Fostering Customer Trust and Providing Reassurance Are Key to Improving Satisfaction with Auto Accident Claim Response
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AIU Ranks Highest in Customer Satisfaction with the Auto Insurance Claims Experience for a Third Consecutive Year
TOKYO: 23 August 2011 — Reassuring customers who report an auto insurance claim is key to elevating satisfaction with the auto claims experience, according to the J.D. Power Asia Pacific 2011 Japan Auto Insurance Claims Satisfaction Study.SM
The study measures customer satisfaction with accident claim response of auto insurance companies by examining three factors that contribute to overall satisfaction with auto insurance claims: payment of insurance benefits (41%), responsiveness to accident claims (32%), and progress reports/case resolution (27%). Overall satisfaction scores are calculated based on customer evaluations of multiple subcategories under each of these factors (based on a 1,000-point scale).
The study finds that, when an accident claim is submitted, the following four responses improve customer satisfaction overall: telephone calls to report an accident were not transferred to another person; contact from a representative came no more than one hour after reporting an accident; an explanation was provided outlining the procedure up through case resolution; and the claim representative used caring and reassuring words when speaking with the customer.
The study also finds that customer satisfaction declines when case resolution takes more than one month. However, even when claim resolution takes a long time, if insurance providers provide the four key responses, customer satisfaction increases and a greater percentage of policyholders are likely to renew policies with their current insurers.
In addition, policy renewal rates differ by more than 10 percent between highly satisfied customers and customers with low levels of satisfaction with claim response.
“Low levels of satisfaction with accident claim response are connected to customer churn,” said Chie Numanami, manager at J.D. Power Asia Pacific, Tokyo. “By responding to customers quickly, accurately, and kindly when submitting an accident claim, customers are given a sense of reassurance and trust. This raises satisfaction levels and is important in retaining customers.”
AIU ranks highest for the third consecutive year in overall satisfaction with claim response, achieving a score of 732 and performing particularly well in all three factors. Following AIU in the rankings are Fuji Fire & Marine Insurance (700), Sony Assurance (691), and American Home Assurance and Mitsui Sumitomo Insurance, in a tie (689 each).
The 2011 Japan Auto Insurance Claims Satisfaction Study is based on responses from 8,442 auto insurance policyholders who have submitted an accident claim within the past two years. The study was fielded in May 2011.
About J.D. Power Asia Pacific
J.D. Power Asia Pacific has offices in Tokyo, Singapore, Beijing, Shanghai and Bangkok that conduct customer satisfaction research and provide performance analytics services in the automotive, information technology and finance industries. Together, the five offices bring the language of customer satisfaction to consumers and businesses in Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Taiwan and Thailand. Information regarding J.D. Power Asia Pacific and its products can be accessed through the Internet at www.jdpower.com. Media e-mail contact: email@example.com.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company providing forecasting, performance improvement, social media and customer satisfaction insights and solutions. The company’s quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global financial information and education company that helps professionals and students succeed in the Knowledge Economy. Leading brands include Standard & Poor’s, McGraw-Hill Education, Platts energy information services and J.D. Power and Associates. The Corporation has approximately 21,000 employees with more than 280 offices in 40 countries. Sales in 2010 were $6.2 billion. Additional information is available at http://www.mcgraw-hill.com.