Charles Schwab and Fidelity Investments Earn Top Customer Experience Ratings for Investment Firms

Temkin Experience RatingsWe recently released the 2017 Temkin Experience Ratings that ranks the customer experience of 331 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Charles Schwab and Fidelity Investments deliver the best customer experience in the investment industry, according to the 2017 Temkin Experience Ratings. The entire industry saw a sharp improvement over last year.

See our FAQs about the Temkin Experience Ratings.

Kaiser Permanente and Humana Earn Top Customer Experience Ratings for Health Plans

Temkin Experience RatingsWe recently released the 2017 Temkin Experience Ratings that ranks the customer experience of 331 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Kaiser Permanente and Humana deliver the best customer experience in the health plan industry, according to the 2017 Temkin Experience Ratings.

For the second year in a row, Kaiser Permanente took the top spot out of the 14 health plans included in this year’s ratings, earning a score of 67% and coming in 206th place overall out of 331 companies across 20 industries. Humana came in a close second with a score of 65% and a rank of 247th overall.

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TriCare and Kaiser Permanente Lead Health Plans in Customer Experience

We recently released the 2015 Temkin Experience Ratings which ranks the customer experience of 293 companies across 20 industries based on a survey of 10,000 U.S. consumers.

Overall, health plans averaged a 54% rating and placed 18th out of 20 industries.

TriCare took the top spot with a rating of 67%, placing it 128th overall out of 293 companies across 20 industries. Kaiser Permanente came in second with a rating of 66% and an overall ranking of 136th. TriCare and Kaiser Permanente have been jockeying for the highest score since the Ratings began in 2011, with TriCare earning the top spot in 2011, 2013, and 2015, while Kaiser Permanente came in first in 2012 and 2014.

At the other end of the spectrum, Coventry Health Care was both the lowest-scoring health plan, and the lowest scoring company we evaluated in the entire Ratings. Coventry Health Care scored 39%, making it the lowest-ranked company for the second year in a row.

Here are some other highlights:

  • The average rating for the health plan industry dropped from 56% in 2014 to 54% in 2015—the first time that this industry’s average declined.
  • Of the twelve health plans that we looked at in both 2014 and 2015, Medicaid and TriCare were the only two to increase their scores over the last year. Medicaid’s rating went up by six percentage-points, while TriCare’s increased by five percentage-points.
  • Although it scored below the industry averages for both effort and success, Health Net scored 1.7 points higher than the industry average for emotion, the overall lowest scoring component in the Ratings.
  • The average rating of each of the three components dropped over the past year, but while success and effort each only dropped by one percentage-point, emotion dropped by three percentage-points. This is the first year since the Ratings began that the average score of any of the three components decreased.

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Can Health Plans Provide Better Member Experiences? Yes!

I was a speaker at Microsoft’s Health Plan Executive Forum in Jacksonville, Florida last week. As you might expect, I talked about customer experience.

Dennis Schmuland, MD, Microsoft’s Health Plan Industry Director kicked off the morning with a video that showed how current and planned Microsoft technologies would revolutionize the healthcare experience — for both patients and providers. It was pretty cool; like something from a Sci-Fi movie. You can see the video posted on Microsoft’s HealthBlog.

Next up was Anthony Nowlan, Chief Medical Officer, CentriHealth, Inc., and former Director of the NHS Information Authority. He gave a great speech called “Organizing Health Care in the Information Age.” He started by walking through the history of healthcare starting in the 1800s. It turns out that one of the key problems that we have today is that our current institutions (hospitals, labs, etc) were created in a period where the primary issue was acute care. As Dr Nolan said, “patients came in, got treated, and then they either got better or died.” But in today’s environment, the majority of costs come from chronic care. And you can’t solve the current problem with the old institutions; consumers need to be more involved. So his speech focused on how to use electronic health records to reorganize the healthcare system.

My speech was titled “Health Plan Member Experience: From Enraged To Engaged.” I borrowed some material from Liz Boehm (one of Forrester’s healthcare analysts) to show that member experience was becoming more important for health plans. One of the reasons is that cost containment for chronic care requires some behaviorial changes. But consumers don’t trust health plans for basic interactions, never mind listen to their wellness and disease management recommendations.

I then showed some of my research on customer experience, loyalty, and satisfaction. Here’s a small snapshot of that information:

  • Health plans came in last place out of 9 industries in our Customer Experience Rankings; and were also lowest in each of the individual areas: useful, usable, and enjoyable.
  • The highest rated plan in the rankings, Kaiser, only ended up 75th out of the 112 firms we examined.
  • 40 year-olds give health plans the lowest customer experience ratings.
  • Seniors give health plans the highest customer experience ratings.
  • Health plans have the lowest rating for satisfaction with online interactions and virtually tied for last place in satisfaction with phone interactions.

Of course, I couldn’t leave the attendees without a path to follow. So I explained how they could use Experience-Based Differentiation as their blueprint for improving customer experience.

After the presentation, one of the participants asked a good question: “Can we (health plans) ever have satisfied members, since we need to reject many of their claims?” My answer was “You can absolutely raise satisfaction levels. While you may never be as enjoyable as Borders, there’s no reason for interactions with health plans to be any less useful or usable than with any other industry.”

The bottom line: Health plan member experience is a chronic problem, but it’s curable.

(P.S. I don’t generally write about my work with specific clients, but Microsoft approved this blog post)

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