Member-owned and mutual insurers dominate a new customer advocacy ranking for insurance companies in the USA. Conducted by research and advisory firm Forrester, the report found that five of the top seven insurers for customer advocacy are member-owned firms. These include ICMIF member Thrivent Financial (second), AAA, Amica, Massachusetts Mutual Life Insurance (MassMutual) and USAA.
The research highlights that since member-owned insurers are free from the quarterly earnings pressure that public companies face, they can focus on serving their members’ interests.
The report also reveals that firms with higher customer advocacy ratings are more likely to be considered for future purchases by customers.
Since the financial crisis, the mutual sector has become the fastest-growing US insurance industry. According to the Market InSights: USA 2015 report by the International Co-operative and Mutual Insurance Federation (ICMIF), US mutuals have achieved record premium levels in 2015 of USD $1.32tn, representing an aggregate growth of 34% since 2007. Read more on this on ICMIF’s website.
Photo: Thrivent Financial has been working with its members to support response efforts in areas affected by Hurricanes Harvey, Irma and Maria.
