Considerable improvements to policyholder support and services have made the difference.
Auto insurance customer satisfaction has reached an all time high, says a new J.D. Power study. The J.D. Power 2018 Auto Insurance Study said there were a number of improvements that led to this positive result.
Insurance companies are starting to find their balance with customer interaction, said the study.
The study results showed the difference was made by improvements in billing and payments, digital interactions, and offerings. The auto insurance customer satisfaction is improving due to a better combination of digital and live interactions. These have managed to help consumers to find their brands engaging across all digital and live channels.
“Cost is not the sole indicator of customer satisfaction in the auto insurance industry,” said J.D. Power Insurance Practice business consultant Robert Lajdziak. “Low prices may attract new customers, but it’s service that keeps them. The auto insurers that increase customer satisfaction across all facets of the customer experience make price just one part of the overall relationship.”
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Increased use of digital interaction channels was vital to improving auto insurance customer satisfaction.
Lajdziak pointed out that the highest levels of customer satisfaction were seen in cases where customers were able to manage their own transactions without needing the assistance of a live representative. That said, they did enjoy the live channels when higher-value transactions were taking place.
That said, he also pointed out that rising demand and usage of digital self-service options are placing greater pressure on agents. They are being forced to improve their value proposition and to offer a larger spectrum of services and products in order to assist customers whose risks and needs have greater complexity.
The auto insurance study also showed that insurers are currently experiencing record high loyalty levels. Out of a total possible 1,000 points, insurance company loyalty scored an overall 826. That was further reflected by the fact that there has been a measurable drop in the number of customers who are shopping around for new rates. In fact, that activity reached a record low on the auto insurance customer satisfaction study.