Ameriprise – An Overview

Founded in 1894, Ameriprise is one of America’s oldest financial services companies. Backed by over 125 years of industry experience, the Minneapolis-based company has grown to serve customers not just in the United States, but also worldwide. In 2017, the company earned over $12 billion of revenue while employing over 13,000 people across the United States. In addition to offering mutual funds and asset management, the company sells car insurance and other insurance products.

Ameriprise History

Ameriprise Financial Inc. was founded by John Tappan in 1894 under the name Investors Syndicate. In 1925, entrepreneur J.R. Ridgway merged his own investment firm with Investors Syndicate, taking over as president of the newly-formed company. Today, both Tappan and Ridgway are listed as co-founders of Ameriprise.

In the early days, the company focused mostly on mutual funds. Investors Syndicate introduced one of the world’s first mutual funds in 1940, for example. It was called the Investors Mutual Fund. By the 1960s, this mutual fund had grown to become the largest balanced mutual fund in the world.

In 1949, Investors Syndicate changed its name to Investors Diversified Services, Inc., or IDS. In 1958, the company branched into the insurance industry for the first tie, creating the Investors Syndicate Life Insurance and Annuity Company (which would later become RiverSource Life Insurance Company). In 1979, the Ridgway family sold off the last of its ownership of the company to Alleghany Corporation, which held ownership for five years before American Express acquired IDS Financial Services in 1984.

In 1986, the company entered the casualty insurance industry for the first time when it acquired the Wisconsin Employers Casualty Company of Green Bay, renaming it IDS Property Casualty Insurance company. By 1995, IDS changed its name to American Express Financial Corporation, also known as American Express Financial Advices (AEFA). In 2005, American Express decided to cut AEFA loose as an independent company named Ameriprise Financial, Inc.

Ameriprise Insurance Rankings

is ameriprise a good insurance company?Ameriprise is one of the top-rated insurance companies and financial services organizations in the world. In 2018, Ameriprise was chosen as the highest-ranked auto insurance brand in California by J.D. Power, for example. This rating was based on high marks for customer satisfaction, claims satisfaction, pricing, billing processes, policy information, and other factors.

Ameriprise’s financial services are also routinely ranked among the best in the nation. Its financial services rank just behind larger competitors like UBS, Charles Schwab, Morgan Stanley, RBC, and USAA in the J.D. Power rankings from 2018, but Ameriprise still ranks highly in terms of overall customer satisfaction when it comes to financial services and wealth management.

Ameriprise has earned an “A” rating from A.M. Best, indicating that it’s in an “Excellent” financial position and should have no trouble paying back liabilities.

What Makes Ameriprise Unique?

Ameriprise offers a range of different insurance products. Generally, the company’s financial services tend to cater towards higher net worth individuals. However, many of the company’s insurance policyholders are drivers of all backgrounds with clean records who want to save money on car insurance without compromising on customer service or claims satisfaction.

Streamlined Claims: Ameriprise has some of the highest claims satisfaction ratings in America. Accidents can be reported 24/7 over the phone or online.

Policy Management: Customers also appreciate Ameriprise’s policy management. It’s easy to manage your policy online after purchasing it, for example, and you can easily adjust user details and payment methods.

Great for Clean Drivers: Many drivers with a clean record claim to have received lower than average car insurance premiums through Ameriprise.

Is Ameriprise a Good Insurance Company? Our Review

Ameriprise offers standard car insurance for drivers across the United States. The company’s car insurance offerings are similar to what you would find from other providers. You can buy bodily injury and property liability coverage, for example, collision and comprehensive coverage, medical payments and personal injury protection, and uninsured and underinsured motorist liability coverage.

It’s also important to remember that J.D. Power picked Ameriprise as the best insurance company in California in 2018. That’s a huge deal in the most populous state in the country. Although USAA, GEICO, and others tend to offer lower premiums than Ameriprise in California, the company was the top-ranked by customers in terms of claims satisfaction, billing processes, and other factors.

Although J.D. Power was favorable towards Ameriprise in its 2018 overview, the company is far from perfect. Ameriprise received fewer than the average number of complaints for its homeowner’s insurance, for example, but more than the average number of complaints for car insurance.

Overall, Ameriprise is competitive in terms of insurance offerings and its pricing. It’s rarely the cheapest option in any state, but it does earn strong marks for claims satisfaction. Where Ameriprise really shines, however, is when you bundle car insurance with other insurance products, making it easy to save money on each individual policy.

Ameriprise Auto Insurance Policies and Products

Ameriprise’s car insurance policies and products are standard and available in 34 states nationwide. Unique features include:

Lifetime Renewability: If you’re an Ameriprise Financial client, then you’re eligible for lifetime renewability on car insurance.

Accident Forgiveness: Policyholders who have been with Ameriprise for more than three years are eligible for accident forgiveness, which means there’s no charge for your first at-fault accident (this option is not available in California, Kansas, or North Carolina).

Glass Repair Deductible Waiver: Ameriprise will waive the deductible on glass repairs, making it easier to make a claim to repair or replace a windshield.

Stolen Key Coverage: Stolen keys are covered under your comprehensive insurance. If it costs less than $250 to repair or replace your car, then you won’t need to pay your deductible.

Final Word

Overall, Ameriprise is one of the best insurance companies in the United States in terms of claims satisfaction. It was also chosen as the best-ranked car insurance company in California by J.D. Power in 2018, which is a very big deal. Available in 34 states, Ameriprise car insurance is particularly popular among clean drivers looking for basic car insurance coverage with the option to add bonus coverage. It’s ideal for those who want to save money on car insurance without sacrificing customer service.

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