TOKYO: 12 November 2012 — Knowing who to contact at the insurance company to file an auto accident claim, and being able to quickly reach them, is vital to high overall customer satisfaction, according to the J.D. Power Asia Pacific 2012 Japan Auto Insurance Claims Satisfaction Study SM released today.
The study examines satisfaction with the claims response of auto insurance (voluntary insurance) policyholders who have submitted an accident claim to their insurance company within the past two years. Customer satisfaction is determined by examining six factors that contribute to overall satisfaction with the auto insurance claims experience (in order of importance): settlement; first notice of loss; service interaction (which measures interaction with the service representative from the time of the accident report to settlement); appraisal; service process; and rental car experience. Overall satisfaction scores are based on a 1,000-point scale.
The study finds that satisfaction among customers who know who to contact at their insurance provider after filing a claim averages 708, compared with 397 among those customers who are unsure whom they need to contact.
While 97 percent of policyholders indicate that it is clear whom to contact at their insurance provider after an accident, only 39 percent are able to quickly make contact with their representative. Satisfaction scores among customers who are able to quickly contact their representative after an accident average 160 points higher than among customers who are not able to reach their insurance provider immediately following the accident.
"From accident report to claims settlement, the quality of the response of the insurance company representative or agency representative who serves as the point of contact with the customer plays a key role in impacting customer satisfaction," said Chie Numanami, manager at J.D. Power Asia Pacific, Tokyo. "The development of a support system with a designated representative reassures the customer during the claims experience and increases satisfaction with the claims response, which ultimately becomes an important factor in customer retention."
The study also finds that customers who have high satisfaction with the service interaction tend to also have high overall claims response satisfaction and higher intended loyalty to their insurance provider. Among customers with high levels of service interaction satisfaction, 95 percent say they intend to renew with same insurer, compared with 80 percent among customers with low levels of service interaction satisfaction. Intended loyalty rates are even more pronounced when the agency representative who helped initiate the policy purchase is the same person the customer speaks with to file an accident claim.
The study finds that there is a gap of more than 240 points in satisfaction between customers who switched insurers after the accident claims response experience and customers who renewed their contract with their insurance provider after an accident claims response experience. Notably, the gap in satisfaction scores between these groups for the service interaction factor is even larger.
AIU ranks highest in overall satisfaction with the claims response for a fourth consecutive year with a score of 755. AIU performs particularly well across all factors. Fuji Fire & Marine Insurance ranks second with 715, and performs well in the first notice of loss, appraisal and settlement factors. Nipponkoa Insurance ranks third (705), and performs well in the service interaction factor.
The 2012 Japan Auto Insurance Claims Satisfaction Study is based on responses of 6,903 auto insurance policyholders who submitted an accident claim to their insurance company within the past two years (including those who switched insurance companies after their accident and now have a policy with another insurer). The online study was fielded in May 2012.
The 2012 Japan Auto Insurance Claims Satisfaction Study follows the release of two related studies that examine satisfaction among auto insurance customers in Japan:
- The 2012 Japan Auto Insurance Shopping Satisfaction Study (released August 6) measures the satisfaction of customers who recently purchased auto insurance, including new policyholders, customers who purchased their most recent auto insurance (voluntary insurance) for the first time, and policyholders who switched from other insurance companies.
- The 2012 Japan Auto Insurance Satisfaction Study (released August 6) measures the overall satisfaction of customers during their auto insurance policy term, including policy offerings and insurance company and agency response at the time of various procedures and inquiries.
About J.D. Power Asia Pacific
J.D. Power Asia Pacific has offices in Tokyo, Singapore, Beijing, Shanghai and Bangkok that conduct customer satisfaction research and provide consulting services in the automotive, information technology and finance industries. Together, the five offices bring the language of customer satisfaction to consumers and businesses in China, India, Indonesia, Japan, Malaysia, Philippines, Taiwan and Thailand. Information regarding J.D. Power Asia Pacific and its products can be accessed through the Internet at www.jdpower.com/corporate. Media e-mail contact: [email protected]
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
McGraw-Hill announced on September 12, 2011, its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, J.D. Power and Associates and Platts, a leader in commodities information. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.
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