USAA Earns Top Ranking with Allstate, American Family Insurance, GEICO, and State Farm Among the Top Five in Verint Experience Index Report
January 12 2022 - 8:30AM
Business Wire
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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Media Relations Amy Curry amy.curry@verint.com
Investor Relations Matthew Frankel
matthew.frankel@verint.com
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