Is Otto Insurance A Scam? 

There is little information regarding Otto Insurance on the internet; this makes it difficult to ascertain with confidence whether they are a scam or not.

In addition, the number of bad reviews the company has gotten has led many people to question its authenticity.

It also does not help that available information conflicts with one another. For example, the company is believed to have more than one website address.

Because the company’s online information is scarce, you won’t find much on their background either. Another thing that raises eyebrows is that the Better Business Bureau has listed the company as no longer in business, yet all its contact lines are still active.

The last place we can resort to whether Otto Insurance is a scam or legit is the customer reviews. Many customers were unsatisfied with the service they got from the company.

While the company boasts of many positive reviews, it is quite the task to come across these reviews online. Rather, you’ll find that the negative reviews outweigh any positive ones you may find by a landslide.

Please take a look at some of the reviews we came across in our search.

Vincent Odorisio – 1 star

“They sell it to about 25 agents and insurance companies. So you will immediately get 30 calls/day for a straight week. I hope that I have them all blocked now on email and phone.

On top of that, I started getting advertisements and mail regarding non-insurance items from some of their marketing partners. If you want to get a bunch of calls and emails and have Otto Insurance sell your info, then, by all means, sign on.

Shame on me for showing interest and putting my info out there.”

Joe G – 1 star

“They aren’t an insurance company. They sell your info.

Like the others, I have been getting nonstop phone calls and emails. So many that I’m thinking about changing my number.”

A B – 1 star

“They didn’t give me a  quote, they aren’t an insurance broker.  I was hammered by a bunch of different agencies looking to get my business.  If I wanted to go to progressive, Geico, or Liberty, I would have gone to them.  Now I am getting phone calls and email solicitations from a bunch of companies.   Additionally, they sold my information and I went from Zero to 456 junk emails this morning in one day thanks to these a**holes. Don’t fill out their free insurance quote form ever!!!!!!!”

The customer reviews also enlightened us on how poorly the company has marketed itself as a referral company and not an insurance broker.

From the comments, some of the customers believe they were making inquiries from an insurance broker.

What Is Otto Insurance? 

It’s not easy to choose when you have many options; you will find yourself in this position when looking for an insurance company.

There’s a myriad of them all over the US, and finding the right one can be a Herculean task; this is where Otto Insurance comes in.

Otto Insurance is a lead generation tool that connects you to its vast network of one thousand affiliates and partners.  With your personal information, insurance agents will contact you to continue the rest of the process.

How Does Otto Insurance Work? 

Otto insurance promises its users the lowest insurance rates the market offers. In addition, they provide you with quotes from insurance companies across different industries such as auto, pet, home, and life.

Remember that Otto does not provide insurance services because it is not an insurance company, rather they function as a middleman between the client and the insurance provider.

While their head office is located in Miami, Florida, its team is littered across the US. With dedication, they work tirelessly to connect users with suitable insurance companies who can help them secure their future.

Otto insurance partners with individual, regional, and nationwide carriers in its quest to link clients with insurance companies.

Thanks to modern technology and a well-developed team, the company has tried its best to ensure these dealings are safely conducted in the online space.

In addition to this, their network communicates user information with many affiliates to get the best match as soon as possible.

All this happens within a matter of minutes. Intending to give customers a seamless experience, Otto Insurance focuses on speed and efficiency.

Otto Insurance Vs. Other AI Tools 

Otto Insurance isn’t the only artificial intelligence tool that seeks to connect potential clients with insurance companies. Other tools such as Insurify, Jerry, and Quote Wizard exist with the same function as Otto.

These are all lead generation tools with a large network promising to get you the best insurance quotes in the market.

Insurify has better reviews when compared with Otto because it returns quotes to customers; Otto, on the other hand, links you with agents who will call you to discuss their quotes.

Jerry also has better reviews than Otto; with information on your insurance policy, it compares your coverage with other companies and selects the top three for you. However, it is more complicated to use than Insurify.

Lastly, we take a look at quote wizard. Like Otto, it does not return actual quotes to clients but forces users to look for them on other pages.

Here’s a table to summarize everything we’ve said:

Conclusion 

Otto Insurance is not an insurance company. Hence they do not provide insurance services. Rather they are a lead generation company to connect you to an insurance company. They do this by letting you compare two insurance companies at a time.

In achieving this objective, they will obtain personal information from you, such as your phone number. This leads to many phone calls from multiple agents trying to sell you insurance.

