The Challenge

The small 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 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 2016 U.S. Small Commercial Insurance Satisfaction StudySM examines small business owners’ experiences with their insurance policy. The study identifies key industry trends and issues in the small business commercial market and provides an in-depth understanding of the needs, expectations, and desires of today’s small business customers. The study provides a broad understanding of how carriers can improve customer satisfaction, loyalty, retention, and advocacy across seven key touch points: Policy Offering, Billing and Payment, Local Agent or Broker, Call Center Service Representative, Price, Claims, and Website.

Additionally, the study explores the most critical drivers of satisfaction among small business insurance policyholders in various segments of the market:

  • Business size
  • Revenue/Sales volume
  • Industry
  • Expansion or consolidation of the business

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 data-driven, actionable recommendations for achieving such strategic goals as closing performance gaps with key competitors and/or highest performers in the study
  • Competitive survey data and industry reports created by J.D. Power
  • Analytical tools for performance insights and peer comparisons
  • Ongoing thought leadership, including white papers and access to webinars on vital industry topics

What’s New in 2016?

The 2016 study explores new topics not addressed in previous years’ research, including:

  • Risk Management: Are small businesses self-insuring for certain types of risk? If so, what types of risk are small businesses more likely to self-insure for? How often are changes to risk influencing changes in coverage?
  • Customer Engagement: How are premiums paid and, if applicable, what are the reasons for price changes? Who is
    reviewing their policy needs and are these reviews resulting in changes being made? Are customers looking for business advice
    in addition to risk management tools? How often do customers read their policy? Are they doing so on their own or with an agent/broker?
  • Role of the Agent/Broker: What is the role of the agent/broker in reviewing policies and making decisions about insurance/risk management? How often is the agent/ broker the primary decision maker? How frequently are customers contacted with recommendations for changes?