MCF

MCF

NEWS & EVENTS

Report Identifies P/C Insurance Companies With Best Reputations

Mark Hollmer | 03/26/2019

USAA Insurance has the highest and best overall reputation among insurers, according to a new report from the Reputation Institute.

The insurer landed in the top spot based on criteria including strong reputation, relevancy, expressiveness (brand strength, informativeness, relevancy), products and services, governance, citizenship and innovation.

MetLife, New York Life and Blue Cross Blue Shield grabbed the second, third and fourth spots, respectively, on the 2018 U.S. Insurance RepTrak ranking that covers property/casualty, life and health insurers.

After USAA, the property/casualty insurer with a strong rating, the next Property/Casualty insurers on the overall list are Hanover Insurance Group at number 5, and then Progressive in 6th place.

In issuing the report, the Reputation Institute said that insurers have reputational challenges that other industries don’t.

“The insurance sector has unique challenges. What drives insurance is not identical to other industries,” said Brad Hecht, executive vice president and market leader of Americas at Reputation Institute. “Innovation, workplace, and performance have higher impact on reputation for the insurance industry when compared to healthcare and financial industries. If insurance companies want to differentiate from financial services and healthcare companies, they should focus their efforts on these dimensions.”

The research that informs the RepTrak report is based on more than 2,920 individual ratings from U.S. consumers, addressing 44 nominated companies. According to the Reputation Institute, the survey quantifies the emotional bond consumers have with “leading companies and how these connections drive supportive behaviors such as intent to purchase, trust, work for or invest in the company.”

The insurance industry has an average 71.3 reputation score as of September 2018, up from 65.9 in February 2018, according to the survey.

As the top insurance company, USAA scored a 75.7 ranking. The next highest P/C carrier – Hanover Insurance – scored a 69.8, followed by Progressive, at 69.4, Farmers at 69.2 and Allstate at 68.9.

The Reputation Institute describes itself as a “data-driven, reputation insights advisory firm, and provider of peer-to-peer membership services.”

Source: LINK

 

Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.