"While insurers are caught between a rock and a hard place when it comes to balancing profitability with customer experience," Mark Garrett, director of insurance intelligence at J.D. Power, "there are several ways they can blunt the negative effects of rising costs, such as proactively offering customers UBI alternatives, clearly signaling and explaining necessary rate increases and consistently delivering on brand promises to instill trust." (Credit: Nuthawut/Adobe Stock)
As if the insurance business weren't complicated enough, consumers can be especially vexed when the cost of their coverages rises, even though they may not have filed a claim recently.
Consider that about one in three car insurance customers experienced a rate increase in 2023, according to J.D. Power — a trend that has negatively impacted insurance customer satisfaction. "Overall customer satisfaction with auto insurers has plummeted this year, as insurers and drivers come face to face with the realities of the economy," Mark Garrett, director of insurance intelligence at J.D. Power, said in a prepared statement.
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