COSTA MESA, Calif., Dec. 4, 2017 /PRNewswire/ -- 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. That's the core finding of the J.D. Power 2017 Large Commercial Insurance Study,SM released today.
The study, now in its fourth year, measures customer satisfaction with commercial insurers and insurance brokers. Commercial insurer satisfaction is based on five factors: service interaction; program offerings; price; billing process; and claims. Satisfaction with commercial insurance brokers is based on nine attributes: quality of advice and guidance provided; reasonableness of fees; ease of the renewal process; effectiveness of risk control services; variety of program offerings; effectiveness of program review; price, given services received; billing and payment process; and claims process. The study was conducted in conjunction with RIMS (the Risk Management SocietyTM), a global not-for-profit organization with a membership of more than 11,000 risk management professionals located in more than 60 countries.
"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."
"A big part of developing a successful insurance program hinges on the strong relationships risk professionals can build both inside and outside of the organization," said RIMS CEO Mary Roth. "Brokers and insurance providers play a pivotal role, helping organizations anticipate and prepare for loss exposures. The RIMS and J.D. Power study highlights the importance of this relationship and sets a standard for others in the industry."
Following are some key findings of the study:
XL Catlin ranks highest among large commercial insurers with a score of 806. Chubbranks second with a score of 783 and The Hartford ranks third with a score of 772.
Lockton ranks highest among large commercial insurance brokers with a score of 856. Arthur J. Gallagher & Co. ranks second with a score of 855 and Aon ranks third with a score of 822.
The 2017 Large Commercial Insurance Study provides an independent and objective measure of overall satisfaction among large commercial insurance risk professionals in the United States and Canada. The study is based on 2,506 evaluations from risk professionals or employees who provide oversight for their organization or are members of their organization's risk management team. Organizations included in the study have at least $100 million in annual revenue or operating budget and have purchased a commercial insurance policy from one of the profiled insurers or brokers.
See the online press release at http://www.jdpower.com/pr-id/2017222.
J.D. Poweris a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
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SOURCE J.D. Power