Allstate, American Family Insurance, GEICO, State Farm and USAA earned top rankings in customer satisfaction, according to new research released by Verint, The Customer Engagement Company™, which evaluates the top 15 U.S. property and casualty insurers.
The Verint Experience Index: Property and Casualty Insurance 2021 report, surveyed insurance customers in August 2021. USAA ranked first with a customer satisfaction (CSAT) score of 83.7. State Farm came in second with 81.7, while Allstate came in third with 81.1. American Family Insurance ranked fourth with 80.9 and GEICO came in fifth with 79.7. The number one factor impacting customer satisfaction for the vast majority of the top 15 U.S. property insurers evaluated was “perceived value”. Other impacts to customer satisfaction included policy renewal and purchasing processes, service representative and digital experience.
The report also informs property insurers how satisfaction influences future customer behaviors. For the top-five ranking companies mentioned above, improving customer satisfaction will most influence policy renewal for USAA and GEICO, customer trust for State Farm and American Family Insurance, and transitioning to digital channels like using the website for Allstate.
In addition, the report measures Net Promoter Score® (NPS)* – a customer’s intent to recommend a company – which can be used as an indicator of business growth, customer experience and loyalty. USAA ranked first with a NPS score of 43.0, followed by State Farm in second place with a NPS ranking of 41.6.
“While the global pandemic certainly created new challenges for property/casualty insurers, it also continued to underscore the need to adapt to constantly changing customer expectations. To remain competitive, insurers need robust customer experience insights,” says Verint’s Eric Head, vice president, go-to-market strategy, Experience Management.
“Our research shows that there is no one-size fits all when it comes to providing good customer service. Meeting customers where they want to interact, on their time and in their preferred channels is of critical importance because today’s customer journey is omnichannel. It’s vital to capture all the necessary insights across the organisation including digital self-service, digital support and local agent channels – all while connecting the data across departments to break down silos, fill knowledge gaps and uncover hidden insights,” he says.
Other key findings from the report indicated:
- The phone experience still matters: Calling to speak to a representative is a top preferred engagement channel for most generations. Ten percent of consumers who first interacted with their insurer via phone had difficulty completing the task during that first interaction, compared to 19 percent who first interacted digitally or in person. Customers who have difficulty on other channels will call for assistance, necessitating a robust omnichannel customer experience.
- Gen Z needs extra attention and support: Gen Z customers (ages 18 to 24) tend to be less trusting and less likely to think they are being treated fairly – contributing reasons for 31 percent considering switching to a competitor. Gen Z customers were more likely to report having difficulty completing their tasks during the first interaction with the insurer – possibly one reason their trust in claims processes and agents is lower.
- Women and men have different priorities: When selecting an insurance policy, women consider the security of their personal information and the deductible more important than men. Men consider the insurer’s reputation and working with an agent to be more important than their female counterparts.
- “Ease of doing business” spans demographics: Across the board, consumers want their insurer to provide a seamless customer experience and coverage that is easy to understand. Gen X and younger generations (ages 18 to 56) however rated the importance of easy-to-understand coverage, easy claims processes, and an easy quote process significantly higher than older generations.
Download the free Verint Experience Index: Property and Casualty Insurance report to learn more about the rankings and research.