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IAC was created in 1956 as Institutional Agencies Corporation, a company aimed at working with financial institutions. Keeping the acronym but changing the meaning, Individual Assurance Company was created in 1973 with its headquarters located in Missouri. The company has since expanded to offer its products in 43 states as well as areas in the Pacific Islands.
Today the company is headquartered in Edmond, Oklahoma. Historically, they have offered group term life insurance products, making them less well known in the individual life market. They are also active in reinsurance and third party administration, again activities not likely to bring them to the attention of the general public. More recently, the company moved into the Medicare Supplement market.
Medicare Supplement Coverage
Unfortunately, the IAC website provides very little information on their Medicare Supplement offerings. The company’s website states the plans are not available in all states however they do not provide any further information on which states are included.
There is little information regarding which Supplement plans are offered; rather, the visitor to the website is directed to contact an agent for further information.
As an insurer without much in the way of brand recognition, more information on the website is important to help customers get a feel for what is available and what they can expect from the company. The lack of information gives the impression that IAC anticipates seeing more business come in through agent efforts than through direct contact with potential new customers.
Again, there is little information available on what sort of rates IAC offers on their website. Thus, we are unable to provide any sort of comparison to similar companies. Given the general lack of details on the website, it’s not surprising that there’s no online quoting available.
Ratings and Reviews
The Better Business Bureau (BBB) record for IAC is found under IAC Group, and the company currently has an A+ rating. There are no complaints on file for the company in the past three years.
Google has two reviews of IAC, both negative. One refers to an issue with Medicare coverage, while the other appears to be about a separate different division of the company.
We were not able to find any further information on the company in terms of ratings, reviews, or reputation. IAC isn’t a particularly small company, but their focus on group life and reinsurance seems to have kept them somewhat off the map. A lack of reviews is often a good thing for an insurance company as it means a lack of complaints. In this case, it adds to the general difficulty obtaining any information on the company.
The Bottom Line
The lack of information on this company makes it very difficult to form any sort of opinion. Without knowing what they offer and what their rates are, we are not able to run a solid comparison to other insurance companies. IAC is most likely to make the list for those who have either dealt with them in the past, or are referred to them by an independent agent, as the website is not geared towards providing information directly to consumers.
For a list of companies that we recommend, visit our Best Insurance Companies page.