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Valuable Insurance Customers' Data From ACS Insurance Satisfaction Survey

—January 11, 2016
Valuable Insurance Customers' Data From ACS Insurance Satisfaction Survey

In late 2015, world-renowned market research firm J.D. Power unveiled its insightful and impactful 2015 U.S. Auto Claims Satisfaction Study (ACS). The study is based on survey responses from 11,469 auto insurance customers who settled a claim within six months prior to completing the survey. The insurance satisfaction survey excludes claimants whose vehicle was stolen or incurred only glass/windshield damage – or who only filed a roadside assistance claim. Insurance customers’ data published in the ACS study was collected from November 2014 through September 2015.

The main purpose of this dynamic and well-respected insurance satisfaction survey is to help insurance carriers continue to improve. This improvement comes from more closely understanding the ever-changing customer landscape and insurance customers’ needs and behavior – from one generation to the next.

Over the past several decades, J.D. Power has earned a reputation as one of the most trusted and respected sources of data in the automotive industry. Here at Mitchell, we’ve enjoyed an evolving and powerful partnership with J.D. Power for the past decade. This unique and invaluable partnership allows us to share results from this influential annual ACS study with you.

Let’s take a closer look at the Top 10 insights from the ACS insurance satisfaction survey:

  1. Customer satisfaction remained stable, but FNOL declined. A rise in satisfaction with the appraisal/repair process (driven by Millennial customers) offset the decline in FNOL.
  2. Of the Top 10 Key Performance Indicators (or KPIs), settlement ranked as the most important. When it comes to today’s insurance customers’ needs, it’s ultimately all about meeting settlement expectations.
  3. Claim satisfaction has a major impact on insurance customer loyalty. If they are indifferent or displeased, they are likely to shop for a new insurance provider.
  4. Severity (or the perception of it) continues to increase. Overall total loss claims have declined, offsetting improvements in repaired vehicles.
  5. Time to communicate settlement terms and receive settlements has risen. The perceived level of effort in total loss claims also surged upward.
  6. The rise of Millennial claimants plays a major role. Millennial consumers have different expectations and understanding of the process than previous generations. They are more demanding, and often don’t know about their policy, or rental coverage.
  7. FNOL through the web or mobile apps has been slow to gain traction. Millennials are the heaviest adopters of mobile apps. Direct writers lead the way with photo submission through mobile apps.
  8. Segmentation can and should be used to optimize service. There are five different defined customer segments. The largest group is “unengaged,” meaning they don’t see insurance as a service, but rather as a commodity.
  9. Missed customer satisfaction has a large impact. If KPIs are missed, 40% of consumers will shop elsewhere or immediately switch to new insurance.
  10. Appraisal attributes and KPIs are different from settlement attributes and KPIs. In the former, quality of repair makes a large difference. With the latter, fairness and time are seen as most valuable and desired.

We’ve also partnered with J.D. Power to create Mitchell WorkCenter Total Loss Vehicle Claims Management. When you put Mitchell WorkCenter Total Loss to work, you provide your company’s own total loss unit with a statistically-driven, fully-automated, web-based total loss valuation system. You’ll enjoy a better process, with less complexity and overhead, featuring valuations you can always trust.

By combining our established leadership in physical damage claims processing solutions with J.D. Power’s data analysis and pricing techniques, we deliver fair-market, data-driven vehicle valuations. And we help you achieve real results. Results that reduce settlement time while also increasing customer satisfaction.

With Mitchell WorkCenter™, your cycle time is reduced, your customers get their cars back sooner, and insurers can process more claims in less time. Everybody wins.

Read more about the insightful SAS study at JDPower.com right now!


 

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