WABAN, Mass., May 26, 2016 /PRNewswire/ -- USAA, State Farm, and The Hartford deliver the best customer experience in the insurance industry, according to the 2016 Temkin Experience Ratings, an annual customer experience ranking of companies based on a survey of 10,000 U.S. consumers.
USAA has maintained its position as the top-rated insurer for the sixth year in a row, earning a 73% rating and placing 28th out of 294 companies across 20 industries. State Farm and The Hartford tied for second place, each with a rating of 68% and an overall rank of 69th. While this is State Farm's fifth straight year in second place, it is The Hartford's first time in the top two. Of the 15 insurance carriers evaluated, Nationwide was the only one to improve its score over the past year, increasing from 63% in 2015 to 64% in 2016, which put it in 110th place overall.
At the other end of the spectrum, 21st Century and American Family tied for being the lowest-rated insurance carrier, each receiving a score of 47% and placing 264th overall. This is 21st Century's sixth straight year at the bottom of the pack, while American Family found itself in last place after falling 14 percentage points, the most of any insurer, in the last year.
Overall, the insurance industry averaged a 61% rating in the 2016 Temkin Experience Ratings and came in 7th place out of 20 industries. The average rating of the industry decreased by five percentage-points between 2015 and 2016, dropping from 66% to 61%.
"When it comes to delivering excellent customer experience, USAA and State Farm continue to set the bar for the rest of the insurance industry," states Bruce Temkin, managing partner of Temkin Group.
Here are some additional findings from the insurance industry:
- The ratings of all insurance carriers in the 2016 Temkin Experience Ratings are as follows: USAA (73%), State Farm (68%), The Hartford (68%), Nationwide (64%), GEICO (64%), Progressive (64%), Allstate (62%), Travelers (61%), Liberty Mutual (60%), New York Life (60%), Farmers (58%), AAA (54%), MetLife (54%), American Family (47%), 21st Century (47%).
- Nationwide (+1 point) was the only health plan to improve its rating between 2015 and 2016.
- American Family (-14 points), AAA (-9 points), GEICO (-5 points), and Allstate (-5 points) declined by the most percentage-points between 2015 and 2016.
To generate these ratings, Temkin Group asked 10,000 U.S. consumers to evaluate their recent experiences with a company across three dimensions: success (can you do what you want to do?), effort (how easy is it to work with the company?), and emotion (how do you feel about the interactions?). Temkin Group then averaged these three scores to produce each company's Temkin Experience Rating.
In these ratings, a score of 70% or above is considered "good," and a score of 80% or above is considered "excellent." In this year's Temkin Experience Ratings, 20% of companies earned a "good" or "excellent" score, while 44% received a "poor" or "very poor" score.
The 2016 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.
The free report, "2016 Temkin Experience Ratings," is available for download at the Customer Experience Matters® blog (ExperienceMatters.wordpress.com) and at the Temkin Group website, www.TemkinGroup.com.
About Temkin Group: Temkin Group is a leading customer experience research and consulting firm. Many of the world's largest brands rely on its insights and advice to steer their transformational journeys, and Temkin Group accelerates their results by combining customer experience thought leadership with a deep understanding of organizational dynamics. Rather than layering on cosmetic changes, Temkin Group helps companies embed practices within their culture by building up four core competencies: Purposeful Leadership, Employee Engagement, Compelling Brand Values, and Customer Connectedness. The firm's ongoing research identifies leading and emerging best practices for engaging the hearts and minds of customers, employees, and partners. For more information, contact Bruce Temkin at 617-916-2075 or send an email.
*Customer experience matters is a registered trademark of Temkin Group.
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SOURCE Temkin Group