Insurity has revealed the results of its recent property and casualty (P&C) Consumer Pulse survey, revealing the most trusted carriers in the US.
The survey, aimed at gauging consumer perceptions of trust towards carriers in the country, pinpointed State Farm, Progressive, and GEICO as the leading brands in earning consumer trust.
Specifically, State Farm emerged as the most-trusted P&C insurance carrier, securing 21% of consumer trust, followed by Progressive with 17%, and GEICO closely behind at 16%.
Insurity emphasized the significance of trust for insurance carriers particularly in the highly competitive P&C insurance sector. It described trust as the cornerstone of the relationship between carriers and their policyholders, with consumers who trust their insurance provider more inclined to stay, notwithstanding potentially lower prices or aggressive marketing efforts from competitors.
This loyalty not only stabilizes the customer base but also bolsters the carrier’s standing in the marketplace, drawing in new clients through positive referrals and high satisfaction scores.
Sylvester Mathis, chief insurance officer at Insurity, emphasized its importance.
“In today’s digital age, where information and consumer feedback are rapidly shared, a single breach of trust can have far-reaching consequences,” he said. “Consumers today are more informed and have higher expectations, and they value transparency, responsiveness, and reliability in their interactions with carriers. Being deemed trustworthy signifies a carrier’s commitment to meeting these expectations, ensuring the security and privacy of customer data, and delivering on promises made.”
The survey, conducted online in January 2024, involved more than 1,000 adult participants across the United States.
Being named as the most trusted brand, however, has not made State Farm immune from recent criticism. The giant insurer reported monster losses in its 2023 results, spurred by underwriting losses in its P&C segment. Both it and Allstate also came under fire recently for raising rates.
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