Insurity Survey — The Most Trusted P&C Insurers

Every year the insurance software provider, Insurity does a survey of which property and casualty insurers are the most trusted by consumers. The survey found the most trusted to be State Farm, Progressive and GEICO.

• State Farm — 21%
• Progressive — 17%
• GEICO — 16%

The company says trust is the “cornerstone” of the relationship between carriers and policyholders and it’s very, very important for carriers to be trusted by consumers. This is especially important in today’s highly competitive market.

Insurity chief insurance officer, Sylvester Mathis said consumers that trust their provider tend to stay with that provider.

“In today’s digital age, where information and consumer feedback are rapidly shared, a single breach of trust can have far-reaching consequences,” Mathis said. “Consumers today are more informed and have higher expectations, and they value transparency, responsiveness, and reliability in their interactions with carriers. Being deemed trustworthy signifies a carrier’s commitment to meeting these expectations, ensuring the security and privacy of customer data, and delivering on promises made.”

He also noted that just because State Farm is the most trusted brand, it isn’t immune from issues that make it less trusted. Mathis points out that State Farm suffered from huge underwriting losses in 2023 and both State Farm and Allstate were sharply criticized in the last few months for raising rates.

Source link: Insurance Business America — https://bit.ly/3VoHGUr