Satisfaction Increases for Auto Insurance Claimants with Faster Settlement Payments
Overall satisfaction with claims settlement, which is one of six factors measured in the study, improves from last year by 3 points (on a 1,000-point scale) as insurance providers are paying claims faster--51% of claimants received their payment within eight days of the final notice of loss in 2013, up from 45% in 2012. In addition, satisfaction with the first notice of loss measure improves by 4 points from 2012 due to improvements in explaining both the policy coverage and the claims process to claimants, the study finds.
In 2013, overall auto claims satisfaction improves for 13 of the 25 insurance companies included in the study. Auto Club of Southern California Insurance Group ranks highest in auto claims satisfaction, according to the study. The company's overall claims satisfaction index score improves in double digits from 2012 and from 2011. Auto-Owners Insurance; The Hartford; Erie Insurance; and Amica Mutual and Travelers (in a tie) round out the insurance providers with the highest auto claims satisfaction scores in the study that is based on responses from more than 11,500 auto insurance customers who settled a claim within the past six months.
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