As new companies—such as Metromile—enter the auto insurance market, traditional insurers must reconsider current business models and product offerings in order to compete not only with such non-traditional companies, but also with changing customer expectations based on experiences in other industries. To make informed business decisions, insurers must understand the key drivers of customer satisfaction and identify their own operational strengths and weaknesses. To best identify customer needs and preferences, insurers should be looking at Key Performance Indicators (KPIs). Top performers will take it a step further and focus on super KPIs. Strong performance on the super KPIs increase customers’ perceived value of insurers, driving both customer retention and acquisition.
Super KPI Impact on the Bottom Line
Super KPIs are Key Performance Indicators that positively influence satisfaction and result in a higher probability of advocacy.
The J.D. Power Auto Insurance Study incorporates insights from these super KPIs to describe how customer satisfaction impacts the profitability of an insurance company; examines how each service event between customers and their insurer impacts overall value perceptions of the insurers; and identifies critical service standards that drive higher customer satisfaction and the bottom line.
Study deliverables include:
- Customized executive presentation and in-person discussion that includes data-driven, actionable recommendations for achieving strategic goals
- Net Promoter Score®—This study includes Bain Certified NPS® by J.D. Power. Several NPS® questions will be added to the respondent files and available on VoX and via a word cloud and rank chart
- Competitive survey data and industry reports with regional information
- Data & analytical tools for performance insights and competitive peer comparisons
- Access to VoX 3.0—this study is available on the interactive interface, VoX 3.0
Net Promoter System®, Net Promoter Score®, NPS® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.