Auto-Owners Insurance and State Farm Each Rank Highest in ... · (Page 1 of 3) w J.D. Power...
Transcript of Auto-Owners Insurance and State Farm Each Rank Highest in ... · (Page 1 of 3) w J.D. Power...
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J.D. Power Reports:
Improved Interactions Drive Gen Y Increase in Auto Insurance Satisfaction Auto-Owners Insurance and State Farm Each Rank Highest in Two of 11 Regions WESTLAKE VILLAGE, Calif.: 19 June 2015 —Gen Y1 customers are the driving force behind an increase in overall auto insurance satisfaction due to improvement across all customer service interaction channels, the largest contributor to the customer experience, according to the J.D. Power 2015 U.S. Auto Insurance StudySM released today. The study examines customer satisfaction in five factors: interaction; price; policy offerings; billing and payment; and claims. Satisfaction is measured on a 1,000-point scale. Overall customer satisfaction with their auto insurer has reached an all-time high of 818, an improvement of 8 index points from 2014. Satisfaction among Gen Y customers has increased the most, compared with the other generations—Gen Y: +21 points; Gen X: +6; Boomers +4; and Pre-Boomers: -3. The interaction factor has the greatest impact on overall customer satisfaction and is also the largest contributor to the year-over-year improvement. Overall interaction satisfaction among Gen Y customers (827) is up by a significant 20 points from 2014. Customer interaction preferences are changing. Gen Y’s preference to interact exclusively through digital self-service (Web or mobile) has increased to 27 percent in 2015 from 21 percent in 2011. A similar pattern of preference is found in other generational groups (Gen X: 23% vs. 19% in 2011; Boomers: 12% vs. 10%; and Pre-Boomers: 6% vs. 4%). Among the interaction channels, satisfaction with the website experience receives the lowest average score, most notably among Gen Y customers (816, compared with 826 for Gen X, 841 for Boomers and 861 for Pre-Boomers). “While customers across all generations are able to use online self-service for basic tasks such as making a payment and gathering information about their account, they should also be able to resolve more complex issues online,” said Valerie Monet, director of the insurance practice at J.D. Power. “It is critical for insurers to resolve customers’ service needs entirely on the website. This can drive increased use of the website and can minimize servicing costs, as unresolved issues frequently require a contact to call centers or agents, freeing their time to cultivate new business.” According to Monet, some activities are better performed through personal interactions. One-fourth (25%) of Gen Y customers indicate they would rather talk to someone in person or over the phone to discuss price changes, and 23 percent indicate they prefer in person or over the phone rather than the website channel when they have questions about their policy coverage. Insurers should
1 J.D. Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976);
Gen Y (1977-1994); and Gen Z (1995-2004).
focus their in-person resources on high-touch customer calls in which the agent’s expertise is highly valued.
KEY FINDINGS
The incidence of resolving issues entirely via the website has increased for Gen Y to 81
percent (up by 2 percentage points from 2014), with similar rates across generational groups—Gen X 82%; Boomers 81%; and Pre-Boomers 80%. Website satisfaction is 123 points lower among customers who do not resolve their issue completely via the website than among those who do (736 vs. 859, respectively).
Nearly three-fourths (73%) of Gen Y customers indicate having online access to policy information (+2 percentage points from 2014), compared with 62 percent across the other three generations. The level of awareness of online access to policy information among Gen Y customers (73%) is greater than among customers in the other generational groups (Gen X 68%; Boomers 62%; and Pre-Boomers 54%).
Nearly nine in 10 (87%) customers overall indicate receiving communications from their insurer via their preferred method—up 2 percentage points from 2014—compared with 81 percent among Gen Y customers, which is an increase of 5 percentage points.
Across all generational groups, 49 percent of customers say they “definitely will” recommend their current insurer (the same as in 2014) and 50 percent say they “definitely will” renew their policy (down 1 percentage point from 51% in 2014).
