Big gap developing in commercial insurance customer satisfaction

On Behalf of | Aug 10, 2017 | Insurance Law

Among the things that have major impacts for an insurance company is how happy customers are with their experience with the company. An insurer’s customer satisfaction levels could affect its abilities to keep current customers. Such levels could also impact an insurer’s likelihood of attracting new customers.

A recent study looked at customer satisfaction in the field of commercial insurance. Specifically, it looked at how satisfied small businesses were with their commercial insurers.

The study found that, overall, such satisfaction was up in 2017. However, this increase was not across the board. Rather, there was a significant difference between bigger and smaller small businesses on this front. Small businesses with 11 to 50 employers showed a sharp rise in their satisfaction levels, a 13 index point increase. However, small businesses with fewer employees showed much different trends. For example, companies with 5 to 10 workers showed an 18 index point drop in satisfaction.

What do you think are the biggest contributors to this gap in customer satisfaction within the realm of commercial insurance? What actions do you think would most help insurers improve satisfaction levels among smaller small businesses and close this gap?

As this illustrates, different types of clients can raise different sort of issues for insurers when it comes to promoting customer satisfaction. Keeping the unique issues related to maintaining strong relationships with their particular customer base in mind can be important for insurers in all types of customer interactions. This includes claims-related interactions, such as those connected to potential claims disputes.

Source: Insurance Journal, “The Smaller the Small Business, the Bigger the Insurance Discontent: J.D. Power,” Aug. 7, 2017