"I think the thing that stands out to me in the study is that price still drives satisfaction for the customer," David A. Pieffer, property & casualty insurance practice lead at J.D. Power, said. (Photo: Shutterstock)
Overall customer satisfaction remains stagnant in 2018 from 2017 (825 on a 1,000-point scale), according to the J.D. Power 2018 U.S. Small Commercial Insurance Study. Despite the fact that small businesses compromise the vast majority of businesses operating in the U.S., insurers have room to grow in this market.
The study is based on responses from 2,734 small commercial insurance customers. The study, now in its sixth year, examines overall customer satisfaction among small commercial insurance customers with 50 or fewer employees. Overall satisfaction is compromised of five factors (in order of importance): interaction; policy offerings; price; billing and payment; and claims.
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|Study rankings
Nationwide ranks highest in overall customer satisfaction (844) and performs highest in policy offerings, price and claims. Auto-Owners Insurance (832) ranks second and American Family (830) ranks third.
Asked if the survey questioned respondents on what companies could do better, David A. Pieffer, property & casualty insurance practice lead at J.D. Power, said that companies are given recommendations based on the data but they don't ask respondents such direct questions in this study.
"I think the thing that stands out to me in the study is that price still drives satisfaction for the customer," despite improvements to billing and policy offerings, among other areas, said Pieffer.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
