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Recognition validates growth and customer experience strategy
ALEXANDRIA, VA. – 5Star Life Insurance Company (5Star Life) has been awarded on the Forbes list of World’s Best Insurance Companies 2023. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list can be viewed on the Forbes website. 5Star Life is the Armed Forces Benefit Association (AFBA) wholly owned affiliate and life insurance underwriter for its member benefits.
“Forbes’ recognition validates a years-long strategy focused on delivering the best customer service experience to our markets: National Guard members, first responders, government employees and contractors, and civilians,” said General Larry O. Spencer, USAF (Ret.) President of AFBA and 5Star Life. “We are grateful to those who helped put 5Star Life on the list and to the dedicated employees who have worked hard to bring about this award.”
World’s Best Insurance Companies 2023 were determined based on an independent survey from a vast sample of over 30,000 consumers in 15 different countries. The survey considered customers’ overall recommendation, their general satisfaction, their loyalty, and the five subdimensions: Advice, Customer Service, Price-Performance, Transparency and Damage/Benefit Service.
Based on the results of the study, 5Star Life is ecstatic to be recognized on the Forbes list of World’s Best Insurance Companies 2023.
“We are honored to be recognized by Forbes,” said M. Kimo Wong, Chief Distribution Officer and Senior Vice President of AFBA and 5Star Life. “It is a tribute to our team’s unrelenting focus and commitment to providing best-in-class consumer experience for our markets.”
About Armed Forces Benefit Association
With the support of the General of the Army, Dwight D. Eisenhower, the Armed Forces Benefit Association (AFBA) was established in 1947 in the basement of the Pentagon to ease the strain on military members and their families who, at the time, could not purchase life insurance that would pay a death benefit if the member was killed in combat. Today, headquartered in Alexandria, VA, AFBA continues to honor its mission, in war and peace, promoting the welfare of its members by providing survivor and other benefits to those who serve this great nation, including members of the uniformed services, first responders, government employees and contractors, and their families. AFBA has more than 535,000 members with $40 billion of death benefits in force and has paid nearly $2 billion of death benefits since inception. AFBA death benefits are primarily underwritten by its wholly owned affiliate, 5Star Life Insurance Company (a Lincoln, Nebraska domiciled company).