Long repair shop backlogs and lingering parts shortages have caused the average auto insurance repair cycle time to reach 23.1 days in 2023, up 6.2 days from 2022 and more than double the average repair time in 2021.
Tag: J.D. Power
Consumers Growing Less Satisfied with Their Auto Insurance: J.D. Power
Auto insurance customer satisfaction decreased year-over-year by 12 points on a 1,000-point scale, according to a study by J.D. Power
P&C Insurers Encounter Digital Growing Pains Amid Large Scale Disruption: J.D. Power
According to the J.D. Power 2022 U.S. Property Claims Satisfaction StudySM, slower cycle times and growing pains associated with transitioning to digital servicing channels caused overall satisfaction scores to decline to a five-year low.
P&C Insurer Digital Investments Not Enough to Offset Rising Rates, J.D. Power Finds
The streamlined user experience, seamless customer support and improved navigation that was supposed to define the digital transformation of the property and casualty (P&C) insurance industry—and improve customer satisfaction—has been overpowered by rising rates. According to the J.D. Power 2022 U.S. Insurance Digital Experience Study,SM released today, overall customer satisfaction with insurers’ digital offerings declines… Continue reading P&C Insurer Digital Investments Not Enough to Offset Rising Rates, J.D. Power Finds
J.D. Power: Digital Insurance Claims Management Lagging
Property and casualty (P&C) insurance claims were supposed to be the tip of the sword when it came to digital transformation. Instead, the industry is lagging far behind financial services and utilities providers when it comes to the digital customer experience. According to the J.D. Power 2021 U.S. Claims Digital Experience Study,SM released today, none… Continue reading J.D. Power: Digital Insurance Claims Management Lagging
Independent Insurance Agents Give Carriers High Marks for Improved Servicing Levels, J.D. Power Finds
Despite independent agents having long driven the lion’s share of property & casualty (P&C) insurance industry revenue, many have been feeling neglected by carriers who have had their sights set on the direct-to-consumer market for the past several years. That’s changing, according to the J.D. Power 2021 U.S. Independent Agent Performance and Satisfaction StudySM released… Continue reading Independent Insurance Agents Give Carriers High Marks for Improved Servicing Levels, J.D. Power Finds
Small Business Insurance Customers Feeling Neglected by Insurers, J.D. Power Finds
The U.S. insurance industry doled out tens of billions of dollars in refunds to customers during the COVID-19 pandemic but, since coverage was not affected, there was no such relief to be had for small business insurance customers. According to the J.D. Power 2021 U.S. Small Commercial Insurance Study℠ released today, that lack of proactive… Continue reading Small Business Insurance Customers Feeling Neglected by Insurers, J.D. Power Finds
Chubb Earns Highest Customer Satisfaction Rating in Latest J.D. Power Study
Chubb has earned the highest customer satisfaction rating in the J.D. Power 2020 U.S. Small Commercial Insurance Study. Chubb is receiving this prestigious award based on its performance in five key customer satisfaction factors including claims, interaction, billing and payment, policy offerings, and pricing. This leading benchmarking study profiles the experiences of small business insurance… Continue reading Chubb Earns Highest Customer Satisfaction Rating in Latest J.D. Power Study
Homeowners’ Satisfaction with Claims Reaches Record High as Insurers Focus on Relationship Management: J.D. Power
Filing a claim with a homeowners insurance company is a make-or-break opportunity for insurers to positively engage with their customers, and, according to the J.D. Power 2020 U.S. Property Claims Satisfaction Study,SM insurers are rising to the occasion. Overall customer satisfaction with the property claims process has reached a record high, with year-over-year improvements realized… Continue reading Homeowners’ Satisfaction with Claims Reaches Record High as Insurers Focus on Relationship Management: J.D. Power
Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds
The last decade of seemingly non-stop direct-to-consumer advertising and heavy investment into digital self-service technologies have driven roughly one-fourth of auto insurance customers to adopt direct distribution models that bypass agents in favor of do-it-yourself tools. According to the J.D. Power 2019 U.S. Auto Insurance Study,SM that transition has helped overall customer satisfaction with auto… Continue reading Auto Insurance Satisfaction Surges as Customers Adopt Direct-to-Consumer Models, J.D. Power Finds