This could be very annoying for many customers, and it has led them to give the company bad reviews.

In summary, if you think you can handle the phone calls, then Otto Insurance might be a useful tool in locating the insurance company that caters to your needs.

The post Otto Insurance Review- Is It A Scam Or Legit? appeared first on Insurance BlogX.

In the late 80s, the pharmaceutical sector began processing insurance claims electronically. This new system meant that the pharmacy benefit manager needed to route transactions. This need led to the creation of the bank identification number.

More identifiers for routing transactions, such as the processor control number and the Rxgrp number, were developed to simplify the process.

Use Of A Processor Control Number 

As we mentioned earlier, the most crucial function of a processor control number(PCN) is to route pharmacy reimbursements transactions for health insurers.

What this means is that with your processor control number, your member profile can be located under a pharmacy benefits manager, and this allows you to enjoy drug benefits.

If you’re wondering, a pharmacy benefits manager is a company that provides and manages prescription drug benefits for your health insurer.

In essence, they are the middleman between drug manufacturers and your insurance company, and they play a significant role in ensuring drugs are more accessible and affordable for insurance users.

Another possible use for processor control numbers is that a Plan Benefits Manager may use them in differentiating different plans and benefits packages.

Insurance providers usually have different coverages that come at different prices, so it makes sense that each plan would cover a list of drugs that differ from each other.

With a Processor Control Number, it would be easier for the Plan Benefits Manager and your insurance provider to differentiate their available benefit packages.

Note that not all companies use a processor control number for this purpose. They may choose to use another number, such as a group ID, to differentiate their plans. Some businesses may not even separate their plans at all.

Where to Find Your Processor Control Number

You can find your processor control number on your health insurance ID card alongside other essential information such as your subscriber number, group number, and plan name.

Your processor control number should be labeled as RxPCN followed by a series of alphanumeric or numeric values.

If you cannot identify your processor control number from your health insurance card, it would be helpful to reach out to your insurance provider for further assistance.

Another tip for locating your processor control number is usually grouped with your bank identification number, group number, and plan type.

Other Information Used For Transaction Routing 

Bank Identification Number (BIN) 

Remember that your processor control number is a secondary means of routing your pharmacy transactions.

The primary number used in confirming what company will reimburse the pharmacy for the cost of your prescription is the bank identification number.

While the number helps to identify what bank issues a card, in the medical field, a bank identification number has nothing to do with banks. When filling out your prescription, you will be required to provide your bank identification number.

Like we mentioned earlier, this number is used to determine which insurance provider will pay for your claim on prescription at a pharmacy.

Note that the bank identification number is no longer supported, and it is now referred to as an Issuer Identification Number (IIN).

To obtain an issuer identification number, you would have to contact the American National Standards Institute (ANSI) via their website and follow the instructions given there.

RxGrp 

This is another identifier used that pharmacies use in processing your benefits. It is the last element used in routing transactions according to the NCPDP.

RxGrp is also called a prescription group, and it is displayed as a series of numeric or alphanumeric numbers on the front of your card.

Some insurance providers will group your benefits based on physical benefits, while others may base them on pharmacy benefits. How your benefits are grouped is dependent on your health care plan.

Not all insurance companies provide this information on your health insurance card, and it may not always be necessary to provide it. If you need it, you should contact your health insurance company.

Additional Information On Your Health Insurance Card 

Plan Names 

Your plan name is the name of your insurance plan or coverage from your insurance provider. Usually, this is displayed at the top of your insurance card. The most common names for insurance plans are Cigna, Aetema, Kaiser, and Humana.

Rx 

The Rx symbol is a pointer that your insurance company covers either a portion of the total costs on your prescription.

Some companies may place a % or $ sign with a stated number. This will paint a clearer picture of how much of your costs are covered by the insurance company.

We should mention that not all companies will state this on your insurance card. However, if you know about your plan’s copay or coinsurance policy, you may not need this information displayed on your card.

Formulary 

You may not find this on most insurance cards, but if it is on your, you should know what it means. A formulary is a list of medications covered by your insurer.

Sometimes your health insurer will have different formularies for different plans. Usually, each formulary is differentiated using a number; formulary 1, formulary 2, etc.

Conclusion 

Your processor control number forms part of a group of information used in processing your claims by pharmacies.

With either your processor control number, bank identification number, or Rxgrp number, a pharmacy can identify who will reimburse them for the cost of your prescription medication.

