Even in an environment of rising rates in which 36% of small business owners have experienced premium increases during the past year, overall customer satisfaction, loyalty and brand advocacy stay str...
American Family Ranks Highest among Small Commercial Insurers
TROY, Mich.: Even in an environment of rising rates in which 36% of small business owners have experienced premium increases during the past year, overall customer satisfaction, loyalty and brand advocacy stay strong when customers trust their commercial insurance providers. According to the J.D. Power 2024 U.S. Small Commercial Insurance Study,SM released today, among small businesses with the highest levels of trust in their insurers 81% say they “definitely will” renew with their carrier and 79% say they “definitely will” recommend their carrier. Overall trust levels, however, vary widely by insurer.
“Trust is the single most important variable in the customer relationship with commercial insurance providers,” said Stephen Crewdson, senior director of global insurance intelligence at J.D. Power. “Across virtually every business metric that matters to insurers—customer loyalty, advocacy, premium retention, share of wallet—small business owners who trust their insurers represent significantly higher value. While some insurers are doing a great job cultivating that trust, others have a lot of work to do.”
Following are some key findings of the 2024 study:
Study Ranking
American Family ranks highest in overall customer satisfaction with a score of 727. State Farm (719) ranks second and Allstate (716) ranks third.
The U.S. Small Commercial Insurance Study was redesigned for 2024. It is based on responses from 2,817 small commercial insurance customers. The study, now in its 12th year, examines overall customer satisfaction among small commercial insurance customers with 50 or fewer employees. Overall satisfaction is measured across seven core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are (in order of importance): trust; price for coverage; product/coverage offerings; ease of doing business; people; problem resolution; and digital channels. The study was fielded from February through June 2024.
For more information about the U.S. Small Commercial Insurance Study, visit https://www.jdpower.com/business/insurance/us-small-commercial-insurance-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2024087.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto-shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
Fonte: Business Wire
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