Insurance-related businesses made up 14 of the top 17 firms listed by consumers in "Customer Advocacy 2011: How Customers Rate U.S. Banks, Investment Firms, and Insurers," a report by research firm Forrester in which consumers rank the products and services of businesses in the financial services industry.
San Antonio-based USAA led the pack, with 77 percent of its customers agreeing with the statement, "My financial provider does what's best for me, not just its own bottom line."
Independent insurance agents came in with a 65 percent ranking, followed by State Farm (60 percent), AAA Insurance (59 percent), Farmers Insurance (57 percent) and American Family Insurance (56 percent).
Five of the top six insurers are privately held, and four are mutual companies. "Free from the quarterly earnings pressure on public companies and chartered to serve their customers' interests, these private firms can afford to focus on customer advocacy and reap the long-term benefits of deeper customer relationships," the report states.
Property-casualty insurers tended to fare better than life insurers, perhaps due to the simplicity of P&C product offerings. "P&C firms offer relatively simple products that are easy to quote and compare online," the report states. "After the sale, P&C insurers have relatively few interactions with customers. But when those moments of truth arrive —often, in a claim—the firms can earn lasting goodwill."
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