Mortgage rates may have fallen to a two-year low, but lenders have some work to do to improve customer satisfaction.

The industry debuts with a score of 75 (out of 100) in the American Customer Satisfaction Index (ACSI^®) Insurance and Mortgage Lenders Study 2024, placing it among the Index’s bottom nine measured industries.

“Despite rates dropping, many customers are still less than thrilled with the rates they’re getting," says Forrest Morgeson, Associate Professor of Marketing at Michigan State University and Director of Research Emeritus at the ACSI. "But this unhappiness is hardly the only thing driving low customer satisfaction numbers across the industry. Homebuyers are also frustrated with lender points and fees, appraisal costs, closing fees, and title insurance. It’s hard to see satisfaction improving until lenders address these areas.”

Rocket Mortgage soars to mortgage lender lead

Rocket Mortgage claims the top spot among mortgage lenders with an ACSI score of 80. The company lives up to its name by providing a faster, more problem-free application process. It also has the lowest incidence of customer complaints.

Chase comes in second at 78, just ahead of Bank of America, U.S. Bank, and Wells Fargo, which all score 77. Nationwide (74) and Freedom Mortgage (72) score under the industry average, and last place belongs to PennyMac, 10 points below the leader with an ACSI score of 70.

Overall, lenders do a good job of providing digital channels as customers seem comfortable in their ability to interact with their lender online. Mobile apps (scoring 82 for quality and 80 for reliability) and websites (81) are the most favorable aspects of the customer experience. That said, these online tools do have room for improvement for both ease of use (75) and visual appeal (74).

The mortgage process itself — from understanding the next steps to loan officer responsiveness and loan processing time — receives lukewarm ratings in the upper 70s. Not surprisingly, customers reveal interest rates (71) and fees and costs (68) to be the worst part of the mortgage experience.

Humana holds off Kaiser Permanente among health insurers

The health insurance industry is stable with an ACSI score of 76. Despite falling 1%, Humana leads the field for the third straight year with a score of 81. Kaiser Permanente, which has been leaning into artificial intelligence (AI), moves into second place at 78 after enjoying the largest improvement (up 7%) among all measured insurers. Blue Cross and Blue Shield nets a smaller gain of 3% to finish at 77.

Of the remaining providers, three (UnitedHealth, Aetna, and Centene) post ACSI downturns of 3% year over year. Though Cigna gains a point, it ties Centene for last place at 73.

In terms of customer experience, the ease of submitting claims (down 3% to 77), quality and reliability of mobile apps (down 1% each to 83), and timeliness of claims processing (down 1% to 77) all falter. Call center satisfaction, which dips 1% to 76, has the worst score.

Prudential catches AIG atop the life insurance industry

Following a 3% gain in 2023, the life insurance industry slips 1% to an ACSI score of 79, after nearly every measured aspect of the customer experience deteriorates. In particular, the ease of understanding premium calculation (78) and the availability and range of policy discounts (75) are the most troubling components of the life insurance consumer experience.

Among individual life insurers, only one improves: Prudential, up 3% to 81. It shares the top spot with last year’s leader AIG, which slides 1%. Most other providers fall at or below the industry average, while Lincoln Financial takes last place, tumbling 5% to 75.

USAA leads property and casualty insurers once again

Policyholder satisfaction for the property and casualty insurance industry remains stable with an ACSI score of 77.

USAA, which provides insurance to military-affiliated individuals and families only, again posts the highest industry score at 83. State Farm (unchanged) is next at 80, followed by Allstate (down 3%), American Family (down 3%), and Travelers (down 1%) at 78 apiece.

Farmers (up 3%), one of three individual property and casualty insurers at 77, is the only provider to improve year over year, while Progressive and Liberty Mutual tie for last place, both down 1% to 76.

Customer channels are among the strongest aspects of the customer experience, with mobile app quality and reliability (both 83) and website satisfaction (81) setting the pace. Call centers also earn an excellent rating of 80 that surpasses both health insurance (76) and mortgage lenders (72). On the flip side, speed of claims processing (77), policy discounts (76), and claims agent courtesy and helpfulness (76) have room for improvement.

The ACSI Insurance and Mortgage Lenders Study 2024 is based on 14,855 completed surveys. Customers were chosen at random and contacted via email between October 2023 and September 2024. Download the study, and follow the ACSI on LinkedIn and X at @theACSI.

No advertising or other promotional use can be made of the data and information in this release without the express prior written consent of ACSI LLC.

About the ACSI

The American Customer Satisfaction Index (ACSI^®) has been a national economic indicator for over 25 years. It measures and analyzes customer satisfaction with approximately 400 companies in about 40 industries and 10 economic sectors, including various services of federal and local government agencies. Reported on a scale of 0 to 100, scores are based on data from roughly 200,000 responses annually. For more information, visit www.theacsi.org.

ACSI and its logo are Registered Marks of American Customer Satisfaction Index LLC.

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