Nationwide tops 2020 J.D. Power Individual Annuity Rankings
The COVID-19 pandemic changed the way most consumers interact with businesses. Financial services customers facing intense market volatility impacting their retirement security were no exception, leading many to turn to their provider with urgent servicing needs.
Nationwide rose to the challenge. In fact, Nationwide’s annuity products tied for the top ranking in the J.D. Power 2020 U.S. Life Insurance Study recently released.
With an overall satisfaction score of 802 on a 1,000-point scale, Nationwide tied for first place out of 15 competitors. Nationwide demonstrated strength and performed above the industry average in every category including product offerings, interactions, statements, price and communications.
“This ranking reinforces that Nationwide is focusing on the right priorities and helping our customers feel more confident about achieving their long-term retirement income goals,” said Eric Henderson, president of Nationwide’s annuity business. “Nationwide exists to serve our customers. I’m proud of our performance because customer satisfaction remains the greatest measure of our success.”
In 2020, Nationwide modified and launched products, enhanced self-service capabilities and improved its ability to conduct business and resolve issues in a virtual environment. Nationwide’s overall satisfaction score was 24 points higher than the industry average.
“Our team upped its game during the pandemic by making strategic and industry-leading product changes that helped us balance growth with customer value,” Henderson said. “But more importantly, we focused on improving our self-service capabilities and how we work in a virtual environment.”
This year’s study was fielded between June and August 2020 and included over 3,500 consumers, of which 250 customers ranked Nationwide. The official. J.D. Power 2020 U.S. Life Insurance Study press release can be viewed here.