Originally called American Family Life Assurance Company of Columbus, Aflac was started by three brothers, Bill, Daniel, and John Amos, in 1955 in Columbus, Georgia.
The company is publicly traded, earning ~22.3 billion dollars in revenue in 2019. Offering multiple types of insurance — including accident insurance — Aflac is a major player in the market.
Aflac’s accident insurance policies are available to individuals, not just through an employer. This widens access to supplemental insurance to many individuals who are self-employed or not able to be insured through work plans. MetLife has supplemental policies as well, but accident insurance is only available through an employer. Competitor Unum is also only available through employers.
When a claim is filed and verified, the company pays individuals directly through a personal check or account direct deposit. There is no hassle as far as going through a middleman main insurance provider. Customers can choose personally how to use the claim money.
The company does not require a medical exam in order to apply for an accident protection policy. This shortens the process of onboarding, as well as reduces paperwork, time delay, and ease of getting started.
Aflac does not have pricing and coverage listed on their website. Customers must fill out and submit information to request a quote. Competitor Unum also does not include pricing online either.
However, other companies provide more information up front and have automated sign up, so having to go through a sales agent is a bit of a deterrent. Buddy Insurance clearly lists pricing online — $50 per person or $128 per family per month — and makes that information about sign up a lot easier to find.
Many customers have complained about lack of communication from representatives, numerous requests for paperwork (sometimes duplicates of what was already sent), and Aflac avoiding paying out for claims. Payments also can take a long time to be received.
The number of complaints has increased significantly in the last two years or so, although a cause of this increase cannot specifically be determined.
Customers have also complained about receiving calls from Aflac or affiliated partners wanting to upsell products, and that this happens frequently. This is par for the course for insurance brands, as the industry is highly competitive and rates change frequently.