Industries Served: Insurance

The 2009 National Auto Insurance Study profiles 34 insurance companies--including seven companies added this year--and provides the largest competitive analysis to date. The recession that took hold of the U.S. economy last year has had a profound impact on consumer behaviors and expectations, which is examined in this management discussion. Despite the impact the recession has had on the whole insurance industry, some insurers have more successfully capitalized on declining consumer confidence than others as all strive to compete for market share through policy acquisition and retention.

Sales of new light vehicles in the United States have historically been sensitive to the ups and downs of overall economic conditions. Meanwhile, the personal auto insurance market has been remarkably stable during the past 5 years, according to financial data from Standard and Poor’s.

Jeremy Bowler featured in Best’s Review January 2009 Issue.

This is a management discussion examining the top service practices in personal lines insurance, based on finding in the 2008 Insurance Customer Contact Study.

The 2008 Auto Claims Study Management Discussion identifies 10 practices sure to delight a claimant. They center on a few core servicing philosophies: effective communication, managing expectations, convenience, and empathy.

The 2008 Insurance New Buyer Study examines the purchase behaviors and overall satisfaction of buyers who shop for a new auto insurance company. Three key factors are measured to determine overall satisfaction. In order of importance, they are: distribution channel (50%), price (29%) and policy offerings (21%).

A comparison of customer opinions among Progressive claimants who take their vehicle to one of the “concierge” claim facilities vs. those who chose to personally manage the body shop process.

This Management Discussion provides insights into:

• The financial value of policy retention and the impact of unbundling on policy retention
• Loyalty among bundlers
• The impact of a homeowner's customer satisfaction on the overall bundled policy package

This Management Discussion provides insights into estimating the financial value of customer satisfaction, prioritizing customer experience improvement initiatives based on financial impact, exploring the role brand image plays in influencing customer loyalty, and the extent to which customer inertia explains retention.

The Insurance Shopping Study is designed to help carriers understand the Who, What, When, Why and How of auto insurance shopping. To receive a copy of the management discussion based on this study, please enter your information in the form below and click Submit. You will then be automatically forwarded to the document.

This Management Discussion provides insights into:

• The increasing incidence of total losses as a proportion of Auto Physical Damage claims and the underlying factors driving this trend
• The impact on customer satisfaction when auto physical damage leads to a vehicle write-off
• Best practices with regard to negotiating
  - The repair / write-off decision
  - The total valuation

Research shows that younger generations represent a growing proportion of the auto insurance market. As this trend continues, auto insurance providers will need to understand the needs and perceptions of Generation X and Y consumers. By doing so, providers will be better able to meet the unique expectations of this demanding and savvy group of consumers.