Insurers that keep homeowners apprised of the claims process from start to finish are faring well in terms of meeting—and even exceeding—their customers' expectations. Or so it seems, according to the results of J.D. Power's 2014 Property Claims Satisfaction Study.
For the second consecutive year, J.D. Power found a steady swell in overall satisfaction ratings among property claimants. The firm attributes the uptick in satisfaction, in large part, to consistent communication with property claimants, beginning at first notice of loss (FNOL). Compared with 2013, the findings released today suggest that homeowners who filed a non-catastrophic claim in the past year often received:
- A thorough explanation of coverage when initially reporting a loss.
- Prompt notification of what damages were covered.
- Settlement nearly 4 days faster.
“Starting at the time of first notice of loss, it is crucial for insurers to keep claimants informed of their claim, the estimate of damages, the settlement amount, when work will begin and when it will be completed,” says Jeremy Bowler, senior director of the insurance practice at J.D. Power.
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