The Atlantic hurricane season begins on June 1, and from a catastrophe (CAT) perspective, the last two years have been relatively quiet for insurers, providing them with an opportunity to regroup following Hurricane Sandy.
Some of the most costly and dangerous hurricanes, wildfires and tornadoes have occurred within the past 10 years, giving insurers, their vendors and the Federal Emergency Management Agency (FEMA) plenty of opportunities to learn from past mistakes and prepare for the next “big one” to hit the U.S.
According to the recent J.D. Power 2015 Property Claims Satisfaction Study, insurers are making significant gains when it comes to customer satisfaction with property claims. This is important because customer loyalty is critical to insurers. Only 3% of “delighted” customers and 7% of those who were “pleased” switched carriers after their claim closed. Contrast these figures to the 9% of “indifferent” and 11% of “displeased” customers who switched carriers. In addition, 23% of indifferent customers and 42% of those who were displeased said they would be shopping for new providers over the next 12 months. That's a lot of turnover.
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