State Farm, Liberty Mutual and more ranked for customer satisfaction

New report compares customer satisfaction benchmarks by industry

State Farm, Liberty Mutual and more ranked for customer satisfaction

Insurance News

By Mika Pangilinan

Customer satisfaction for property and casualty (P&C) insurance has not budged since 2021, according to the recent American Customer Satisfaction Index (ACSI), remaining at a score of 78 out of 100.

Through a survey of 12,841 people, the ACSI Insurance and Health Care Study found that customers felt the least amount of satisfaction with the availability and range of policy discounts and rewards with just 75% satisfied. Other complaints included the speed of claim processing and completion and the ease of understanding bill statements (both at 77%).

On the flipside, customers felt the most satisfaction over the quality and reliability of their insurer’s mobile app, with both benchmarks yielding a satisfaction level of 83%. This was followed by website satisfaction at 82%, then call center satisfaction, the courtesy and helpfulness of agents, and the variety of coverage options each at 80%.

Among the companies included in the study, customers scored State Farm the highest at 80%, a slight 1% improvement from 2021. Both American Family and Liberty Mutual scored 79%, which was 3% above last year’s marks, while the lowest rating went to Farmers at 75% satisfaction.

Customer satisfaction jumped the most for Travelers, going from 75% in 2021 to 78% in 2022, just as Geico’s score slipped from 77% to 79% and Nationwide’s from 77% to 76%.

The report also compared customer satisfaction benchmarks by industry. P&C insurance tied with life insurance at 78, sharing the spot with several other industries such as banks, computer software, financial advisors, and online investment.

ACSI survey respondents were interviewed between October 2021 and September 2022 via email. Respondents were asked to share their “recent experience” with the products and services provided by “the largest firms in terms of market share, plus an aggregate category consisting of ‘all other’—and thus smaller—companies in each industry,” the report said.

In October, a separate survey by J.D. Power found that independent insurance agents felt strong satisfaction with their carriers this year, with commercial lines satisfaction even posting a 16-point increase from 2021. 

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