Overall homeowners satisfaction when it comes to property insurance claims is at an all-time high, hitting 883 on J.D. Power's 2021 U.S. Property Claims Satisfaction Study, which ranked satisfaction on a 1,000 point scale, the data analytics and insights provider reported.
Consumers adopting digital tools at an accelerated clip helped boost satisfaction, according to J.D. Power. When homeowners pursue a fully digital claims process, including estimation and first notice of loss, the time to payout was reduced up to 5.5 days.
Additionally, the use of mobile apps and insurer-provided software for inventory creation is up more than 30% since 2018, J.D. Power reported. When inventory lists are made before a loss event, consumers see payouts 3.4 days sooner than when a list is compiled after an incident. Further, pre-loss inventories resulted in higher overall satisfaction ratings.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
