Individual life insurance customers continue to be among the least satisfied consumers across all of the financial services and insurance products that J.D. Power measures, showing minimal improvement over the past 3 years. This disparity provides life insurance carriers with an opportunity to make process improvements that better reflect the preferences of current customers and encourage life policy shoppers to consider and ultimately select their brand. How do life carriers determine which changes to make in order to positively impact customer experience and the company’s bottom line?
The J.D. Power U.S. Individual Life Insurance StudySM analyzes customers’ experiences with their individual life insurance policy. The study provides an understanding of the needs and expectations of today’s life insurance customers as well as insights into how insurers can improve customer satisfaction and advocacy.
Additionally, the study explores the most critical drivers of satisfaction among life insurance policyholders in various categories, including:
- Policy type—permanent, term life
- Policy face value
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
- Bain Certified NPS® by J.D. Power: This independent, trusted, and Bain-certified measure of NPS will instill confidence in score accuracy while better positioning brands to improve the customer experience, increase brand advocacy, and drive positive financial results. The NPS® questions will be available in the respondent data files and will also be available on VoX via a verbatim word cloud and rank chart. Contact your J.D. Power representative to learn more, or visit jdpower.com/nps
Insurance companies that subscribe to the study will be better able to understand the drivers of customer satisfaction and how to improve the shopping experience for recent life policy shoppers.
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.