JD Power: Best major auto insurers for customer satisfaction in 2021
You don’t have to be an academic to identify the auto insurance buying trends that have characterized this market in 2020. Auto insurers that have reached the high bar for meeting and exceeding customer expectations have it. done by acknowledging the hardships triggered by COVID-19 and subsequent pandemic closures, then working with policyholders to maintain coverage while protecting their reputation.
On average, insured drivers drove 55% fewer road kilometers in 2020, and around 15% of them were unemployed, according to JD Power â¢ Insurance Purchase Study 2021, who is now in his 15e year.
âThe pandemic has revealed a lot about insurance buying behaviors in 2020 as there has been a significant increase in purchasing activity among customers who have been financially impacted and many have turned to major brands. well-known and offers at lower rates, âTom Super, head of property and casualty insurance at JD Power said in a press release. âThe experience highlights the need for more sophisticated acquisition and retention tools. Ironically, with the industry’s estimated annual ad spend now approaching $ 10 billion, consumers say they see less differentiation among the top brands. After a period of massive disruption and a protracted and uneven recovery, auto insurance customers have heightened expectations for factors such as price, flexibility and coverage. Insurers need to be more creative when it comes to customer service and delivery, as the current incremental changes are missing the mark. “
The above slideshow illustrates the top major auto insurers for customer satisfaction, based on research for JD Power’s 2021 Insurance Shopping Study â¢.
Here are some of the other takeaways from the study:
- The industry’s top five insurers account for 60% of all auto insurance premiums.
- More than four in 10 auto insurance customers (46%) made changes to their coverage in 2020. This included a reduction in coverage (17%); buy another carrier (15%); increasing deductible (12%); or switch to another operator (12%).
- Despite the fact that auto insurers have reimbursed about $ 18 billion in premiums, nearly half of auto insurance buyers (43%) were unaware of pandemic premium relief programs.