In 2018, J.D. Power found life insurer customer satisfaction consistently declines throughout the life of the policy; however, insurers who engage the customer are able to mitigate the decline by reiterating the value proposition past the point of sale. Due to level of engagement, the study found multi-line insurers achieved the highest levels of customer satisfaction across all study factors; however, lack specific product expertise to meet the expectations of more sophisticated customers with complex needs/risks. How can insurers truly understand their customers’ expectations throughout their relationship with their life insurer?
The U.S. Life Insurance Study analyzes customers’ experiences with their individual life, group life, or annuity product(s). 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, increase revenue per customer, and cross sell additional products and services.
- Customized executive presentation and strategy session that provides data-driven, actionable recommendations for achieving strategic goals
- Executive briefing document highlighting key trends and insights across the industry
- Scorecard benchmarking firm performance compared with the industry across key drivers of satisfaction
- Competitive survey data and industry reports
- Analytical tools for performance insights and competitive peer comparisons
- Access to VoX Platform—J.D. Power’s proprietary interactive reporting interface
What’s New in 2019:
This study has been redesigned to include:
- Three target segments: Individual Life, Group Life and Annuities
- Customer experience with Accident and Health (A&H) products within the Group Life segment
- Brand Image questions to quantify the value of the brand (i.e., brand halo)
- New demographic and psychographic questions including investable assets, personal financial outlook, and outlook on the economy
- Deep dive into the [upper] purchase funnel—why did customers select the brand/policy they did and how can insurers use that information to tailor messaging
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