Dalbar recently announced the 2014 winners of its annual Life & Long-Term Care Insurance Service Awards, and for the fourth consecutive year Genworth has been honored for its quality of service in life insurance and long-term care.
Genworth was ranked first for the high quality of service in long-term care and third for the quality of service provided to life insurance policyholders – earning it both the Dalbar Long-Term Care and Life Insurance Service Awards this year.
For two years in a row now, Genworth has earned the Dalbar Life & Long-Term Care Insurance Service Awards in 2014 and 2013. And in 2011 and 2012, Genworth received the Life Insurance Service Award.
“Through continuous monitoring and evaluation of service, Dalbar has recognized Genworth as a company dedicated to providing a premier level of service to their policyholders,” said Kathleen Whalen, Managing Director at Dalbar, in a statement. “Genworth stands behind a commitment to provide superior service and has the track record to prove it.”
In more than 94% of the calls Dalbar evaluated for service, Genworth was found to have a high level of professionalism, knowledge and respect for their policyholders. Dalbar said that this compares to an overall industry that demonstrated these service characteristics in only 57% of calls evaluated.
The Dalbar Service Award is based on systematic testing of customer service throughout the year. Dalbar, which has tested service delivery via its Service Quality Measurement Programs for nearly three decades, conducts thousands of tests to measure how financial companies respond to the service needs of their customers. Companies that exceed the award level benchmarks after one year of comprehensive evaluation and testing earn the Dalbar Life & Long-Term Care Service Award.
Some of the best mutual fund firms for service in 2014, according to Dalbar, are BlackRock, Deutsche Asset & Wealth Management and JPMorgan Funds. Dalbar said these firms emerged as “the premier service providers in customer service in 2014.”
The 2014 winner of Dalbar’s annual Plan Participant Service Award went to Nationwide, as the only firm to emerge as a leader in customer service within the retirement plan industry in 2014.
The 2014 winners of its annual Annuity Service Award were AIG Variable Annuities, AXA, Genworth, New York Life, Pacific Life and Prudential Financial for their quality of customer service in 2014.
—Related on ThinkAdvisor: Best Mutual Fund Firms for Service: Dalbar