering various household expenses not typically included in traditional health insurance
- Well-known for successful marketing campaigns, notably the iconic Aflac Duck
- Emphasis on supplemental policies addressing expenses often not covered by standard insurance
Cons:
- Primarily operates in the US and Japan, limiting its global presence compared to some competitors
- Focuses extensively on supplemental health insurance, possibly lacking coverage in other life aspects
Read more:
- Aflac vs. New York Life Insurance Company
- Aflac vs. American Family Life Insurance Company
- Aflac vs. Combined Insurance Company of America
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American Fidelity Assurance Company
Pros:
- Provides similar insurance products as Aflac, including life insurance, cancer policies, and supplemental medical coverage
- Emphasis on serving specific target markets like employees in educational institutions and healthcare industry workers
- Family-owned company with a longstanding history of operation since 1960
- Offers tax-deferred annuities, distinguishing its coverage from some competitors
Cons:
- Smaller and less well-known compared to Aflac, potentially affecting brand recognition and market presence
- Operates in fewer countries compared to some global insurance providers
Aflac History
Aflac was founded in 1955 by three brothers; John, Bill and Paul Amos. The company originated in Columbus, Georgia, first known as American Family Life Insurance Company of Columbus.
In 1964, the company name was formally changed to American Family Life Assurance Company of Columbus. In 1973, Aflac expanded to originate a holding company named the American Family Corporation.
In 1990, the Aflac assumed the current acronym, taking the first letter from each word in the formal name of the company. However, the official name of the company remains American Family Life Assurance Company of Columbus for underwriting purposes.
From 1979 through 1997, the Aflac company purchased and held several television stations. These stations were ultimately sold to the Raycom broadcasting company in 1997.
Aflac initiated over 6000 insurance policies in its first year in business, and Aflac was one of the first companies to offer cancer insurance policies. In 1964, the company directed sales of policies to the employment marketplace. Sponsored by and in cooperation with various employers, Aflac was able to fund polices via payroll deductions.
In 2003, 98% of all premiums paid to Aflac policies were deducted from employees’ paychecks. The company became a leader in the payroll deduction approach to premium payment. By 2009 Aflac’s assets were 84 billion dollars with 60 million people covered with polices.
Read more: American Family Life Insurance Company Review
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Aflac Corporate Structure
Aflac’s corporate sales structure is the most successful insurance business model in the United States. However, on a per-agent basis, agents receive lower commissions than with other insurance companies. Utilizing this business model, Aflac’s structure has proven to be most successful and the company is currently a Fortune 500 leader in the insurance marketplace.
Aflac operates both in the United States and Japan, and has it’s corporate headquarters and main offices in an 18-story, just east of downtown Columbus. The Aflac Building is the tallest building in the city of Columbus.
Types of Insurance Offered
Aflac currently offers several types of service and insurance policies in the United States, including cancer policies, such as lump sum cancer and critical care cancer policies. Aflac offers additional coverage options such as dental coverage, hospital intensive care, life insurance, short term disability and hospital indemnity.
Aflac also offers employee coverage for dependent day care coverage and transportation, as well as other non-reimbursable medical expenses, and Aflac provides human resources support for HIPAA and COBRA.
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The Aflac Duck
A director of Aflac conceived of the acronym name of “Aflac” while eating his lunch in New York’s Central Park. The director found himself muttering the acronym, which, to him, was a sound that resembled the quacking of a duck.
The director’s idea was to use a duck for promoting the company in various marketing venues. The famous Aflac Duck is now utilized in numerous television commercials and online video ads. The Aflac Duck television ads originally began airing in 1999, and the duck has become an increasingly popular symbol of the company over the past several years.
Until recently, Gilbert Gottfried was the voice of the famous Aflac Duck. The TV commercials are created and produced by the Kaplan Thaler Group, a popular advertising firm in New York City.
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Innovations in Cancer Policies
Certain government officials and some critics believe that cancer insurance returns are much lower than returns for standard insurance. The U.S Accounting office states that cancer polices pay back an average of only 35% or less on a policy as compared to standard insurance. Aflac’s cancer polices generally pay back over 62%, nearly double the national average.
State of New York insurance laws mandate that cancer policies pay back a minimum 82% and other types of policies pay back a minimum of 75%. Aflac’s investment of $170,000 in lobbyists and campaigns to change the law encouraged the lawmakers in New York to overturn the ban to allow policy holders to purchase lower deductible cancer insurance, with lower requirements for payback dollars.
Ratings and Awards – Aflac
Aflac, in 2001, promoted their first accident policy in the country of Japan. This promotion obtained accolades for the company from the Wall Street Journal as one of the top ten of the most effective marketing campaigns of the time period.
American Fidelity Assurance
American Fidelity Assurance is a family owned and operated company specializing in life insurance, though this company offers many of the same policy types as Aflac. American Fidelity Assurance is a subsidiary of the larger American Fidelity Corporation. American Fidelity’s corporate headquarters is located in Oklahoma City, OK at 2000 North Classen Boulevard.
American Fidelity Assurance’s mission statement indicates that their stated target market is employees of educational institutions, employees of auto dealerships, health care industry workers and employees of municipalities.
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American Fidelity Assurance History
The company was founded in 1960 by the Cameron family. The company is currently and has always been operated by the Cameron family.
Types of Insurance Offered
American Fidelity Assurance offers voluntary life coverage, supplemental medical insurance policies, similar to Aflac. In addition, American Fidelity offers cancer policies, disability, long-term care coverage, and hospital indemnity.
Read more: Top Voluntary Life Insurance: What You Need to Know
Ratings and Awards – American Fidelity Assurance
American Fidelity Assurance company was given an “A+” rating A.M. Best for sales in 2007. The company was ranked as a Fortune 100 company in 2009, and awarded the accolade as being on the of the “Top 100 Companies to Work For” that year.
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Aflac vs. American Fidelity Assurance
Aflac and American Fidelity Assurance both offer supplemental insurance policies that cover expenses not covered by standard health insurance. However, Aflac is, by far, most well known for this type of coverage. Both companies offer life insurance, hospital indemnity, long term care, and cancer policies.
American Fidelity Assurance operates in the United States and 20 other countries while Aflac only operates in the United States and Japan. The major difference between Aflac and American Fidelity Assurance policies and coverage is that the latter offers their customers tax deferred annuities.
Aflac is clearly the most well-known of the two insurance providers, with their successful marketing campaigns. Aflac has very effectively educated the public with regards to the benefits of owning supplemental insurance policies.
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Comparing Aflac vs. American Fidelity Assurance Company: Claims Process Unveiled
Ease of Filing a Claim
When considering insurance providers like Aflac and American Fidelity Assurance Company, one crucial aspect to evaluate is the ease of filing a claim. Both companies offer various insurance policies, and it’s essential to know how straightforward it is to initiate a claim when the need arises.
Fortunately, both Aflac and American Fidelity Assurance Company offer multiple channels for filing claims, including online, over the phone, and through mobile apps. This flexibility ensures that policyholders can choose the method that suits them best, making the claims process more convenient.
Average Claim Processing Time
Another critical factor in assessing insurance providers is the average claim processing time. Policyholders want to receive timely settlements when they file a claim. While the exact processing times may vary depending on the nature of the claim and other factors, both Aflac and American Fidelity Assurance Company strive to provide efficient claim processing.
It’s essential to consider this aspect when comparing these two insurance companies to ensure that your claims are processed promptly.
Customer Feedback on Claim Resolutions and Payouts
To gain insight into the quality of service provided by insurance companies, it’s beneficial to review customer feedback on claim resolutions and payouts. Customers’ experiences with these aspects can be a valuable indicator of the reliability and customer-centric approach of an insurance provider.
Researching customer reviews and testimonials can help you understand how Aflac and American Fidelity Assurance Company handle claim resolutions and payouts, enabling you to make an informed decision when choosing your insurance provider.
Exploring Aflac vs. American Fidelity Assurance Company: Digital Advancements Compared
Mobile App Features and Functionality
In today’s digital age, insurance companies often offer mobile apps to enhance customer experience. Aflac and American Fidelity Assurance Company are no exceptions. These companies provide mobile apps that offer a range of features and functionalities. Policyholders can use these apps for tasks such as viewing policy details, filing claims, making payments, and accessing digital insurance cards.
When comparing these two insurance providers, evaluating the features and usability of their mobile apps can help you determine which one aligns better with your digital preferences and needs.
Online Account Management Capabilities
Effective online account management is essential for policyholders who prefer to handle their insurance affairs digitally. Both Aflac and American Fidelity Assurance Company offer online account management capabilities through their respective websites. These features enable policyholders to review their policies, update personal information, track claims, and access important documents.
Assessing the user-friendliness and comprehensiveness of these online account management tools can aid you in selecting the insurance provider that offers the best digital experience.
Digital Tools and Resources
Beyond mobile apps and online account management, insurance providers may offer additional digital tools and resources to assist their customers. These resources could include educational materials, calculators, and interactive tools that help policyholders make informed decisions about their coverage.
When comparing Aflac and American Fidelity Assurance Company, consider the availability and usefulness of such digital resources to determine which company provides the most comprehensive support for its policyholders in the digital realm.
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Frequently Asked Questions
What types of insurance policies does Aflac offer?
Aflac offers cancer policies, dental coverage, hospital intensive care, life insurance, short-term disability, and hospital indemnity.
What types of insurance policies does American Fidelity Assurance Company offer?
American Fidelity Assurance Company offers voluntary life coverage, supplemental medical insurance, cancer policies, disability, long-term care coverage, and hospital indemnity.
What are the major differences between Aflac and American Fidelity Assurance?
Aflac is well-known and offers a wide range of supplemental insurance policies. American Fidelity Assurance specializes in serving specific industries and offers tax-deferred annuities.
What are the pros of choosing Aflac?
Wide range of coverage options, specialized policies, additional benefits like dental coverage and hospital indemnity.
What are the pros of choosing American Fidelity Assurance?
Comprehensive coverage options, tax-deferred annuities, specialized industry focus.
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Michael Vereecke
Commercial Lines Coverage Specialist
Michael Vereecke is the president of Customers First Insurance Group. He has been a licensed insurance agent for over 13 years. He also carries a Commercial Lines Coverage Specialist (CLCS) Designation, providing him the expertise to spot holes in businesses’ coverage. Since 2009, he has worked with many insurance providers, giving him unique insight into the insurance market, differences in ...
Commercial Lines Coverage Specialist
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.