Digital advancements lift small commercial satisfaction
Advancements in digital have led to the highest satisfaction with small commercial insurers on record, according to J.D. Power & Associates.
The market research firm's 2019 Small Commercial Insurance study finds a satisfaction score of 844 on its 1,000 point scale for the industry, an all-time high. It can be attributed to "insurance company investment in technology, servicing, product expansion and dedicated infrastructure designed to support small business customers," the firm says.
“Digital channels are now more influential than ever before in shaping commercial customer experiences and this will be an important area of focus moving forward as technology continues to evolve rapidly and more customers interact with their insurers via electronic channels," explains David Pieffer, practice lead for the P&C Practice at J.D. Power.
The company surveyed 3,221 commercial insurance customers with fewer than 50 employees in the second quarter of 2019. The five factors measured were interaction; policy offerings; price; billing and payment; and claims. The top-ranking carriers were:
- Nationwide 868
- American Family 864
- Chubb, Farmers 858