More than 15,000 customers rated their insurance providers in the second annual Forbes/Statista survey of America’s Best Insurance Companies. Each of these insurers was evaluated in the categories of financial advice, customer service, transparency, digital services, price/performance, damage/benefit and whether the customer would recommend the company to their friends and family.
Over the last several years, many insurance processes, including claims filing, have moved online. Forbes found insurers that were the most prepared for the adoption of tech and digital transformation had the most satisfied customers.
“Claims-filing through apps has been the biggest technological change of recent years,” Michael Barry, chief communications officer at the Insurance Information Institute, an industry-funded consumer education organization, in quoted in Forbes’ report.
A 2022 survey of U.S. insurers from Accenture found slow claims processes can really turn customers off, and dissatisfaction rises to 30% if a claim isn’t settled within a month. The same survey also discovered underwriters are spending 40% of their time on non-core activities, which cuts back on efficiency to what could amount to a loss of $85 billion to $160 billion over the next five years. The adoption of insurtech helps streamline these processes, allowing customers who prefer to “do-it-themselves” the ability to take care of their insurance business without the need for face-to-face contact.
In the slideshow above, we’ll look at the ten renters insurance carriers who received top marks in the Forbes/Statista survey of America’s Best Insurance Companies.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.