Overall satisfaction with large commercial insurers has increased in 2017, driven primarily by intensified focus among insurers on diversified product offerings tailored to meet the needs of their customers. The J.D. Power 2017 U.S. Large Commercial Insurance Satisfaction StudySM has found that large commercial customer expectations for tailored product offerings has become a critical part of the business insurance product mix. How can you ensure that your company is understanding and living up to such expectations?
The 2017 study finds that insurers may be able to demonstrate greater understanding of risk professionals’ needs, a Key Performance Indicator, by focusing on two related practices: ensuring flexible program design and providing key services (including program services, claims reviews, audits, and renewal-related meetings). These practices are correlated to understanding business needs and higher overall satisfaction scores. In fact, when risk professionals perceive their carrier as having been flexible in designing their program, the rate at which they say insurers “get” their company increases by 46 percentage points, or 135%, and satisfaction increases by 62 points.
What else can you learn about large commercial customers and their unique needs?
The U.S. Large Commercial Insurance Satisfaction Study benchmarks risk professional satisfaction with large commercial insurers and brokers. The study offers an unparalleled view of the large commercial market by providing independent and objective measures of overall satisfaction levels among large commercial insurance customers.
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
- Company operating performance and direct linkage of efficiency to customer satisfaction
- Net Promoter Score®—This study includes Bain Certified NPS® by J.D. Power. Several NPS® questions will be added to the respondent files and available on VoX and via a word cloud and rank chart
- Access to VoX 3.0—a study that is available on the interactive interface, VoX 3.0
Net Promoter®, 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.