As new companies, such as Trōv, enter the insurance market, traditional insurers must reconsider current business models and product offerings in order to not only compete with these non-traditional companies, but also with changing customer expectations based on experiences in other industries.
Insurers must understand the key drivers of customer satisfaction and identify their own operational strengths and weaknesses to make informed business decisions. They must also understand the digital preferences of each customer segment they serve.
The J.D. Power U.S. Home Insurance StudySM describes how customer satisfaction impacts the profitability of an insurance company; examines how each service event in the relationship between a customer and their insurer impacts their overall perception of the company; digital preferences and trends; and identifies critical service standards that drive higher satisfaction.
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your company is performing and to identify key areas needing improvement.
Study deliverables include:
- Customized executive presentation and in-person discussion that includes datadriven, actionable recommendations for achieving such strategic goals as closing performance gaps with key competitors and/or the top performers in the study
- Competitive survey data and industry reports created by J.D. Power
- Analytical tools for performance insights and peer comparisons
- Home Insurance LoyaltyIQ, which explores customer retention and helps answer loyalty-related questions, including the following:
- How many home customers are loyal to their incumbent insurer?
- Which customer segments are most loyal?
- How many home insurance customers shopped in the past year?
- How many switched?
- Which carriers have the highest rates of shopping and churn?
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.
Now Available! Bain Certified Net Promoter Score® by J.D. Power
This independent, trusted, and Bain certified measure of NPS® provides brands with accurate scores they can use with confidence as they seek ways to improve the customer experience, assess their competition, increase brand advocacy, and ultimately deliver positive financial results. To access it, you must subscribe to the respective J.D. Power syndicated study. Learn more at jdpower.com/nps
Net Promoter System®, Net Promoter Score®, NPS® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.