The utilization of telematics technologies, which are used to monitor driving habits and appropriately assess risk, has doubled since 2016, according to J.D. Power. (Credit: Black Salmon/Shutterstock.com)
Customer satisfaction with auto insurance premiums has taken a dive, but stepped-up efforts within the insurance industry to improve customer engagement — including the implementation of usage-based insurance technology (UBI) — kept overall satisfaction steady from 2021 to 2022, says a new study from J.D. Power.
"The current situation is a tough one for auto insurers, but it is not impossible in the current inflationary environment to build customer satisfaction and retention," Robert Lajdziak, director of insurance intelligence at J.D. Power, said in a press release. "J.D. Power finds two bright spots in the data for insurers. First, those insurers that are transparent and notify customers in advance of price increases can blunt the negative effects of a price increase. Second, usage-based insurance is growing quickly, with an all-time high number of customers adopting these programs and due to their experience using them, overall customer satisfaction levels have significantly risen."
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
