The Ann Arbor, Mich.-based American Customer Satisfaction Index (ACSI) has released new data indicating that customer satisfaction with the finance and insurance sector is sliding.
The sector, which includes banks, credit unions, life insurance, health insurance and Internet investment services, dropped to its lowest score in a decade — 74.8 on ACSI's 100-point scale, a decrease of 0.4%.
"These are not happy times," said Claes Fornell, ACSI chairman and founder. "Insurance companies and credit unions are joining the troubling trend of deteriorating customer satisfaction that we've seen throughout most of the U.S. economy. Corporations facing increasing earnings and revenue pressure keep raising premiums and fees, which, combined with cost cutting to maintain profitability, is having a negative effect on service and on customer satisfaction. What might look good on the balance sheet in the short 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.
