The insurer performed well in the Brand Keys Silver Anniversary Customer Loyalty Engagement Index (CLEI).
Brand loyalty and emotional customer engagement global leader Brand Keys announced that insurance company State Farm has solid achievements in the firm’s Silver Anniversary Customer Loyalty Engagement Index (CLEI).
The CLEI 2022 survey recognizes the brands that have held the top loyalty spots for over a decade.
This year’s CLEI spotlighted State Farm among the insurance company leaders, having held top loyalty spots for more than ten years. The survey results revealed that there is a quickly growing gap between brand delivery and customer expectations in many areas. Moreover, there is also a greater emotional consumer decision-making process.
The survey found that among insurers, consumer behavior and loyalty is driven almost entirely by emotional values. Those represent a greater amount of meaning for the consumer than the function of the product. How the customer feels about the product or service is more influential than what they actually do. In 1997, the rational to emotional ratio among insurer customers was 75:25. Today, there is a notably greater emotional weight to the decisions consumers are making.
The latest survey showed that in this category has switched the balance. Emotional has a greater weight than rational now, with a ratio at 60:40.
The survey has tracked brand loyalty among insurance company consumers for twenty-five years.
The quarter of a century’s worth of brand loyalty data has illustrated that consumers aren’t willing to settle for what is currently available to them. Since 1997, the insurance sector saw a 30 percent increase in consumer expectations for their Category Ideal, according to the founder and president of Brand Keys, Robert Passikoff.
“Insurance brands have only kept up by 15%, leaving an awfully big gap between consumer desire and brand delivery,” said Passikoff.
This year, State Farm Insurance company was called the 2022 loyalty winner in its industry. Its achievement was substantial as it took three categories this year for best meeting expectations and engaging consumers for Home, Car, and Life. “This is the second year in a row the State Farm brand has swept the category,” Passikoff pointed out. “The only insurance brand to ever do that.”