Personal lines property/casualty carriers received confirmation yesterday of a business strategy that works: Claimants of insurance companies that provide highly satisfying property claims experiences are considerably more likely to renew with their insurer and recommend their insurer to others, according to the J.D. Power and Associates’ (http://businesscenter.jdpower.com/) 2010 U.S. Home Claims Satisfaction Study released yesterday.
Among home insurers that provide highly satisfying claims experiences (satisfaction scores of 840 or higher on a 1,000-point scale), 71% of their claimants indicate that they "definitely will" renew with their insurer and only 4% say that they have switched insurers since experiencing their homeowners claim. Similarly, 67% of these claimants say they "definitely will" recommend their insurer to others. In comparison, among insurance companies with lower levels of satisfaction, only 53% of claimants say they plan to renew, while 10% say that they have switched insurers. Fewer than one-half (48%) of these claimants say they "definitely will" recommend their insurer.
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