Consumers are more loyal to multiline carrier State Farm than they are to any other life insurance company, according to new research.
In a 2014 consumer Net Promoter Benchmark Study conducted by Satmetrix, State Farm tops other life insurers when measured against a customer loyalty metric used in the research. Dubbed Net Promoter Score, State Farm garnered an NPS of 45 points, 11 points better than second place New York Life (34 points). Allstate, occupying third place, has an NPS of 29 points.
State Farm leads on all key customer loyalty drivers, including company reputation, buying/sign-up experience, ease and convenience of finding policies and acting in customers’ best interests. Here is a breakdown by overall score and category of the of three top three life insurers:
The Net Promoter Score is a loyalty metric calculated by placing a company’s customers into three categories: Promoters, Passives, and Detractors. Customers are asked one key loyalty question: How likely is it that you would recommend [Company X or Brand X] to a friend or colleague? Customers respond on a 0-to-10 point rating scale, with 0 being not at all likely, and 10 being extremely likely to recommend. Responses are categorized as follows:
• Promoters (score 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth.