Customer satisfaction with settlement amounts and service interactions for policyholders filing property claims dropped for the first time in five years according to the new J.D. Power 2016 U.S. Property Claims Satisfaction Study.
The study measures five factors related to consumers' property claims experience: Settlement, first notice of loss, estimation process, service interaction and repair process, and is based on a 1000-point scale.
As the industry experiences a period of declining premiums because of fewer weather events, information from the study indicates that insurers are focusing more on cutting costs and less on customer satisfaction. One of the key drivers was service interaction with a 28-point drop in satisfaction with claims professionals, and 8-point drops in service interaction and involvement with local agents.
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