During the past year, consumers continued a migration pattern to the five largest auto insurance companies, J.D. Power found, which noted those five companies account for 60% of all auto insurance premiums. A lack of brand awareness, which has gone unaided, is propelling this trend, according to the data analytics and consumer intelligence company. Another trend that emerged during the past year was the insurance industry's relief efforts. Despite best efforts to make the public aware that the industry had returned $18 billion in auto insurance premiums, roughly 7% of total sector premiums, 43% of shoppers said they were unaware of any industry changes stemming from the pandemic. As the power of word of mouth and online reviews continue to gain importance — 93% of consumers turn to such reviews before buying a product or service — maintaining an exceptional customer experience becomes even more vital. Overall, the midsize auto insurance segment has an average customer satisfaction score of 858 (based on a 1,000-point scale). "Ironically, while the industry's estimated annual ad spend now nears $10 billion, consumers say they see less differentiation among the top brands," Tom Super, head of property & casualty insurance at J.D. Power, said in a release. "Following a period of massive disruption and a prolonged, uneven recovery, auto insurance customers have a heightened expectation about factors such as price, flexibility and coverages. Insurers need to get more creative around customer service and delivery because the current incremental changes are missing the mark." The above slideshow highlights the top-rated midsized auto insurance companies based on a customer satisfaction index produced by J.D. Power. Related: |
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.