Risk professionals for large commercial businesses are “significantly more satisfied” when 11 key performance indicators (KPIs) are met by brokers and insurers. That’s the main finding in the inaugural 2014 Large Commercial Insurers Report from J.D. Power and RIMS, released Dec. 10.
The 11 KPIs—best practices that have the most influence on customer satisfaction—focus on three core areas: limiting customer-reported billing errors and renewal issues, understanding the customer’s business, and communicating effectively.
The survey came about because property and casualty insurers who work with large businesses wanted a better understanding of what their clients meant by “customer service,” explains Timothy Bebout, commercial insurance practice leader at J.D. Power, in an interview. He sees this survey as a first step toward figuring out what kind of relationship risk managers want to have with their brokers and insurers and how to improve that relationship.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
