• Size of premium increase correlates
with satisfaction: Satisfaction scores average 726 among customers who experience premium increases of $25 or less.
Among those with an increase of $200 or
more, satisfaction declines by 188 points
to an average of 538.
• All hail, Texas: While price satisfaction at the national level declines just 1
point in 2017, there are wide variations
in price satisfaction at the regional level. Texas experiences the sharpest decline (- 13 points) amid a rash of catastrophic losses — on top of collision
losses — stemming primarily from hail
storms. Texas is followed by New York
(- 10 points), the Northwest region (-9
points) and the Southwest region (- 5
points) among those regions experiencing the largest year-over-year declines in
• Telematics increase customer perception of value: Usage-based insurance
programs, which leverage telematics technology to set insurance premiums based
on how far and how safely a customer
drives, may be the great equalizer when
it comes to customer perception of price.
Price satisfaction scores are between 54
and 72 points higher among customers
who are usage-based insurance participants, even when those participants have
experienced premium increases.
• Communication clarifies value:
Carriers can minimize the negative impact of insurer-initiated price increases
by providing clarity and transparency
in policy coverage. Satisfaction among
customers who received a price increase
averages 645 compared with 768 among
customers without an increase; however, when carriers notify customers of a
price increase in advance of the change,
provide helpful information on customers’ bills, and when customers say they
completely understand their policy, price
satisfaction averages 755.
5 factors examined for customer
The 2017 U.S. Auto Insurance Study
examines customer satisfaction in five
factors (in order of importance):
2. Policy offerings
4. Billing process and policy information
The study is based on responses from
45,624 auto insurance customers, and
was fielded in February-April 2017.
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