Which Life and Health Insurers Beat out the Competition?

Insure.com 2016 People’s Choice Awards

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Insure.com  is a trusted and true name when it comes to helping consumers find the best value in insurance.  The top 15 life and health insurers were rated from surveys which included answers from more than 4,000 insurance customers nationwide. Points are awarded based on answers to questions about the level of customer satisfaction.  The top auto and home insurers were also rated.

The “People’s Choice Awards” from Insure.com uses the following criteria when judging overall customer satisfaction: overall customer satisfaction, claims processing, customers who recommend, and customer service.

 Claims processing is not a part of the judging for life insurance companies since many times, this is only a single pay out. Financial strength ratings and policy options are provided for your information but are not used in determining the ratings.

Here are the results for Insure.com’s 2016 People’s Choice Awards:

Top Life Insurance Companies

Placing #1 was Voya, #2 was Mass Mutual and #3 was State Farm. Here are the top 15 life insurance companies placing in the customer satisfaction survey.

  • AIG: American General is based in Houston and is a part of AIG. It earned 4 out of 5 stars in overall customer satisfaction. Twenty-three percent of AIG customers chose the company because it offered the best pricing.
  • VOYA:  Voya Financial, formerly ING, was the number one pick in the life insurance category with a full 44% of customers who would recommend the company to others and 60% of customers chose Voya because it had the best pricing. In 2015, Voya was name to Ethisphere’s Most Ethical Companies. It rated 92% overall in customer satisfaction. The highest of any life insurer.
  • Mass Mutual: Mass Mutual is a Springfield, Massachusetts based life insurer and scored the second-highest in overall customer satisfaction with 91.4%. Because it is a mutual insurer, customers are also owners and receive dividends. Forty percent of customers would recommend the company to a friend and 52% of customers chose the company based on pricing considerations.
  • State Farm:  State Farm ranked 3rd in overall customer satisfaction with a score of 89.5%. Notably, State Farm also ranked third in the corresponding auto insurance category. Thirty-eight percent of customers would recommend State Farm to others, while 28 percent of customer chose the company because of pricing. Another 23% chose State Farm because of its reputation.
  • Jackson National:  Jackson National scored very high in the “value for price” category with 4.5 out of 5 stars. Also impressive, 89% of customers said they will or have recommended the company to a friend. It overall satisfaction rating for 89.09%.
  • MetLife: MetLife had an 88% overall customer satisfaction rating and received 4.5 out of 5 stars in the “value for price” category.  Almost one-third of customers chose the company based on its reputation. In 2015, MetLife was voted one of the “World’s Most Admired Companies.”
  • New York Life: New York Life had an 87.6 overall satisfaction rating with 31 % customers who chose the company because of its reputation.  Pricing was also a big consideration with 30 % who chose the company because of price. In additional to life insurance, New York Life also offers long-term care insurance.
  • Lincoln Financial Group:  A full 83% of customers surveyed would recommend Lincoln Financial Group to a friend. The company had an overall 87.63 % customer satisfaction rating with more than half (53%) of customers choosing Lincoln for its competitive pricing.
  • Northwestern Mutual:  Based in Milwaukee Wisconsin, Northwestern Mutual has the highest financial strength rating possible from four major insurance rating organizations. The company had an 86.9 overall customer satisfaction rating and scored 4.5 out of 5 stars in the “value for price” category.
  • TransAmerica:  Founded in 1928, Transamerica has a long-standing reputation as a top life insurance company. It scored an 86.2 overall customer satisfaction rating with 34 % of customers choosing TransAmerica based on pricing considerations.
  • Allstate:  Known as the “good hands” people, Allstate is the largest publicly traded P&C insurer in the U.S. with more than 16 million households insured. The company scored an overall 85.9 customer satisfaction rating and 38% chose the company because it offered the best price on life insurance.
  • Prudential: Prudential is in the top 10 of largest life insurance companies in the U.S. It is headquartered in Newark, New Jersey. The company has an overall 85.3 customer satisfaction rating. Twenty-nine percent of customers chose Prudential because of its good reputation.
  • Aflac:  Aflac has been in business since 1955 and is one of the largest writers of supplemental insurance policies in the U.S. Twenty-nine percent of customers chose Aflac because it offered the best price. The company received an overall 85.13 customer satisfaction rating.
  • AXA Equitable:  AXA is headquartered in New York City and was founded in 1859. Eight-two percent of customers would recommend the company to a friend.  AXA was name the “No. 1 Global Insurance Brand” by Interbrand for six consecutive years.
  • John Hancock: John Hancock was a well-known American Revolution patriot and is the inspiration for the company name. The company was founded in 1862 and is headquartered in Boston, Massachusetts. Seventy-three percent of John Hancock customers would recommend this insurance to a friend. The company had an overall 82.7 customer satisfaction rating.

