Allstate, American Family Insurance, GEICO, State Farm and USAA earned top rankings in customer satisfaction, according to new research released by Verint® (NASDAQ: VRNT), 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 organization 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.
Survey Methodology
The Verint Experience Index is a web panel survey report chronicling customer experiences across key industries. The Verint Experience Index: Property and Casualty Insurance edition surveyed more than 3,800 insurance customers to understand which companies are providing the best experience, and therefore, engendering trust and renewals. The 2021 property insurance edition ranks the omnichannel experiences of the top property insurance providers in the U.S. as ranked by the National Association of Insurance Commissioners (NAIC) based on market share.
About Verint
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close The Engagement Capacity Gap™.
Verint. The Customer Engagement Company™. Learn more at Verint.com.
* Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended October 31, 2021, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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Contacts:
Amy Curry
amy.curry@verint.com