You must have this information at your fingertips because processing a claim without them would be very difficult. Fortunately, insurance companies have made it easy to access this information via your insurance card.

If you cannot find this information on your card or you’ve lost it, we advise you to contact your insurance company to reissue you a new card or provide you with the information you need.

The post What Is A Processor Control Number On A Health Insurance Card? appeared first on Insurance BlogX.

Insurance ID Card

Your insurance ID card is a documented proof of your insurance, while an insurance declaration page is another document that proves your insurance; you are not expected to carry it everywhere you go.

Your ID card contains vital information that is handy for various circumstances, and its design allows you to carry it everywhere you go.

On it, you can find your policy number, what kind of insurance package you are registered under, and of course, your NAIC Number.

While it may not be explicitly labeled as NAIC number or company number, it is easy to identify.

Policy Declaration Page 

Another place you can find your NAIC number for Geico Insurance is on your policy declaration page. This document contains detailed information about your contract with the insurance company. So naturally, their company number would be within it.

Asides from your company’s NAIC number, other useful information on an insurance declaration page are details on how to contact the company, what type of policy you are under, and what your policy covers.

Online Resources 

Lastly, you can consult the internet for Geico’s company number. You can either search Google directly for “Geico NAIC number” or visit NAIC’s website to search for the company number.

Geico Insurance Numbers  

You should note that Geico offers consumers several policies, so it is important you specify whether you are after car insurance or property insurance; else, you will get the wrong number.

If you are unsure what policy your insurance falls under, you can simply contact your company’s call center department and request their NAIC number.

Source: mgtblog

What Is A NAIC Number?

NAIC is an acronym for the National Association of Insurance Commission. Your NAIC number can also be referred to as your company number. NAIC is an organization-specific to the insurance industry, and its objective is to provide regulatory support.

NAIC assigns a number to each company listed as an insurance company within US territory, and this number is referred to as the NAIC number or company number.

Why Is A NAIC Number Important?

Every company in existence is bound to a certain set of rules and regulations, either at the state level or federal level.

The same rule applies to companies in the US. The first purpose of the NAIC number is to identify an insurance company’s rules and regulations it is expected to comply with.

The second purpose of a company number is that you need it to file or report a claim. Think of a NAIC number as the equivalent to your policy number or subscriber ID.

Without your subscriber ID, your insurance provider can’t verify you as one of their policyholders. In the same vein, without your company’s NAIC number, it would be difficult to trace relevant information on the company.

NAIC provides detailed information on a company’s financial status and licenses. So if you wish to find out more about your company regarding how they have conducted themselves, you can do so using their NAIC number.

It will give you assess to any previous complaints filed against them.

To wrap it up, a company’s NAIC number makes things easier for the insurance client and the insurance bearer, and other agencies who may need it.

Frequently Asked Questions: Geico NAIC Number

What Does NAIC Stand For?

NAIC stands for the National Association of Insurance Commission. It is a standard-setting and regulatory body in the US.

Is NAIC Specific To The US Alone? 

Yes, it is. NAIC’s objective is to harmonize standards and regulations in the insurance industry across the US. However, we should point out that other countries have their multiple respective bodies with the same function as NAIC, and many of them may be similar to NAIC. A good example is the North American Industry Classification System (NAICS).

Is NAIC And NAICS The Same?

No, they aren’t. These organizations are separate from each other. However, in terms of structure they are similar as they are set up to fulfill the same objective.

When Will I Need A NAIC Number? 

You will need your company NAIC number to learn more about your company.

With it, you can access consumer reports on their financial health and any fraud cases related to them.

You can also use it to file a report or claim your company. You may also need to provide certain legal authorities like the DMV for documentation purposes.

Can A Business Have More Than One NAIC Number?

Yes, some agencies will have more than one NAIC number, depending on the nature of their business. However, remember that NAIC codes are assigned based on the primary focus of an establishment.

If a parent company (Geico) has subsidiaries spread across different sectors (automobile, casualty, indemnity, etc.), each company will be assigned a different NAIC number.

Conclusion

The National Association of Insurance Commission is a standard-setting and regulatory body whose objective is to standardize the insurance industry across the United States of America.

NAIC issues insurance companies a number used to state the company’s primary area of focus within the insurance industry.

With this number, individuals can obtain useful information regarding their insurance company, such as its financial health status and licenses.

You can find Geico’s NAIC number in your insurance card, in copies of your insurance documentation, or online.

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