Top Health Insurance Companies

Several Blue Cross Blue Shield insurance organizations rounded out the top spots in the health insurance category. Placing #1 was Horizon Blue Cross Blue Shield of New Jersey, #2 was Blue Cross and Blue Shield of Michigan and #3 was Florida Blue Cross and Blue Shield. Here are the top 15 health insurance companies placing in the customer satisfaction survey.

  • Kaiser Permanente: Kaiser Permanente received the highest rating possible for customer service, 5 out of 5 stars. Its overall customer service satisfaction rating was 79.6 percent with 89 percent of policyholders who would recommend the coverage to a friend.
  • Horizon Blue Cross Blue Shield of New Jersey:  Horizon Blue Cross Blue Shield of New Jersey scored an 88.84 overall customer satisfaction rating. This company had its highest grading in claims payment, 5 of out of 5 stars, which is a very important aspect for those looking for the right health insurance. It also scored 5 out of 5 in customer service.
  • Blue Cross and Blue Shield of Michigan:  The Michigan Blue Cross Blue Shield had a 5 out of 5 star rating for customer service with an overall customer satisfaction rating of 86.80 percent. It is the largest health insurance company in Michigan.
  • Florida Blue Cross and Blue Shield:  Again with very high ratings in claims processing, another Blue Cross organization, Florida Blue Cross and Blue Shield, scored 5 out of 5 stars. The headquarters is located in Jacksonville Florida. There are 11 Blue Cross retail centers in Florida.
  • Blue Cross and Blue Shield of Illinois:  Blue Cross Blue Shield of Illinois scored 4.5 out of 5 starts in customer service with an overall customer satisfaction rating of 65 percent.  This company has a mobile application where policy holders can check a claim status and sign up to receive automatic medical reminders.
  • Independence Blue Cross:  This Pennsylvania health insurance organization scored 4.5 out of 5 stars in customer service. It is the 8th largest health insurer in the country, serving over 2.2 million members.
  • Humana:  Humana’s overall customer satisfaction rating was 81.8 % with its best score, 5 out of 5, in the” claims processing” category.  Humana Vitality is the company’s wellness rewards program, where members can earn rewards points redeemable for hotel stays and other perks.
  • Cigna:  Cigna scored 4.5 out of 5 stars in claims processing with an overall customer satisfaction rating of 81.67%. The company is headquartered in Bloomfield, Connecticut. Cigna also has a convenient mobile app with several useful features including locating service providers.
  • Anthem (formerly WellPoint): Anthem is the largest U.S. health insurer according to direct premiums written with more than 37 million enrollees. Its overall customer satisfaction rating is 81.64 percent.  Anthem scored 5 out of 5 stars in the “value for price” category.
  • Highmark Insurance Group:  This non-profit insurer based in Pittsburg, PA is the 8th largest health insurer in the country. It scored 81.22 % in overall customer service satisfaction with 5 out of 5 stars in the “value for price” category.
  • Blue Shield of California: Blue Shield of California scored 80.96 percent in overall customer satisfaction with 30 percent of customers who would recommend this insurer to others. Ninety percent of current customers plan to renew their coverage.
  • Aetna:  Aetna earned 5 out of 5 stars for claims processing with an overall customer satisfaction rating of 80.54 percent. It is the fifth largest health insurer in the nation according to direct premiums written with more than 2.6 million policy holders.
  • Coventry Health Care:  Coventry Health Care also scored highest in claims processing with 5 out of 5 stars. It has an overall 80.48 % customer satisfaction rating. The company is headquartered in Bethesda, Maryland and has more than 5 million members. As of 2013, it is a subsidiary company of Aetna.
  • EmblemHealth: EmblemHealth is based in New York City and is the 13th largest health insurer in the country with more than 3 million policies written. Eighty-three percent of customers would recommend this company to a friend. The overall customer satisfaction rating was 76.3%.
  • UnitedHealthcare:  UnitedHealthcare scored 4.5 out of 5 stars in the “value for price” category and had an overall 73.48 percent customer satisfaction rating. Eighty-six percent of current policy holders plan to renew their coverage.  UnitedHealthcare is based out of Minnetonka, Minnesota.

If you need life or health insurance and are looking for top rated insurers, the companies listed above are the best of the best.  Insure.com provides another useful tool in making that determination based on customer satisfaction results with its “People’s Choice Awards.”