J.D. Power’s 2022 US Small Commercial Insurance Study says the customer satisfaction of small businesses is rising. It took a huge hit in 2020 and 2021 during COVID and the pandemic.
The J.D. Power study says the 2022 rating is up 13 points from last year. The 842 out of out 1,000 score is just two points down from 2019’s pre-pandemic high of 844.
Small businesses with less than 5 employees are less satisfied than the average. Medium sized small businesses are close to the 844 average and at 852, the larger small businesses are way happier than the other two groups.
J.D. Power’s Stephen Crewdson said State Farm is the most popular small business insurer with a score of 856. Chubb is a close second at 855 and Nationwide is also close to State Farm with an 854 score.
“It’s noteworthy that we’re seeing increases in satisfaction across all factors—including price—at a time when 30% of small business customers have experienced an insurance premium increase,” Crewdson said. “That’s the highest proportion of customers experiencing price increases that we’ve seen in the past eight years.”
He noted that insurers that are in constant communication with their small business customers when prices are going to increase get a much higher score.
Source link: Insurance Business America — https://bit.ly/3RgZNq4
Source link: Insurance Journal — https://bit.ly/3RoQFA3
J.D. Power — Small Business Insurance Satisfaction
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