J.D. Power and Associates conducted a study on auto insurance customer satisfaction. Unfortunately, the research concluded that customer satisfaction is declining. The study was conducted between January and February of 2012. The data was collected from a sampling pool of 3,700 auto insurance customers that filed a claim within the past 6 months.
The survey asked auto insurance customers to grade their company in several areas.
First notice of loss, which constitutes there satisfaction level when notifying their insurance provider they have been in an accident.
Service interaction, which evaluates the literal customer service of all parties from the insurance company. Appraisal, refers to how long it took and wether or not the customer thought it was accurate and conducted efficiently.
Claimants were also asked to rate their level of satisfaction with the repair process, and of course settlements. In regards to the repair process, the turn around time has increased by an entire day from 2011. On average it will take 15.8 days to get through the entire process and get the insured’s vehicle back to them.
Another reason for the satisfaction decline is settlements in terms of ‘total loss’ claimants. Often, claimants reported that their settlement pay out was not enough to buy the same car. What they may not understand is that they were sold a car well above the vehicles own market value, and then depreciation is factored in.
Whether or not the auto insurance consumers had a justified reason to be dissatisfied is in the eye of the beholder. However, at the end of the day their are now 3% less satisfied with their insurance company.