According to a recent customer satisfaction survey conducted by independent analysts of the insurance industry, USAA, American General and Kaiser Permanente have earned the highest scores from those who purchase their products. Satisfaction overall with the industry went up with every type of company except auto insurers.
The survey involved more than 5,600 insurance customers nationwide and asked them to rate their satisfaction with their existing life, home, auto and health insurance policies and companies.
Among the customers for the various types of policies:
- 80 percent of auto insurance customers said that they were somewhat or completely satisfied with the customer service of their company.
- 76 percent of home insurance owners were completely or somewhat satisfied with their company’s customer service.
- 71 percent of health insurance customers were completely satisfied or somewhat satisfied with customer service.
- 67 percent of life insurance customers said customer service completely or somewhat satisfied them.
The survey asked customers to rate their companies on customer service, claims satisfaction, value for cost, plans to renew and recommending the company to friends or family.
For auto insurance, USAA, Erie Insurance and Auto-Owners Insurance had the highest satisfaction scores with 96 percent, 91.7 percent and 88.1 percent of customers satisfied, respectively.
Home insurance customers expressed satisfaction with USAA at 96 percent, Amica Mutual at 90.4 percent, and Country Insurance at 90.2 percent.
Life insurance companies ranked in customer satisfaction were American General at 83.2 percent, Jackson National at 80.6 percent and Allstate at 80.5 percent.
For health insurance, Kaiser Permanente ranked 83.6 percent in customer satisfaction, Blue Cross and Blue Shield of Illinois ranked 83.3 percent and Humana ranked 83.1 percent.
What Do Customer Satisfaction Rankings Mean For Those Who Are Injured in Personal Injury Accidents?
When dealing with insurance companies, personal injury victims may have a very good experience or a very poor one depending on how the insurance company handles claims. Insurance companies that try to deny just claims by those who are injured may tend to have lower customer satisfaction ratings than those that treat claims fairly.
A personal injury victim is usually making a claim against someone else’s insurance coverage, so it is important that victims and attorneys know the reputation of an at-fault party’s insurer in order to predict how easy or difficult it will be to deal with the company.
A personal injury attorney may represent a victim who is attempting to file a claim under an at-fault party’s home or auto insurance policy. A personal injury lawyer may attempt to negotiate with the insurance company’s representatives or may decide to file a lawsuit based on the facts of the case. Victims of personal injury accidents may be able to recover payments for medical expenses, lost wages from missed work and sums for pain, suffering and emotional trauma. Depending on the type of accident, an insurance company may be liable for several types of damages and may agree to settle the case for a given amount.
FAQs
Home insurance customers expressed satisfaction with USAA at 96 percent, Amica Mutual at 90.4 percent, and Country Insurance at 90.2 percent. Life insurance companies ranked in customer satisfaction were American General at 83.2 percent, Jackson National at 80.6 percent and Allstate at 80.5 percent.
How do insurance companies rank? ›
There are four main rating agencies: A.M. Best, Standard & Poor's, Moody's and Fitch. Each of these rating agencies use their own proprietary scale to rate an insurance company. Their rating refers only to the financial strength of the insurance company and is not a recommendation of a particular annuity product.
Which insurance company has the highest customer satisfaction? ›
Read on to learn how the top insurance companies ranked and what affected claims satisfaction in 2024.
- Amica, AIG, and Erie Insurance top the list for consumer satisfaction with property claims, according to a 2024 study by J.D. Power.
- Travelers and Homesite are rated at the bottom for customer service during claims.
Although it is preferable to have an A-rated company, there are many situations where B-rated companies can perform even better. The reason for a B++ or B+ rating (A.M. Best defined as “good”) or below is often simply the company's size or the newness in the marketplace.
How do insurance companies classify their clients? ›
The traditional insurance segmentation process relies only on basic demographic information such as age, gender, and life stage. This type of market segmentation gets the job done in markets with little competition.
What is a customer rating index for insurance? ›
An insurance score is a credit rating used by insurance companies to assess a potential insured consumer's level of risk. The insurance score is one of the primary determinants in how much monthly insurance premium the consumer will be assessed. Scores range between 200 and 997, with low scores reflecting higher risks.
How do insurance companies rate customers? ›
Put simply, the less risky your rating factors are, the cheaper your car insurance policy will be. Some auto insurance rating factors — such as driving record or vehicle type — have relatively sizeable impacts on car insurance costs. Others — like gender or marital status — are less important.
What insurance company has the most complaints? ›
Auto Insurance Companies with the Most Complaints
| Company | NAIC Score |
|---|
| California Casualty | 13.16 |
| Metromile | 2.02 |
| National General | 5.57 |
| SafeAuto | 9.12 |
6 more rowsFeb 8, 2023
10 Companies Providing Excellent Customer Service Examples
- Apple: Personalized Approach to Technical Support. ...
- Amazon: Seamless Returns and Refunds. ...
- Zappos: Going the Extra Mile. ...
- Southwest Airlines: Empowering Employees. ...
- Ritz-Carlton: Anticipating Customer Needs. ...
- Slack: Efficient and Responsive Support.
Best Car Insurance Companies of May 2024
| Best car insurance category | Company winner |
|---|
| Best insurance company overall | Travelers |
| Best insurance company for affordability | NJM |
| Best insurance company for accident forgiveness | Geico |
| Best insurance company for having few customer complaints | American Family |
4 more rows5 days ago
How to check an insurer's financial strength
- A.M. Best Company.
- Demotech.
- Fitch Ratings.
- Moody's Investor Service.
- Standard and Poor's Corporation.
To obtain your company credit report, you'll need to: Step 1: The first step in generating the report is to go to the CRIF's business credit report page. Fill in the basic details such as full name, mobile number, and business email ID.
Is Progressive AM Best rated? ›
AM Best Financial Strength Rating: Progressive has a A+ (Superior) score for financial strength, which speaks well to their ability to pay claims.
What do customers want from their insurance company? ›
Transparency fosters trust, which is crucial in the insurance industry. Clear communication of policy terms, changes, and claims status significantly enhances customer satisfaction.
What are the two categories of insurance customers? ›
Here are some of the key insurance customer types:
- Individual Consumers: This segment includes private individuals seeking insurance for personal needs. ...
- Families: Families often require a combination of insurance products to protect their members and assets.
Plans in the Marketplace are presented in 4 health plan categories: Bronze, Silver, Gold, and Platinum. (“Catastrophic” plans are also available to some people.) Health plan categories are based on how you and your plan split the costs of your health care. They have nothing to do with quality of care.
What are the 3 levels of insurance? ›
The three main types of car insurance are often considered: liability, comprehensive, and collision. This is because liability is required by law in most states, and comprehensive and collision coverage are required for most car loans and leases.
Is B++ a good rating for an insurance company? ›
B++, B+ Good Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance obligations.
How can I find the rating of an insurance company? ›
How to check an insurer's financial strength
- A.M. Best Company.
- Demotech.
- Fitch Ratings.
- Moody's Investor Service.
- Standard and Poor's Corporation.
