Key findings

The following are some key findings of the study:

Variety of program offerings drives overall increase in customer satisfaction: Overall customer satisfaction with large commercial insurers is 761 (on a 1,000-point scale), up 7 index points from 2016. The overall improvement is largely due to a 10-point increase in satisfaction with program offerings.
Cyber insurance presents challenges, opportunity: P&C insurers wrote $1.35 billion in premiums for cyber insurance in 2016, a 35% increase from 2015. Yet, data breach/cybercrime programs are among the lowest-rated programs in 2017, averaging 7.56 on a 10-point scale. Among top concerns of commercial insurance customers are gaps related to security; loss prevention and risk control; business interruption; and remediation.
Commercial insurance customers less likely to become brand advocates: Net Promoter Scores, which measure the likelihood that a customer will recommend a product or service, are much lower among commercial insurance customers than they are for services such as business utilities or personal auto insurance.
Understanding business needs makes big impression: Demonstrating an understanding of customers' business needs is one of the most significant performance metrics for large commercial insurers, and is associated with a 141-point improvement in customer satisfaction among those who say their insurer completely understands their business vs. those who say their insurer does not understand or only partially understands their businesses (827 vs. 686, respectively).

Related: Cyber insurance soaring as risks rise

Special Reports /

J.D. Power finds key differentiator for large commercial insurers

Related Stories

Recommended For You