New industry benchmarking from Verint® Systems Inc. (Nasdaq: VRNT), The Customer Engagement Company™, highlights the insurers that are leading the pack in delivering the best online experience. Health insurance providers Kaiser Permanente, Molina Healthcare, and Humana took top spots in the digital customer satisfaction rankings, as did Geico, USAA, and State Farm for property and casualty insurers.
The latest Digital Experience Index™ (DXI™) benchmarks digital experience for the largest insurance providers in health and property/casualty providers in the U.S. The rankings are based on customer satisfaction (CSAT) and Net Promoter Scores (NPS) calculated from a panel survey of 11,519 consumers fielded in June 2019.
The survey also ranks the 25 most popular U.S. websites (as determined by Amazon’s Alexa.com) to provide a benchmark for all digital experiences industrywide. In the popular site rankings, Google, PayPal, Netflix, and Amazon retain top spots as in previous editions of the DXI, with Pinterest as a new entrant to the top five for this quarter.
The DXI also measures four key drivers: navigation, look and feel, site information, and site performance, and calculates the impact of each driver on overall satisfaction for each site. For health insurance, navigation was a top driver for 9 out of the 10 providers. For property and casualty, site performance was a priority driver for 7 of 10 companies, while site information was the primary driver for the three out of the four insurers with the lowest satisfaction scores.
The report reveals that mobile is the preferred device for digital interaction for the majority of respondents in both insurance categories. However, nearly a quarter of consumers engaging with insurers needed to follow up their most recent digital interaction by contacting a representative, regardless of whether they had accomplished their goal during that digital visit via mobile, app or desktop/laptop. This result, that customer service follow-up rates are similar regardless of goal accomplishment, suggests that current-day digital interactions on insurance sites are not as rich as some customers require.
The study shows consumers’ appetite and the growing opportunity for insurers for personalization, use of apps and new tools:
- Nearly three-quarters of respondents indicated price comparison tools are important to the decision-making process for property and casualty providers, regardless of their primary reason for visiting the site. And potential customers who used comparison tools netted higher satisfaction rates. Over half (54%) said they used the plan comparison tool on health insurance sites and rate its importance a 4 out of 5.
- Nearly half of respondents stated they would be more likely to use a health or wellness app, if it resulted in insurance premium discounts or cash incentives. Privacy concerns were an often-cited factor amongst those less likely to use an app. Similarly, 50 percent say they would consider a vehicle insurance tracking device within the next 6 months, also citing privacy concerns as a roadblock.
- Close to three-quarters of respondents have never submitted an auto/motorcycle accident claim using an app. However, nearly 8 out of 10 would consider using an app to manage the claim process in the future, indicating an opportunity for providers to improve availability or user experience of these apps.
“Our new research on digital experience underscores that people expect and demand a seamless experience across all channels and touchpoints, and that digital has an impact on every channel,” said Shannon Latta, vice president at Verint ForeSee. “We’re excited to share the Digital Experience Index to help insurance providers benchmark and calibrate their own CX efforts because even an increase of one point in customer satisfaction drives a significant increase in revenue.”
About the Research
The DXI panel survey report examines the digital experience of the largest insurance providers in two categories: health and property/casualty providers in the U.S. as ranked by the National Association of Insurance Commissioners (NAIC).
The DXI study used a panel sample of 11,519 survey respondents, representative of the U.S. general population, with at least 250 responses for each website. Responses were collected in June 2019. Rankings in the DXI are based on CSAT, using a scale of 0-100 with a margin of error of +/-1.93. NPS is also shown, on a scale of -100 to 100, and has a margin of error of approximately +/- 7.87. Satisfaction scores are on a scale of 0-100. When two or more scores are identical at one decimal place, the next decimal place is used to break ties and determine ranking.
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization and cyber intelligence. Today, over 10,000 organisations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2019, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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