Large Commercial Insurers Notch Slight Improvements in Customer Satisfaction but Many Customers Remain ‘Indifferent,’ J.D. Power Finds
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XL Catlin Ranks Highest among Large Commercial Insurers for Third Straight Year
COSTA MESA, Calif.: 29 Nov. 2018 — Overall customer satisfaction with large commercial insurers has increased slightly in 2018, according to the J.D. Power 2018 Large Commercial Insurance Study.SM Despite the modest improvement, customer satisfaction with large commercial insurers is still notably lower than that of other industries, with many customers identifying as “indifferent” to their insurer.
“As the industry contends with heavy catastrophic losses and strained profitability, keeping high value large commercial customers is more critical than ever,” said David Pieffer, P&C Insurance Practice Lead at J.D. Power. “The key is to deliver services and customer experiences that increase overall satisfaction. Currently, 30% of large commercial insurance customers rate their relationship with their provider as ‘indifferent,’ and 45% say they are ‘pleased’ with their relationship. The group that is ‘pleased’ is 139% more likely to renew with their existing provider and 83% likely to indicate that they will not switch insurers even if a broker recommends it.”
XL Catlin ranks highest among large commercial insurers for the third straight year with a score of 796. Berkshire Hathaway ranks second with a score of 784, and Chubb ranks third with a score of 782.
The 2018 Large Commercial Insurance Study provides an independent and objective measure of overall satisfaction among large commercial insurance risk professionals in the United States and Canada. The study is based on 1,659 evaluations from risk professionals or employees who provide oversight for their organization or are members of their organization’s risk management team. Organizations included in the study have at least $100 million in annual revenue or operating budget and have purchased a commercial insurance policy from one of the profiled insurers or brokers.
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer.
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