Homeowners' Customer Satisfaction Measured.
Author | Acunto, Steve |
Position | [FOREWORD] |
* "Home insurers' investments in improved digital interaction channels and bundled product offerings that combine multiple policies under one account are paying off in the form of the highest levels of customer satisfaction in the history of our study," according to the J.D. Power 2018 U.S. Home Insurance StudySM. However, the ability of insurers to maintain these high levels of customer satisfaction will continue to be tested by the growing crop of "insurtech" start-ups capitalizing on digital-only offerings.
Following are some key findings of the 2018 study:
* Record-high customer satisfaction: Overall customer satisfaction scores have reached an all-time high of 818 (on a 1,000-point scale) among homeowners (+10 points from 2017) and 839 among renters (+5 from 2017), driven by an increase in the proportion of customers who bundle policies and improvements in digital interaction channels.
* Preference for digital grows: Preference for using digital channels for interaction has increased significantly from 2017, across a wide range of interaction types ranging from payment verification and billing inquiries to policy renewals and price quotes. While the increased digital preference is evident in all generational groups of home insurance customers, it is most preferred by Gen Y and Gen Z homeowners.
* Benefits of bundling: Customers who have multiple policies with a single home insurer have higher satisfaction and are more likely to advocate on behalf of their carrier. Overall satisfaction among customers with six or more bundled insurance products averages 863, which is 111 points higher than among those who have just one home insurance product. Likewise, the average Net Promoter Score[R] among customers with six or more bundled products is 58, which is 52...
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