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Monday, 16 November 2020 18:21

Consumer Satisfaction with Insurers, Claims Process Improves

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J.D. Power’s annual survey of consumers who had settled a claim within the previous six months found satisfaction with their insurer and the process has improved. J.D. Power’s annual survey of consumers who had settled a claim within the previous six months found satisfaction with their insurer and the process has improved.

Index

...to see its score rise every year since 2015, jumping 27 points this year to 871.

 

USAA has had the most steady score over the six years, consistently scoring between 890 (this year and in 2015) and 903 (2018), making it one of only three insurers to ever score 900 or higher; Amica did that this year and in 2017; NJM Insurance did it this year and last year.

 

Progressive has also remained within a 14-point range all six years, but at a much lower level (849 to 863), below the industry average every year but 2016.

 

J.D. Power noted improvements this year in every factor the study measures, including the estimation process, repair process, rental experience and settlement, except for first notice of loss, which remained flat from 2019. It found cycle time, based on consumer reporting, had fallen to an average of 10.3 days from 12.6 days the prior year.

 

The study included customer surveys from November 2019 through September 2020, giving J.D. Power the ability to compare pre-pandemic customer satisfaction to those with claims in the spring and summer. It found the percentage of customers who said they “definitely” would renew with their insurer increased from 72% pre-pandemic to 76% in more recent months. 


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