Reputation Institute (RI), the world’s leading provider of reputation intelligence, has announced the 2018 US Insurance RepTrak® rankings. USAA Insurance, MetLife, New York Life and Blue Cross Blue Shield attained the top four positions with the best reputations overall and each achieved a strong reputation score. USAA Insurance achieved a stand-out position and ranked number-one in reputation, expressiveness, relevancy, products/services, governance, citizenship and innovation. The reputation leader with the top position in each insurance sector included USAA Insurance for Property and Casualty, MetLife for Life and Investment and Blue Cross Blue Shield for Healthcare.
The top 10 most reputable insurance companies in the US for 2018 are:
- USAA Insurance
- MetLife [NYSE: MET]
- New York Life
- Blue Cross Blue Shield
- Hanover Insurance Group [NYSE: THG]
- Progressive Corporation [NYSE: PGR]
- Unum Group [NYSE: UNM]
- Farmers Insurance
- Allstate Corporation [NYSE: ALL]
- Allianz SE [OTCMKTS: AZSEY]
The largest corporate reputation study of its kind, the 2018 US Insurance RepTrak research is based on a survey that captured more 2,920 individual ratings from among the informed General Public in the US on an assessment of over 44 nominated companies. Organizations in the study included the categories of Health Insurance, Property and Casualty, and Life and Investment. Companies were categorized based on which sector generated the majority of its revenue. The survey quantifies the emotional bond stakeholders have with leading companies and how these connections drive supportive behaviors such as intent to purchase, trust, work for, or invest in the company.
While the top companies that successfully manage their reputations receive the benefits of broad stakeholder support, 2018 has been a very challenging year for many insurance organizations. As businesses across the US have experienced a -3.7-point reputation decline this year, the reputation of the insurance industry has declined even further by -4.3 points.
The study results indicate significant opportunities for insurance companies to improve their reputations and stakeholder support by properly addressing the key reputation drivers. Overall, signs of a reputation recovery can be seen in a steady improvement of the insurance industry reputation, increasing from 65.9 in February of 2018 to 71.3 in September.
“The insurance sector has unique challenges as compared to other industries,” said Nicky McHugh, Vice President at Reputation Institute. “Relative to the healthcare sector and the broader financial industry, Innovation, Workplace, and Performance have a higher impact on reputation among insurance companies in the US.”
“Key drivers for reputation and business performance also vary by sector within the industry,” said Meghan Burke, Research Analyst at Reputation Institute. “Innovation is the biggest opportunity with the greatest direct impact on willingness to buy for health insurance companies. For life and investment insurance companies, the biggest opportunity is to focus on Governance and Citizenship. Understanding these distinctions within the industry can drive enhanced business performance.”
For more information, view the 2018 US Insurance RepTrak webinar and download the report and full rankings at https://ri.reputationinstitute.com/us-insurance-reptrak.