Overall customer satisfaction with large commercial insurers has increased in 2017, driven primarily by intensified focus among insurers on diversified product offerings tailored to the needs of their customers, according to J.D. Power's 2017 Large Commercial Insurance Study.
Now in its fourth year, the study measured customer satisfaction with commercial insurers and insurance brokers, and was conducted in conjunction with the Risk Management Society (RIMS).
"Amid a sustained period of stagnant rates, top-performing large commercial insurers have set themselves apart from the competition by offering a wider variety of coverage options and services to meet the specific risk needs of their customers," said David Pieffer, P&C Insurance Practice Lead at J.D. Power. "While we expect rates to start rising in certain catastrophe-exposed lines for 2018 after the heavy catastrophic losses experienced during the 2017 hurricane season, the customer expectation for tailored product offerings has now become a critical part of the business insurance product mix."
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
