Verint Systems Inc.

09/20/2021 | Press release | Distributed by Public on 09/20/2021 07:46

New Verint Research Shows How U.S. Health Insurance Companies Rank in Member Satisfaction

United HealthCare, Humana and Kaiser Foundation Health Plan Earn Top Three Satisfaction Rankings in the 2021 Report

MELVILLE, N.Y., September 20, 2021 - Amid a tumultuous time for the healthcare industry due to the global COVID-19 pandemic, the top 25 health insurance companies remained in tight competition when it came to member satisfaction, according to new research released by Verint® (NASDAQ: VRNT), The Customer Engagement Company™. The range for satisfaction (SAT) scores from highest to lowest was just under nine points out of a possible 100, suggesting that all the top 25 health insurers are highly competitive, according to the Verint Experience Index: Health Insurance 2021 report, which surveyed health insurance members from June through July 2021.

United HealthCare ranked first with a SAT score of 84.1. Humana came in second with 83.4 while Kaiser Foundation Health Plan came in third with 82.8. The report shows what drives member satisfaction, with perceived value having the most important impact on satisfaction for the vast majority of the top 25 U.S. health insurers evaluated. Other impacts to member satisfaction varied across the board, including enrollment, services, provider availability, digital experience, and claims.

'The global pandemic has created new challenges for health insurance companies, from the contact center's need to tackle new processes and procedures like COVID-19 prevention, testing and treatment information to financial pressures. And health insurers had to adapt and act quickly in a constantly changing world,' says Verint's Kevin Daly, global vice president and GM, Experience Management. 'Our research shows that the top health insurance companies delivered great member experiences across channels. What's more, the report shows what members want out of 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 provide this. The division doesn't necessarily fall along generational splits; 31 percent of Baby Boomers want to use the website while 31 percent of Gen Z want to call.
  • Insurance providers that cover telehealth have a 12 percent higher trust score from their members than providers who do not provide telehealth coverage.
  • Across all survey respondents, benefits, copayments, and in-network providers were the most important factors when selecting a health insurance policy. Cost transparency and mental health were relatively less important to members as a whole but extremely important to Gen Z: cost transparency is 116 percent more important to Gen Z than the average member and the second most important factor in their decision making; mental health coverage is 281 percent more important to Gen Z than other respondents.

Download the free Verint Experience Index: Health Insurance report to learn more about the rankings and research.

Survey Methodology

The Verint Experience Index is a web panel survey report chronicling customer experiences across key industries. The 2021 health insurance edition ranks the omnichannel experiences of the top health insurance providers in the U.S. Top companies were determined by the National Association of Insurance Commissioners (NAIC) rankings based on market share. The study uses one panel sample with survey respondents representative of the U.S. general population with 250-260 responses for each health insurance provider. Respondents needed to have a health insurance policy with one of the providers to qualify for the survey. Rankings in the VXI are based on satisfaction (SAT), using a scale of 0 to 100. NPS* is also shown, on a scale of -100 to 100. All significance testing was completed at a 90% confidence level. In a few instances, Verint was not able to collect enough panel survey data for a top insurer during the fielding timeframe. These companies were dropped from the list. Whether or not an insurer is a Verint client has no bearing on their inclusion or exclusion in the list. The study was fielded from June 9-July 1, 2021, with a total of 6,336 survey respondents. SAT margin of error is +/- 1.88 and NPS margin of error is +/- 7.99.

About Verint

Verint® (Nasdaq: VRNT) helps the world's most iconic brands - including over 85 of the Fortune 100 companies - build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close The Engagement Capacity Gap™.

Verint. The Customer Engagement Company™. Learn more at Verint.com.

* Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

This press release contains 'forward-looking statements,' including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended July 31, 2021, and other filings 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 to provide reasons why actual results may differ.

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