2012 U.S. Auto Claims Satisfaction Study?Wave 3 Results
Satisfaction with the auto insurance claims experience is rising, according to a study recently released by J.D. Power and Associates. The 2012 U.S. Auto Claims Satisfaction Study--Wave 3, which measured in April-June 2012, finds that overall customer, or insured, satisfaction with auto insurance claims is 852 points on a 1,000-point scale. This represents a 10-point gain from Wave 2 of the study, which measured satisfaction in January-March 2012.
The 2012 U.S. Auto Claims Satisfaction Study--Wave 3 is based on responses from more than 2,600 insureds who filed an auto insurance claim of physical damage to their vehicle within the past 6 months, and excludes those who only filed roadside assistance claims, damage to glass or windshields, or theft. The study examines satisfaction with several factors of the claims process: the first notice of loss; service interaction; damage appraisal; repair process; rental experience; and settlement. Satisfaction with settlement in Wave 3 is up 12 points from Wave 2.
One of the most notable changes from Wave 2 to Wave 3 is the average amount the claimant pays over and above the deductible. In Wave 3, it is $218, which represents a decline of $36, or about 14%, from Wave 2. The study finds a dramatic drop in satisfaction with the claims experience (-89 index points) when the out-of-pocket expense exceeds $300. However, dissatisfaction with the out-of-pocket expense may be mitigated by giving claimants a thorough explanation of the settlement criteria and processes.
While the average damage severity and average repair time remain virtually unchanged from Wave 2 to Wave 3, the average claim processing duration has dropped slightly to 13.7 days in Wave 3 from 14 days in Wave 2. The study shows that this improvement in Wave 3 is due mainly to faster action on the part of claimants. In Wave 2, claimants were more likely to delay taking their vehicle in for repairs, possibly because of the weather and/or the holiday season.
The 2012 U.S. Auto Claims Satisfaction Study--Wave 3 is based on responses from more than 2,600 insureds who filed an auto insurance claim of physical damage to their vehicle within the past 6 months, and excludes those who only filed roadside assistance claims, damage to glass or windshields, or theft. The study examines satisfaction with several factors of the claims process: the first notice of loss; service interaction; damage appraisal; repair process; rental experience; and settlement. Satisfaction with settlement in Wave 3 is up 12 points from Wave 2.
One of the most notable changes from Wave 2 to Wave 3 is the average amount the claimant pays over and above the deductible. In Wave 3, it is $218, which represents a decline of $36, or about 14%, from Wave 2. The study finds a dramatic drop in satisfaction with the claims experience (-89 index points) when the out-of-pocket expense exceeds $300. However, dissatisfaction with the out-of-pocket expense may be mitigated by giving claimants a thorough explanation of the settlement criteria and processes.
While the average damage severity and average repair time remain virtually unchanged from Wave 2 to Wave 3, the average claim processing duration has dropped slightly to 13.7 days in Wave 3 from 14 days in Wave 2. The study shows that this improvement in Wave 3 is due mainly to faster action on the part of claimants. In Wave 2, claimants were more likely to delay taking their vehicle in for repairs, possibly because of the weather and/or the holiday season.