(wire)
Survey: Insurers better customer advocates than banks
Insurers and agents are better advocates for customers than banks, according to a recent survey by Forrester Research Inc.
The company's seventh annual customer advocacy rankings asked 4,500 consumers to rank 46 separate banks, investment firms and insurance companies on the issue.
While trust in financial institutions has begun to creep up after plummeting during the recession, large banks continue to reside near the bottom of the rankings.
According to Bill Doyle, vice president and principal analyst at the company, "Forrester's research continues to point to the significance of customer advocacy -- the perception by customers that a firm does what's best for them, not just what's best for its own bottom line. Each year, our data shows that consumers who rate their firms high on customer advocacy are more likely to consider their firms for additional products. Customers who rate their firms low on customer advocacy are most likely to say they intend to switch firms in the next year."
As a group, insurers recovered more quickly than banks and investment firms when compared with last year's report.
In fact, USAA insurance took first place in the survey, while AAA came in sixth, State Farm was in seventh place, and GEICO was ranked 10th.
The company's seventh annual customer advocacy rankings asked 4,500 consumers to rank 46 separate banks, investment firms and insurance companies on the issue.
While trust in financial institutions has begun to creep up after plummeting during the recession, large banks continue to reside near the bottom of the rankings.
According to Bill Doyle, vice president and principal analyst at the company, "Forrester's research continues to point to the significance of customer advocacy -- the perception by customers that a firm does what's best for them, not just what's best for its own bottom line. Each year, our data shows that consumers who rate their firms high on customer advocacy are more likely to consider their firms for additional products. Customers who rate their firms low on customer advocacy are most likely to say they intend to switch firms in the next year."
As a group, insurers recovered more quickly than banks and investment firms when compared with last year's report.
In fact, USAA insurance took first place in the survey, while AAA came in sixth, State Farm was in seventh place, and GEICO was ranked 10th.
