In the classic 1972 thriller “Deliverance”, Burt Reynolds uttered a famous line to Jon Voight, saying, “I don’t believe in insurance. There’s no risk.” However, this sentiment isn’t shared by most people who prefer to mitigate risks, which has made insurance one of the largest global industries. This fact is evident when looking at the Forbes Global 2000 list of the world’s leading companies.

In 2022, the roster included 105 insurance companies, boasting an almost $1.6 trillion combined market value and assets exceeding $11.2 trillion, as reported by Insurance Business magazine.

Staying competitive in this sector means delivering exceptional customer service. J.D. Power, a leader in consumer data and analytics, conducts an annual U.S. Home Insurance Study where they survey over 11,000 individuals to gauge customer satisfaction with home insurers. The factors considered include interaction, policy offerings, price, billing process, policy information, and claims handling.

The insurance landscape is changing with more insurers retreating from disaster-prone regions like Florida or stopping the provision of property and casualty insurance elsewhere in the U.S. This has led to an increasingly strained relationship between insurance providers and their customers.

Despite these challenges, J.D. Power found that in 2023, the average overall customer satisfaction remained steady at 819 points, the same as in 2022, though policy rate hikes did affect satisfaction levels.

Below are the companies that managed to either hit or surpass the benchmark of 819 points, demonstrating resilience amidst the shifting dynamics between the insured and insurers:

Country Financial: Achieved an overall customer satisfaction score of 819 out of 1,000. NerdWallet ranked this Illinois-based company (established in 1925) among the top car insurers for 2023 due to the low number of customer complaints.

State Farm: Scored 829 out of 1,000 in customer satisfaction. However, the company announced in May 2023 that it would stop accepting new homeowners insurance applications from residents and businesses in California.

AIG: Secured 831 points out of 1,000 for customer satisfaction. Despite being the 10th largest global insurance company in 2022 with considerable revenues, AIG withdrew homeowners policies from several ZIP codes across various states due to high-risk factors such as floods and wildfires.

Auto-Owners Insurance: Garnered a customer satisfaction score of 834 out of 1,000. Forbes recognized this Michigan-based company as one of the top insurers for its competitive pricing, optional coverage options, efficient claims process, and low complaint rates.

Amica: Achieved a customer satisfaction score of 844 out of 1,000. This Rhode Island-based insurer announced a partnership with Sunnova Energy International in May 2023 to provide customers with access to renewable energy technologies.

Erie Insurance: Topped the list with a customer satisfaction score of 856 out of 1,000. The company was also ranked among the top 2% of Forbes’ best insurance companies for 2022.

In conclusion, these companies have shown remarkable adaptability in maintaining customer satisfaction levels amidst challenging industry changes.