The Ann Arbor, Mich.-based American CustomerSatisfaction Index (ACSI) has released new dataindicating that customer satisfaction with the finance andinsurance sector is sliding.
The sector, which includes banks, credit unions, life insurance,health insurance and Internet investment services, dropped to itslowest score in a decade — 74.8 on ACSI's 100-point scale, adecrease of 0.4%.
"These are not happy times," said Claes Fornell, ACSI chairmanand founder. "Insurance companies and credit unions are joining thetroubling trend of deteriorating customer satisfaction that we'veseen throughout most of the U.S. economy. Corporations facingincreasing earnings and revenue pressure keep raising premiums andfees, which, combined with cost cutting to maintain profitability,is having a negative effect on service and on customersatisfaction. What might look good on the balance sheet in theshort term is not helpful for long-term prosperity."
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
