ike other industries jolted into the future by the stay-at home-mandates of the Coronavirus pandemic, the insurance industry has embraced digital transformation. Nowadays most companies allow customers to conduct most of their insurance business – from obtaining coverage to filing claims– online and often via a mobile phone app. Companies that prepared for the transformation have been rewarded with high marks from their clients.
In our second annual Forbes/Statista survey of America’s Best Insurance Companies more than 15,000 participants evaluated their auto, renters, homeowners, term-life and permanent-life insurance providers. The companies were rated on overall satisfaction in the categories of financial advice, customer service, transparency, digital services, price/performance, damage/benefit and whether respondents would recommend the company to friends and family. USAA, the San Antonio-based provider of insurance to veterans and their families, received top marks in all five industry categories.
Our survey looks at insurance from a customer standpoint but doesn’t address the many challenges they now face thanks to high inflation and less predictable risks like severe weather events. "Insurers are trying to hold the line as everything they pay for goes up. It makes for a challenging environment," said David Snyder, vice president of the American Property Casualty Insurance Association (APCIA).