Percentage of customers who would recommend State National’s portfolio protection programs to others shows significant jump
Bedford, TX, January 27, 2021 — State National Companies
Despite the major challenges that businesses have faced due to COVID-19, State National Companies’ Net Promoter Score (NPS) reached an all-time high in 2020. The company’s score of +86 is more than double the insurance industry average.
State National’s score places it solidly within the category of companies considered “world-class”; it is higher than USAA, Apple, and American Express. This year’s nine-point jump marks a total increase of 18 points over the past four years, with over 77% of the company’s clients completing the latest survey.
This score reflects State National’s determination to continually improve the customer experience no matter the circumstances or business climate. By focusing on technology and innovation, ease of use, transparency, and superior service, the company is able to build and maintain strong, long-term partnerships.
How do related industries as a whole compare when it comes to NPS?
- The auto insurance industry has a score of +41
- Overall the insurance industry has a score of +31
- The financial services industry averages a +45
- B2B service providers overall average a score of +69
The NPS score is a highly regarded benchmark that measures an organization’s customer loyalty by determining a client’s willingness to recommend a company’s products or services to a friend or colleague. This standardized measure allows for comparisons within and across industries and is used by companies to evaluate and improve customer service and retention. Over two-thirds of Fortune 1000 companies rely on Net Promoter Scores to gauge customer satisfaction, as statistically there is a strong correlation between NPS scores and overall revenue growth.
“We never take loyalty for granted; we know we need to continually earn our clients’ trust and their business,” said Matt Freeman, State National’s President and CEO. “State National has always had an innovation mindset and a service culture, and those foundational values really sustained and supported our efforts in 2020. Because of many years of investments in technology and a commitment to exceptional service, we were able to quickly shift to an at-home workforce as the pandemic hit and still maintain our operational and service standards and deliver the level of excellence our clients expect and deserve.
“With a year like 2020 there were many unknowns,” added Executive Vice President Trace Ledbetter, “and as we conducted the latest survey we were really looking forward to seeing if we had truly met the needs and expectations of our clients even throughout the year’s turmoil. To see that we not only maintained but actually raised our NPS score so significantly is hugely gratifying to me and to everyone at State National, and we are very thankful. In 2021 we will continue to invest our time, energy, and resources into technologies and process improvements to benefit our clients, keep raising the bar for how we serve them, and keep earning their loyalty every day.”
State National segmented survey data to verify against anomalies based on total response rate, geographic location, individual account representatives, and account size, and maintained world-class rankings in every one of these segments.
About State National Companies
State National Companies, Inc. is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing portfolio protection solutions that insure personal automobiles and other vehicles held as collateral for loans made by credit unions, banks, and specialty finance companies. In its Program Services segment, the Company leverages its “A” (Excellent) A.M. Best rating, expansive licenses, and trusted reputation to provide access to the US property and casualty insurance market in exchange for ceding fees. State National Companies is a division of Markel, a Fortune 500 holding company for insurance, reinsurance, and investment operations. To learn more, please visit statenational.com.