2011 Property Claims Satisfaction Study Management Discussion
J.D. Power and Associates has measured overall customer satisfaction with auto and homeowners insurance for more than a decade. In 2008, the company launched the Property Claims Satisfaction Study, which focuses specifically on the key drivers of satisfaction with the claims experience--the ultimate moment of truth for any insurance customer. The Property Claims Satisfaction Study measures insurer performance throughout the entire claims experience, from first notice of loss (FNOL) through the repair of the home.
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The 2011 study includes evaluations from 2,842 insurance customers nationally who filed property claims between November 2009 and April 2011. For the industry overall, satisfaction among home claimants is significantly higher than the average satisfaction among all homeowners insurance customers (817 vs. 750, respectively, on a 1,000-point scale).
J.D. Power and Associates has worked to provide insurers with valuable insights not only on their relative performance against key competitors, but also on how they can improve satisfaction, retention, and advocacy. One vital component is the identification and utilization of Key Performance Indicators (KPIs).
Key Performance Indicators establish the relationship between the subjective impressions of the end-customer (e.g., courtesy, knowledge, and ease of contacting), which determine index scores, and objective metrics (e.g.,time, frequency, and cost), which are behavior-based and actionable for insurers to integrate into their performance improvement initiatives. J.D. Power studies in this industry generally include multiple KPIs designed to help insurers identify paths to customer satisfaction improvement through every step of the customer relationship.
This management discussion, based on the 2011 Property Claims Satisfaction Study, addresses the following key questions:
- What factors are used to measure satisfaction with the home claims process?
- How do content losses impact satisfaction?
- What types of claims typically include a content loss?
- What are the most important key service practices for the settlement process?
- How is the settlement process affected by different coverage types?
- What are the most important key service practices for interaction with the claimant?
- What is the impact of satisfaction on retention and advocacy?
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