|
Insurers have used bundling home and auto policies to get more income from consumers. In turn, consumers have benefitted from the discount given for bundled policies.
J.D. Power’s 2022 U.S. Home Insurance Study found rising auto rates are causing consumers concern. Spokesman Robert Lajdziak said many consumers are shopping for insurance and splitting their policies between two different companies.
“Sky-high auto loss costs and resultant auto premium increases are creating ripple effects throughout the insurance industry and, as a result, one area that is being severely disrupted is the home and auto insurance bundle,” Lajdziak said. “Homeowners, and particularly bundlers, have traditionally been less price-motivated than the typical monoline auto customer, but we are beginning to see cracks in that foundation. That puts the focus for insurers squarely on the overall brand experience their customers are receiving—across all lines—and on understanding how changes in one area, such as telematics adoption in an auto policy, can affect the entire customer journey.”
The result has been a big drop in homeowner satisfaction. On the 1,000 point scale, it dropped 6 points this year. Renter satisfaction dipped another point and is down 7 from a year ago.
Here are the homeowner satisfaction scores based on 1,000 points:
Amecia Mutual — 849 American Family — 842 The Hartford — 839 Automobile Club of Souther California — 838 COUNTRY FINANCIAL — 830 State Farm — 829 Erie Insurance — 827 Auto-Owners Insurance — 825
Segment average — 819
Automobile Club Group — 817 Nationwide — 816 Allstate — 815 Chubb — 809 Safeco — 809 Liberty Mutual — 805 ASI Progressive — 801 CSAA Insurance Group — 794 Travelers — 794 Farmers — 792 Homesite — 753
USAA — 884
Source link: Insurance Journal — https://bit.ly/3SHNHr3 Source link: PropertyCasualty360.com — https://bit.ly/3fmwoxa |
About PIA Western Alliance
The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.
PIA WESTERN ALLIANCE VALUES OUR STERLING PARTNERS
