The best insurance companies build customer confidence

The best insurance companies know they sell an intangible product – peace of mind – so trust is vital. This is why insurers remain close to their policyholders.




X



Primary (IRP) is a newcomer to the top three in IBD’s Most Trusted Life Insurer category. It rose to the top of this year’s survey with an overall score of 83.4 by sticking to its niche selling term life insurance on Main Street USA.

The company also ranked #3 on IBD’s overall list of the 25 Most Trusted Financial Companies. This year’s survey, IBD’s third, is presented in partnership with our sister company, MarketWatch.

Insurers in three lines of business – life, auto and home – were included in the customer survey that produced the ranking. The top three in each industry are recognized as the most trusted in the category.

Primerica CEO Glenn Williams (Primerica)

“Our culture is unique and our approach to the market is unique,” said Glenn Williams, general manager of Duluth, Ga-based Primerica. “We have remained focused on middle-income families.” He says competitors are seeking wealthier customers and offering higher cash value policies that combine life insurance with an investment vehicle.

New York Life took second place in this year’s survey, with an overall score of 72.5. Coming to No. 3 is Prudential (ERP), with a score of 69.9.

Primerica’s Williams loosely defines the middle market as families with annual household incomes between $30,000 and $100,000. Their “wallets are smaller,” he said.

The best insurance companies train their representatives

Selling life insurance requires a deft touch. Many people dread discussing their disappearance, and hThe most reliable life insurance companiesow it will have an impact on their loved ones.

Primerica’s sales force is able to address this sensitive subject. It consists of over 132,000 independent contractors across America. Thanks to the company’s large scale – it insured more than 5.7 million lives as of December 31, 2021 – it can license its sales representatives in-house rather than relying on third parties.

“We have the infrastructure in place to not only fire them, but to provide them with leadership and sales training,” Williams said.

Primerica also allows its sales reps to work part-time. And they often live in the communities they serve.

“Having the flexibility to work part-time helps us retain agents,” Williams said. “Our four-year retention rate is nearly double that of the industry. And our salespeople come from the middle market. They connect to that market through their shared experience.”

Trust comes from a seamless and hassle-free shopping experience. Like other life insurers, Primerica uses medical underwriting to assess applicants. But it simplifies the steps.

3 most reliable life insurance companies

Company Category Global mark Quality Ethics Privacy Customer service Price Sensitivity to customer needs Innovation
Primary Life insurance 83.4 86.5 78.9 86.3 83.3 83.2 81.5 84.0
New York life Life insurance 72.5 73.3 73.8 79.5 76.3 65.4 65.5 68.0
Prudential Life insurance 69.9 72.4 72.5 79.0 71.5 58.7 62.9 64.6

“We’re using more technology to reduce the long process,” Williams said. “Our customers value convenience and ease of interaction. When they buy term insurance, it’s not just price. It’s also speed and simplicity.”

In recent years, so-called “insurtech” companies have sought to streamline the buying process with more technology. But Williams thinks Primerica’s human touch sets her apart.

“Insurtech companies talk about how they use technology to make interacting with customers easier and more convenient,” he said. “We believe we can do this with a combination of having an advisor and technology.”

Best insurance companies for auto and home policies

USAA ranked at the top of the home and auto insurance categories for the third year in a row. Its score of 85.3 also places it at number one on this year’s Top 25 Financial Companies list for the most trusted financial companies (see 2022 survey overview). Founded in 1922 by military officers, USAA sells insurance to current and former US service members, their spouses and children.

The most reliable car insurance companies

After USAA in the automobile category, we find State Farm (71.2) and Geico Insurance (70.9), a subsidiary of Berkshire Hathaway (BRKB)

“USAA has a very good reputation, and their customers don’t come with their gloves on ready to fight a claim,” said Amy Bach, executive director of San Francisco-based United Policyholders, a nonprofit consumer advocacy group. non-profit. “People’s expectations are positive from the start,” and that sets the stage for a high-trust, low-stress relationship.

Trey Salmon, 57, is a good example. A retired United States Marine Corps Gunnery Sergeant, he started with the USAA when he got his first car in 1985. Over the years, his faith in the USAA has only grow.

3 Most Reliable Car Insurers

Company Category Global mark Quality Ethics Privacy Customer service Price Sensitivity to customer needs Innovation
USAA Car insurance 85.3 73.6 70.7 75.6 72.6 55.3 60.7 63.6
State farm insurance Car insurance 71.2 67.9 63.6 69.9 66.0 52.8 60.6 56.2
Geico Car insurance 70.9 67.7 63.2 62.9 60.8 57.9 47.9 52.1

“I’ve filed three auto claims, two no-fault and one-at-fault, and all three times USAA has been successful with brilliant colors,” said Salmon, who lives in Cordele, Georgia. “My premiums never increased, even after my at-fault accident. They granted me accident forgiveness.

With a score of 76.8, USAA was also the best insurance company in the home insurer category this year. Behind her in second position is American international group (AIG) (AIG, 75.8) and State Farm (71.2).

The most reliable home insurance companiesSalmon is also happy with USAA home insurance coverage. In the 22 years that he has had his home insurance, he has filed two claims. When his wife’s $6,800 diamond ring was stolen, the company sent a prompt refund. And when a storm in 2008 damaged his roof, he appreciated the prompt service.

“We had a new roof in three weeks,” Salmon said. “Whenever I’ve needed USAA, they’ve been there. And they always call me ‘Gunnery Sergeant Salmon.'”

The 3 most reliable home insurers

Company Category Global mark Quality Ethics Privacy Customer service Price Sensitivity to customer needs Innovation
USAA Home Insurance 76.8 78.7 76.9 80.6 79.1 70.7 75.5 69.9
American International Group (AIG) Home Insurance 75.8 75.4 76.2 74.3 77.4 73.8 79.1 73.5
State farm insurance Home Insurance 71.2 73.7 74.6 79.0 74.8 60.2 63.7 62.8

USAA also builds trust by avoiding a trap that falls on some insurers. When a customer calls with a concern, USAA representatives typically focus on resolving the issue head-on.

Kristan F. Talley