YOUR BUSINESS AUTHORITY
Springfield, MO
The 2008 National Auto Insurance Study was released Aug. 28 and was based on 21,236 responses from auto insurance policyholders surveyed in April and May, according to a news release.
ANPAC received an index score of 799 out of 1,000 and a four-point rating, putting it in the category of “better than most” with four other companies: State Farm, Erie Insurance, Auto-Owners and Automobile Club of Southern California. Only one company – Amica Mutual – received a five-point rating, with an 827 index score. Overall, the industry averaged a customer satisfaction index score of 787 and a three-point rating.
Customer satisfaction was measured based on five factors: interaction, policy offerings, billing and payment, price, and claims.
Other findings from the study included:
• 59 percent of customers who are highly committed to their providers say they would not switch their auto insurer for any price, compared to 9 percent of low-commitment customers who say the same;
• 90 percent of customers say they “definitely will” renew their auto insurance policy, compared to 14 percent of low-commitment customers who say the same;
• 81 percent of highly committed customers are likely to recommend their insurer to friends and family, compared to 9 percent of low-commitment customers who would make recommendations; and
• Overall satisfaction of the auto insurance industry has increased, up seven index points this year compared to 2007 and up 25 points since 2004.
“Increasing their numbers of highly committed customers by delivering positive service experiences can be very rewarding to auto insurers and significantly impact their financial returns,” said Jeff Leiman, J.D. Power and Associates, senior director of the insurance practice, in the release. “The very nature of the auto insurance market requires continuous improvements in order to keep pace with ever-increasing customer expectations.”[[In-content Ad]]