The results of a recent study have revealed that 95 percent of the people who have made claims are satisfied.
According to the outcome of a recent LIMRA survey, additional services offered by life insurance companies, such as coverage coordination and grief counseling are generating a larger amount of business, boosting recommendations, and are enhancing the positive perception of claimants.
The study showed that among the beneficiaries of the policies, the vast majority are quite satisfied with the experience.
The LIMRA research indicated that 95 percent of life insurance beneficiaries reported being either “satisfied” or better with the overall experience of making the claim. However, it also indicated that among those who were “extremely satisfied”, there was a far greater opportunity available.
The life insurance study pointed out that the more satisfied a claimant is, the more opportunities become available.
The research was published by LIMRA under the title “The Moment of Truth: Individual Life Insurance Claimant Satisfaction”. According to associate research director for LIMRA Developmental Research, Jennifer Douglas, “In our study we learned the distinction between a ‘satisfied’ and an ‘extremely satisfied’ beneficiary is profound. It could be the difference between receiving and not receiving additional business.”
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The company determined that when an “extremely satisfied” claimant is compared to one that is merely “satisfied”, the former is almost four times more likely to express interest in doing business with the company that provided the life insurance policy. Moreover, those who were extremely satisfied also had a likelihood of recommending that insurer that was three times greater than those who were satisfied. Furthermore, they are twice as likely to develop a strong sense of the importance of the role that this type of coverage plays when a loved one has died.
The report on the study indicated that in order to achieve a higher satisfaction level among life insurance claimants, insurers should place a higher amount of concentration on expanding what they offer beyond simple quick responses. The top performing insurers had an average turnaround time of 19 days, which was also the average for all carriers combined. This indicates that turnaround time is only one of many factors that influence the perceptions of claimants.