The hyper-competitive state of the insurance marketplace makes it essential that insurance companies generate added revenue from existing customers. Doing this effectively requires understanding how customers consider their various household insurance needs and what their preferences are with respect to bundling. With that understanding, insurers must then determine which methods for approaching customers with bundling and cross-selling options are most likely to positively impact satisfaction, loyalty, and, ultimately, increase product density.
The J.D. Power U.S. Home Insurance StudySM provides a complete view of customer satisfaction with their homeowners insurance coverage and with specific household insurance products. The study also explores the impact of bundling on customer satisfaction and loyalty and provides insights on how to best cross-sell your products to increase product density and improve customer satisfaction.
A study subscription provides access to the tools needed to gain a comprehensive, in-depth understanding of how your company is performing relative to your competitors from the viewpoint of current and potential customers and to identify areas needing improvement.
Study deliverables include:
- An analyst briefing that provides insights into key industry trends, best practices, and study findings on the impact of bundling on customer satisfaction and loyalty and the relationship between customer experience and product density
- Competitive benchmarking of brand image, customer experience, and customer commitment and their impact on retention and advocacy, allowing you to compare your company directly to the competition
- Robust, comparative data on customers’ experiences with specific household insurance products and how customers perceive their household insurance needs
- An executive presentation that provides a summary of your company’s results compared with those of key competitors, and identifies industry best practices that may help you identify improvement areas with the biggest impact on customer satisfaction
Insurance companies that subscribe to the study will be better able to understand how and why customers bundle insurance products and specific actions that may be taken to positively impact their satisfaction and loyalty in order to increase product density.