State National Significantly Exceeds Industry Average with NPS Score of +68
by Donald Hood
Published Thu, Sep 27th 2018, 01:40 | Finance
1888 Press Release - State National’s Net Promoter Score (NPS) of +68 is a best-in-class achievement driven by a commitment to client experience and innovation.
State National’s (SN) Portfolio Protection 2017 Net Promoter Score (NPS) of +68, is a best-in-class achievement and reflects the willingness of SN’s clients to recommend State National. SN’s score continues to increase year over year and is driven by a commitment to innovation and an emphasis on enhancing the client experience.
The NPS score is a highly regarded metric that measures overall customer experience and loyalty. It is calculated by asking customers if they would 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.
Using the Net Promoter Score as a measure for customer satisfaction places State National’s score between “excellent” and “world class” and is almost twice the average for the insurance services industry; it is higher than USAA Insurance, IBM and Google. In the last two years, State National’s score has increased by four points. Last year, over 72 percent of its clients completed the survey.
How do related industries as a whole compare to NPS?
• The auto insurance industry has a score of +44
• Overall the insurance industry has a score of +39
• The financial services industry has a score of +36
• The industry average for credit unions is a score of +61.
State National surpasses the industry averages with its favorable score of +68.
“The willingness of our client business partners to recommend State National to others is the highest compliment,” said Matt Freeman, President of State National Companies. “Our NPS score, and its rising trend, proves that we’re doing what we set out to do every day - protect our clients and make it easier to do business with us.”
About State National
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 which insures 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. To learn more, please visit statenational.com.