Everyone appreciates companies and people that are easy to workwith — a pleasant experience builds loyalty andtrust.
|With homeowners' insurance premiums remaining stable, insurersare focusing on the customer experience to differentiate themselvesfrom the competition, according to the J.D. Power 2016 U.S. Home InsuranceStudy.
|On average, customers report an annual premium charge of $1,186for homeowners' insurance in 2016, remaining relatively unchangedover the past few years.
|Customer satisfaction more important than ever
The shift in insurers’ strategic priorities has resulted in asignificant increase in satisfaction, according to Costa Mesa,California-based market research company J.D. Power.Overall customer satisfaction with homeowners' insurers is 804 (ona 1,000-point scale), a 17-point increase from 2015.
|Related: Insurer customer satisfaction tied to online buyingexperience
|While homeowner satisfaction with price is up (+16 points)because rates are stable, the increase in satisfaction with policyofferings (+25) is actually a much larger driver of the overallannual change in satisfaction. Improved communication is helpingcustomers to see the value in the products they purchase, accordingto J.D. Power.
|Among homeowner customers, satisfaction also improvessignificantly in claims (+19 points) and interaction (+10).
|“Although many insurers have made great strides in improving thecustomer experience, there is still significant opportunity toimprove customer perceptions of both products and services,” saidValerie Monet, director of the insurance practice at J.D. Power.“New entrants into the market, such as on-demand insurance, willlikely result in shifts in customer expectations. Customersatisfaction is going to be more important than ever before forcompetitive position and growth.”
|Agent and broker interactions critical
The J.D. Power report found that while high-net-worth Gen Ycustomers are more satisfied overall with their homeowners'insurance than are high-net-worth baby boomers, they are lesssatisfied with interaction with their insurer, specifiically withtheir agent experience. Focusing on improving agent and brokerinteractions will be critical for insurers looking to attract andretain customers, according to J.D. Power.
|Satisfaction in the homeowners segment was measured by examiningfive factors:
- |
- Interaction.
- Policy offerings.
- Price.
- Filing process and policy information.
- Claims.
Here are the top 20 homeowners' insurance companies for customersatisfaction based on J.D. Power's 2016 rankings:
|
20. MetLife
Total customer satisfaction score: 801.
|
19. Nationwide
Total customer satisfactionscore: 802.
||
18. CSAA Insurance Group
Total customer satisfactionscore: 805.
||
17. Farmers
Total customer satisfaction score: 807.
|
16. Country Financial
Total customer satisfaction score: 807.
|
15. Auto Club Group
Total customer satisfaction score: 807.
|
(Photo: Shutterstock)
|14. Hartford Financial Services Group
Total customer satisfaction score: 811.
||
13. Encompass
Total customer satisfaction score: 811.
|
12. Allstate
Total customer satisfaction score: 812.
||
11. Shelter Insurance
Total customer satisfaction score: 815.
|
10. Chubb
Total customer satisfactionscore: 816.
|
9. Progressive
Total customer satisfaction score: 817.
|
8. American Family
Total customer satisfaction score: 817.
||
(Photo: iStock)
|7. State Farm
Total satisfaction score: 818.
|
6. ErieInsurance
Total customer satisfaction score: 819.
|
5. Auto-OwnersInsurance
Total customer satisfactionscore: 824.
|
4. Geico
Total customer satisfactionscore: 826.
||
3. CincinnatiInsurance
Total customer satisfaction score: 828.
|
2. Auto Club of Southern California Insurance Group
Total customer satisfactionscore: 835.
|
(Photo: Amica Mutual Insurance 2015 Annual Reportscreenshot)
|1. Amica Mutual
Total customer satisfaction score: 864.
|Amica Mutual ranks highest in the homeowners insurancesegment for a 15th consecutive year. Amica Mutual performsparticularly well in the billing process and policy information,interaction, policy offerings and price factors, according to J.D.Power.
|Related:
|Infographic: Top 5 ways things can go wrong athome
|6 things you need to know about insuring acondo — before buying one
|Want to continue reading?
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