A new survey showed policyholders are happier than ever before with their home insurers.
Satisfaction among homeowners insurance customers is higher than it has ever been before, according to a new J.D. Power survey.
The “U.S. Home Insurance Study” results show the highest scores in the survey’s history.
The results of the U.S. Home Insurance Study from J.D. Power were the highest ever. On a scale of 1,000 points, the 2018 study recorded an 818, among homeowners insurance customers. This represents an increase of 10 points over the 2017 results. Among renters insurance customers, the score was 839, which is 5 points higher than it was in 2017.
“Despite experiencing record property losses due to severe hurricanes, floods and fires, home insurers have managed to win the hearts and minds of their customers through superior service and access to information,” said Robert Lajdziak, insurance practice business consultant at J.D. Power North American.
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The market research firm found a number of improvements for homeowners insurance customers.
J.D. Power determined that the increase was the result of “an increase in the proportion of customers who bundle policies and improvements in digital interaction channels,” said Lajdziak in a J.D. Power report on the survey. “Insurers should note that the preference for digital channel interaction has notably increased for several years, across all types of interactions and all generations of customers. That evolving consumer preference could provide an opening for digital-native insurtech companies.”
The market research firm showed that consumer preference for digital channel use for insurance companies has risen substantially since 2017. These digital interactions include billing inquiries, payment verifications, price quotes and policy renewals.
The company found that the rise in digital preference is clear across each home insurance generation. That said, Generation Y and Generation Z were the age groups most likely to prefer to access their insurance companies over digital channels.
Another popular trend among homeowners insurance customers is policy bundling, according to the survey. Customers who have multiple policies with one home insurance company reported that they were more satisfied and were most likely to advocate on behalf of that insurer, according to the J.D. Power survey.