Regional Overview Satisfaction varies regionally from a high of 832 in the Texas region to a low of 801 in the New England region. Eight of the 11 study regions post significant increases in overall customer satisfaction year over year, with the greatest improvements in the Florida (+24 points) and Mid-Atlantic (+16) regions. California: Wawanesa (844) ranks highest in the California region. The Hartford ranks second at 840 and Auto Club of Southern California Insurance Group ranks third at 839. Central: Auto-Owners Insurance (850) ranks highest in the Central region, followed by Shelter Insurance (846) and State Farm (830). Florida: GEICO (836) ranks highest in the Florida region. Progressive (835) and Allstate (832) follow GEICO in the rankings. Mid-Atlantic: Erie Insurance (850) ranks highest in the Mid-Atlantic region. The Hartford (835) ranks second and State Farm ranks third (826). New England: Amica Mutual (866) ranks highest in the New England region. State Farm (815) ranks second and Allstate (808) third. New York: State Farm ranks highest in the New York region (831). GEICO (828) ranks second and Travelers (818) ranks third. North Central: Auto-Owners Insurance (834) ranks highest in the North Central region. Nationwide (828) ranks second and COUNTRY Financial and Indiana Farm Bureau (822 each) tie for third.
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Northwest: PEMCO Insurance (837) ranks highest in the Northwest region, followed by State Farm (830) and Farmers (828). Southeast: Tennessee Farm Bureau (859) ranks highest in the Southeast region. Alfa Insurance (831) ranks second and Allstate (830) third. Southwest: The Hartford and State Farm rank highest in the Southwest region in a tie (830 each). Liberty Mutual (826) ranks third. Texas: Texas Farm Bureau Insurance (859) ranks highest in the Texas region. No other insurance company performs above the Texas region average (832).
New Jersey Manufacturers Insurance Company (NJM) and USAA also achieve high levels of customer satisfaction in the study, although they are not included in the rankings due to the closed nature of their respective memberships. The 2015 U.S. Auto Insurance Study is based on responses from 46,256 auto insurance customers. The survey data was collected in March and April 2015. Media Relations Contacts Jeff Perlman; Brandware Public Relations; Woodland Hills, Calif.; 818-317-3070; [email protected] John Tews; J.D. Power; Troy, Mich.; 248-680-6218; [email protected] About J.D. Power and Advertising/Promotional Rules www.jdpower.com/about-us/press-release-info About McGraw Hill Financial www.mhfi.com
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(Page 3 of 3) Note: Eleven charts follow.
Year / Project / Study Name
844
840
839
831
828
817
812
803
803
796
794
793
787
786
785
782
781
768
715
901
200 400 600 800 1000
Wawanesa
The Hartford
Auto Club of Southern California Insurance Group
Ameriprise
State Farm
Esurance
GEICO
Progressive
California Regional Average
Allstate
CSAA Insurance Group
Farmers
Safeco Insurance
Nationwide
Liberty Mutual
21st Century
Mercury
Travelers
Infinity P&C
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingCalifornia Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Kemper, MAPFRE-Commerce Insurance, and National General.
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Year / Project / Study Name
850
846
830
822
820
819
819
818
818
818
814
807
799
798
789
788
890
200 400 600 800 1000
Auto-Owners Insurance
Shelter Insurance
State Farm
American Family
Central Regional Average
Allstate
Farmers
GEICO
The Hartford
Safeco Insurance
Auto Club of Southern California Insurance Group
Progressive
Farm Bureau Mutual
Liberty Mutual
Nationwide
Travelers
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingCentral Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size is Automobile Club Group.
Year / Project / Study Name
836
835
832
829
829
816
814
803
801
797
794
792
791
788
902
200 400 600 800 1000
GEICO
Progressive
Allstate
MetLife
Florida Regional Average
State Farm
Liberty Mutual
Nationwide
The Hartford
21st Century
Auto-Owners Insurance
Travelers
Esurance
Safeco Insurance
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingFlorida Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Amica Mutual, Direct General, Farmers, Infinity P&C, and Mercury.
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Year / Project / Study Name
850
835
826
822
821
819
814
811
802
801
801
781
906
864
200 400 600 800 1000
Erie Insurance
The Hartford
State Farm
Mid-Atlantic Regional Average
GEICO
Allstate
Travelers
Progressive
Nationwide
Liberty Mutual
Plymouth Rock Assurance
21st Century
*USAA
**NJM Insurance Co.
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingMid-Atlantic Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. **NJM Insurance Co. is an insurance provider open only to New Jersey Business & Industry Association members, State of New Jersey employees, NJM's previously insured drivers, and/or previous/current auto/homeowner policyholders, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Amica Mutual, Esurance, and MetLife.
