WABAN, Mass., March 20, 2014 /PRNewswire/ -- USAA and State Farm deliver the best customer experience in the insurance industry, according to the 2014 Temkin Experience Ratings, an annual ranking of companies based on a study of 10,000 U.S. consumers.
USAA has maintained its position as the top-rated insurer for the fourth year in a row, earning a 78% rating and rank of 29th out of 268 companies across 19 industries. This is also State Farm's third straight year in second place, this year earning a 74% rating and 59th placing overall. At the bottom of the list, for the forth year in a row, 21st Century received the lowest rating for any of the 15 insurers, landing in 232nd place. American Family has also been steadily descending in the Ratings, declining from the second highest-rated insurer in 2011 to the second lowest-rated insurer in 2014 with a rating of 56% and a ranking of 226th.
"When it comes to delivering excellent customer experience, USAA and State Farm continue to set the bar in 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 2014 Temkin Experience Ratings are as follows: USAA (78%), State Farm (74%), GEICO (70%), Allstate (69%), The Hartford (69%), AAA (67%), Progressive (66%), Travelers (65%), Nationwide (63%), MetLife (63%), Liberty Mutual (63%), Farmers (61%), American Family (56%), and 21st Century (55%).
- The Hartford (+7 points), Liberty Mutual (+7 points), 21st Century (+6 points), and AAA (+5 points) improved the most between 2013 and 2014.
- Nationwide (-5 points), American Family (-2 points), and Farmers (-1 point) were the only insurers whose ratings declined between 2013 and 2014.
- Overall, the insurance industry averaged a 68% rating in the 2014 Temkin Experience Ratings and tied for 6th place out of 19 industries. Insurance is also one of the 15 industries to improve its rating over the past year, increasing its average by 2.9 percentage points.
Now in its fourth year of publication, the 2014 Temkin Experience Ratings examines the quality of the customer experience delivered by 268 organizations across 19 industries: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, grocery chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, TV service providers, and wireless carriers.
To generate these ratings, Temkin Group asked consumers to evaluate their experiences with a company across three dimensions: functional (can you do what you want to do?), accessible (how easy is it to work with the company?), and emotional (how do you feel about the interactions?). Temkin Group then averaged these three scores to produce a 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."
The 2014 Temkin Experience Ratings, along with other ratings, can be accessed at the Temkin Ratings website, www.TemkinRatings.com.
The free report "2014 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 widely recognized as 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 four critical 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