CAMBRIDGE, Mass., Oct. 12, 2017 /PRNewswire/ -- Overall
customer experience (CX) quality of home and auto insurance brands
dropped slightly since last year, according to Forrester's US 2017
Customer Experience Index (CX Index™). The decrease in scores is a
result of bad rate increases due to widespread underwriting
losses.
Based on a survey of nearly 120,000 US online adult consumers,
Forrester's CX Index measures and ranks more than 300 US brands
across 21 industries to identify how well a brand's customer
experience strengthens the loyalty of its customers. Of the 315 US
brands ranked in 2017, 19 auto and home insurance brands were
analyzed to determine how customers perceive their experiences and
how CX drives loyalty. Key findings include that:
- USAA held the top spot for the third year in a row, while
Nationwide Mutual Insurance and MetLife climbed the rankings due to
significant declines in last year's top brands' scores. For
example, National Mutual Insurance jumped five spots and MetLife
went up nine, leading to their being ranked third and sixth on the
list, respectively.
- There was a major reshuffling of scores in this year's
rankings, with 15 out of 19 brands moving up or down since 2016. Of
the 19 brands ranked, six brands suffered significant losses and no
brands' scores improved. This led to average CX quality being down,
with no other industry analyzed having more significant brand score
decreases.
- Ninety percent of customers who feel valued by auto and home
insurers plan to increase their spending – second only to online
retailers – and 92% will advocate for the brand. Providing
experiences that lead to positive emotions has a direct impact on
the bottom line: Forrester's data reveals that a one-point CX Index
score improvement can lead to up to $214
million for the largest insurers.
"Great customer experience drives revenue, so it's important for
insurers to understand which drivers matter most to their
customers," Forrester Chief Research and Product Officer
Cliff Condon said. "Our latest CX
Index data confirms that insurance companies should focus heavily
on customer service, for example, as it's the most important driver
for insurer CX and has the strongest influence on CX quality and
customer loyalty."
Contact us to learn more about how Forrester's CX Index can help
your business.
About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in
the market today. The CX Index gives businesses a deep and
actionable understanding of the quality of their customers'
experiences, competitive benchmark data so that business and
technology leaders know how they stack up against their peers, and
the ability to model the improvements that will have the biggest
impact on revenue.
For more information, please
visit http://forr.com/cxindex.
About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research
and advisory firms in the world. We work with business and
technology leaders to develop customer-obsessed strategies that
drive growth. Forrester's unique insights are grounded in annual
surveys of more than 675,000 consumers and business leaders
worldwide, rigorous and objective methodologies, and the shared
wisdom of our most innovative clients. Through proprietary
research, data, custom consulting, exclusive executive peer groups,
and events, the Forrester experience is about a singular and
powerful purpose: to challenge the thinking of our clients to help
them lead change in their organizations.
Contact
Forrester
Jenna Vassallo, 617-613-5746
Public Relations Manager
jvassallo@forrester.com
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SOURCE Forrester