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Property Insurance Satisfaction Drops

Posted By Administration, Tuesday, March 1, 2016

For the first time in five years, J.D. Power’s 2016 U.S. Property Claims Satisfaction Survey shows a drop in consumer satisfaction over claims. The survey measures satisfaction on a 1,000 point scale in five specific areas:

 

  Settlement

  First notice of loss

  Estimation process

  Service interaction

  Repair process

 

The research firm said a soft market and lower rates, and fewer catastrophes have led insurers to focus on cutting costs. Customer satisfaction has now taken a back seat. And as a result the average satisfaction rating fell.

 

  The biggest drop is 28-points in satisfaction with claims people.

  Service interaction and involvement with local agents fell 8%.

  Returning phone calls is down 1%.

  And just 42% of those contacted said someone was available to immediately assist them.

 

The survey found:

 

  81% of those whose insurer got a rating of over 900 will renew again and will definitely recommend the insurer to others.

  Those scoring 549 or less will see just 14% of their insureds resigning and recommending them.

  31% of younger property owners are confused by the claims process and needed help selecting a contractor.

 

As for claims:

 

  Non-weather related water damage claims were the most filed and scored 835 — down 19 points.

  Fire claims are second at 839 — satisfaction dropped 27 points.

  Mold claims are third and they fell 38 points to 834.

  Hail had the highest satisfaction rate of 858.

 

Five Stars — Among the Best

 

Amica Mutual — 898

 

Four Stars — Better than Most

 

Auto Club of Southern California — 879

* USAA — 875

COUNTRY Financial — 863

Encompass — 863

Eerie Insurance — 863

Safeco 857

State Farm — 855

Liberty Mutual — 854

The Hanover — 853

Nationwide — 853

 

Three Stars — About Average

 

American Family — 851

Chubb —851

CSAA Insurance — 850

Farmers — 849

Allstate — 848

MetLife — 847

 

Industry Average — 846

 

Travelers — 844

Auto-Owners Insurance — 843

The Hartford — 840

MAPFRE Insurance — 837

 

Source link: PropertyCasualty360.com


Tags:  Insurance Content  Insurance Industry  Insurance News  property insurance  Property Insurance Satisfaction Drops  Weekly Industry News 

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