Year / Project / Study Name
866
815
808
801
801
799
796
793
791
791
791
786
778
777
775
774
894
200 400 600 800 1000
Amica Mutual
State Farm
Allstate
Liberty Mutual
New England Regional Average
GEICO
Progressive
The Hartford
MetLife
Safety Insurance
Travelers
Safeco Insurance
Nationwide
Plymouth Rock Assurance
Arbella
MAPFRE-Commerce Insurance
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingNew England Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size is The Hanover.
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Year / Project / Study Name
831
828
818
813
806
805
802
799
792
787
783
911
200 400 600 800 1000
State Farm
GEICO
Travelers
New York Regional Average
Nationwide
Allstate
New York Central Mutual
MetLife
Liberty Mutual
Progressive
The Hartford
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingNew York Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Amica Mutual, Erie Insurance, and Kemper.
Year / Project / Study Name
834
828
822
822
821
819
816
815
813
812
812
808
806
806
804
800
796
794
785
776
898
200 400 600 800 1000
Auto-Owners Insurance
Nationwide
COUNTRY Financial
Indiana Farm Bureau
The Hartford
American Family
State Farm
Erie Insurance
Progressive
Farmers
GEICO
North Central Regional Average
Allstate
Grange Insurance
Liberty Mutual
MetLife
Michigan Farm Bureau
Automobile Club Group
The Hanover
Safeco Insurance
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingNorth Central Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size is Esurance.
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Year / Project / Study Name
837
830
828
822
820
817
805
798
798
794
781
758
902
200 400 600 800 1000
PEMCO Insurance
State Farm
Farmers
GEICO
The Hartford
Northwest Regional Average
American Family
Allstate
Safeco Insurance
Progressive
Nationwide
Liberty Mutual
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingNorthwest Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are COUNTRY Financial, Kemper, and Mutual of Enumclaw.
Year / Project / Study Name
859
831
830
829
826
825
825
824
822
816
814
808
800
791
919
200 400 600 800 1000
Tennesssee Farm Bureau
Alfa Insurance
Allstate
Progressive
North Carolina Farm Bureau
Kentucky Farm Bureau
Southeast Regional Average
State Farm
Auto-Owners Insurance
GEICO
Nationwide
Travelers
Liberty Mutual
Safeco Insurance
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingSoutheast Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are COUNTRY Financial, Erie Insurance, Esurance, Farmers, Grange Insurance, The Hartford, Kemper, MetLife, National General, and Shelter.
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Year / Project / Study Name
830
830
826
824
824
824
814
812
803
797
797
914
200 400 600 800 1000
The Hartford
State Farm
Liberty Mutual
American Family
GEICO
Southwest Regional Average
Progressive
CSAA Insurance Group
Allstate
Farmers
Safeco Insurance
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingSouthwest Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Auto-Owners Insurance, Farm Bureau Mutual, and Nationwide.
Year / Project / Study Name
859
832
827
825
822
811
805
797
792
892
200 400 600 800 1000
Texas Farm Bureau Insurance
Texas Regional Average
State Farm
Progressive
GEICO
Farmers
Allstate
Nationwide
Liberty Mutual
*USAA
J.D. Power2015 U.S. Auto Insurance StudySM
Overall Customer Satisfaction Index RankingTexas Region
(Based on a 1,000-point scale)
JDPower.comPower Circle RatingsTM
for consumers:
Among the bestBetter than mostAbout averageThe rest
Power Circle Ratings Legend
Source: J.D. Power 2015 U.S. Auto Insurance StudySM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores, and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th is release or J.D. Power survey results without the express prior written consent of J.D. Power.
Note: *USAA is an insurance provider open only to U.S. military personnel and their families, and therefore is not included in the rankings. Included in the study but not ranked due to sample size are Amica Mutual, Auto Club of Southern California Insurance Group, Kemper, and Safeco Insurance.