MELVILLE, NY – (COMMERCIAL THREAD) – Amid a tumultuous time for the healthcare industry due to the global COVID-19 pandemic, the 25 largest health insurance companies have remained in close competition when it comes to member satisfaction, according to a new study published by Verint® (NASDAQ: VRNT), the customer engagement company™. The range of satisfaction scores (SAT) from highest to lowest was just under nine out of a possible 100 points, suggesting that all of the top 25 health insurers are very competitive, according to the Verint Experience Index: Health Insurance 2021, which surveyed insured health from June to July 2021.
United HealthCare placed first with a SAT score of 84.1. Humana was second at 83.4 while Kaiser Foundation Health Plan was third at 82.8. The report shows what drives member satisfaction, with the perceived value having the largest impact on satisfaction for the vast majority of the top 25 US health insurers reviewed. Other impacts on member satisfaction varied across all levels, including registration, services, vendor availability, digital experience, and complaints.
“The global pandemic has created new challenges for health insurance companies, from the need for the contact center to tackle new processes and procedures such as information on COVID-19 prevention, testing and treatment financial pressures. And health insurers have had to adapt and act quickly in an ever-changing world, ”said Kevin Daly, global vice president and general manager of experience management at Verint. “Our research shows that the best health insurance companies have delivered great member experiences across all channels. Additionally, the report shows what members expect from their experience and when and how they choose to engage with the company.
Other key findings from the report indicated:
Members prefer the “fastest” and “easiest” ways to connect with their insurer, but they can’t agree on which channels best offer this. The division is not necessarily part of generational cleavages; 31 percent of baby boomers want to use the website while 31 percent of Gen Z want to call.
Insurance providers who cover telehealth have a 12% higher trust score from their members than providers who do not offer telehealth coverage.
Among all survey respondents, benefits, co-payments and network providers were the most important factors when choosing a health insurance policy. Cost transparency and sanity were relatively less important for members as a whole but extremely important for Gen Z: Cost transparency is 116% more important for Gen Z than the average member and the second most important factor in their decision making; mental health coverage is 281% higher for Generation Z than for other respondents.
Download for free Verint Experience Index: Health Insurance Report to learn more about rankings and research.
The Verint Experience Index is an online panel survey report that chronicles customer experiences in key industries. The 2021 edition of Health Insurance ranks the omnichannel experiences of the top health insurance providers in the United States. The best companies were determined by the National Association of Insurance Commissioners (NAIC) ranking based on market share. The study uses a panel sample with survey respondents representative of the general United States population with 250 to 260 responses for each health insurance provider. Respondents had to have a health insurance policy with one of the providers to qualify for the survey. VXI rankings are based on satisfaction (SAT), on a scale of 0 to 100. NPS * is also indicated, on a scale of -100 to 100. All significance tests were performed at a confidence level by 90%. In a few cases, Verint was unable to collect enough panel survey data for a leading insurer during the go live. These companies have been removed from the list. Whether or not an insurer is a customer of Verint does not affect whether or not an insurer is included or excluded from the list. The study was conducted from June 9 to July 1, 2021, with a total of 6,336 survey respondents. The SAT margin of error is +/- 1.88 and the NPS margin of error is +/- 7.99.
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands, including more than 85 of the Fortune 100 companies, build lasting customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio leverages the latest advances in AI and analytics, an open cloud architecture and The Science of Customer Engagement™ to help customers close the engagement capacity gap™.
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* Net Promoter, Net Promoter System, Net Promoter Score, NPS, and the NPS related emoticons are trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.
This press release contains “forward-looking statements”, including statements regarding expectations, predictions, opinions, opportunities, plans, strategies, beliefs and statements of similar effect regarding Verint Systems Inc. These statements forward-looking statements are not guarantees of future performance. and they are based on management’s expectations which involve a number of risks, uncertainties and assumptions, each of which could cause actual results to differ materially from those expressed or implied by forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended July 31, 2021, and others. deposits we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or provide reasons for which actual results may differ.
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