NU Online News Service, Dec. 15, 2:15 p.m. EST
The property and casualty insurance industry has a leg up on life and health insurers when it comes to customer satisfaction, according to the most recent American Customer Satisfaction Index.
P&C insurers placed second behind credit unions in the survey, earning an overall score of 83 on a scale of 0-100. The score is a 3.8 percentage point increase over last year, and an all-time high for the industry.
The survey measured satisfaction for P&C insurers, life insurers, health insurers, credit unions and banks.
A four percentage-point rise in customer satisfaction for small insurance companies helped the overall P&C score, ACSI says,
Life insurers came in with a score of 80 and health insurers scored 72.
ACSI says the factors that put P&C and life above health insurers are lower premiums and fewer customer interactions for P&C and life insurers, which produces fewer conflicts.
The survey lists the scores for five large insurers: State Farm at 82, GEICO at 81, Progressive at 79 and Allstate at 78, were all unchanged from last year. Meanwhile Farmers improved 4 percentage points to tie Progressive in customer satisfaction at 79.
Credit Unions, with the highest score of 89, outpaced banks, which scored 75, a one-point drop from the previous year.
The ACSI survey, founded at the University of Michigan's Ross School of Business, has been produced since 1995. It was compiled from interviews with approximately 70,000 customers.
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