U.S. Small Business Commercial Insurance Satisfaction Study

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The Challenge

The small business commercial insurance market is a unique and growing niche for which there is very limited competitive information available. With no benchmark or industry-wide baseline for customer satisfaction, how can insurers identify their own strengths and weaknesses—and those of their competitors—in responding to customers’ expectations? Further, how can insurers address critical customer issues that impact loyalty and retention?

The small business commercial insurance industry is investing substantial amounts of money to increase efficiency for agencies and create new distribution channels geared toward improving marketing and consumer education. To that end, insurers need to understand how well those efforts are paying off by gauging small business owners’ awareness of their offerings, understanding how these owners educate themselves on products and choice of insurers, and determining what influences shopping and switching behaviors.

The Solution

The J.D. Power 2015 U.S. Small Business Commercial Insurance Satisfaction StudySM examines small business owners’ satisfaction with their insurance policy and identifies key industry trends and issues in the small business commercial market. The study provides a better understanding of the needs, expectations, and desires of today’s small business customers as well as insights into opportunities for insurers to improve customer satisfaction, commitment, and advocacy.

New this year:

The following enhancements have been made to the 2015 U.S. Small Business Commercial Insurance Satisfaction Study

  • Purchase funnel questions were added to the survey to better understand the following:
- Overall awareness of which insurers offer commercial insurance and customer awareness on a brand level
- Which insurers customers have considered/shopped
- Switching drivers and the impact of premium increases
  • Questions were also added to the survey to discover which methods small business owners use to obtain information about business/management, insurance, and risk solutions as well as determine what information is most helpful to them
  • The study will publish on VoX, J.D. Power’s new online dashboard analytic tool

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:

  • Competitive benchmarking of brand image, customer experience, and customer commitment metrics and their impact on retention and advocacy, allowing you to compare your company directly to the competition
  • An analyst briefing that provides insights into key industry trends, study findings, and best practices that you can apply to your company’s processes in order to improve customer satisfaction and retention
  • An executive presentation that provides a summary of your company’s results compared with those of key competitors and that identifies industry best practices that can help you identify improvement areas with the biggest impact on customer satisfaction
  • Access to J.D. Power subject matter experts and analysts for assistance in using the analytic tools

The Benefits

Subscribing insurance companies use study findings to understand their competitive position in order to identify the critical areas that need improvement and to make prudent investments in the service areas that matter most to small business owners.