Customer Satisfaction Sees Improvement For P&C, Life And Health Insurers

According to a report by American Customer Satisfaction Index, a national economic indicator of customer evaluations, P&C, Life and Health Insurance witnessed a new high on its customer satisfaction level in Q3 2013.

On a 100 point-index, P&C rated a rise of 3.8 percent to 81, despite increase in annual premium-rates. Life satisfaction peaked at 83, a 2.5 percent rise and satisfaction with health insurance rose 1.4 percent to a benchmark of 73.

The main contributors to the rise of P&C customer satisfaction levels occurred as a result of gains by smaller insurance carriers.

“Customers are more satisfied with auto insurance (79) than homeowners insurance (76), although customers with multiple policies from the same insurer have the highest level of satisfaction (80),” ACSI said. [twitter.com/PCITplus]

The 3 Greatest Innovation Areas In Insurance

Insurance has seen some of the greatest innovations in 2013 and marketing is not the only area providing through-puts, according to a recent report.

In its second annual report entitled: Innovation in Insurance, research and consulting firm Strategy Meets Action (SMA) revealed that almost every insurance company (87 percent) who participated in its research have either implemented or carrying out some form of innovation. The report highlights that while in 2012, insurers were just tipping towards establishing a collaborative environment and nurture innovation, 2013 has been a year of great innovations in insurance. In 20 percent of the companies, innovation has become one of the key focus areas.

The only constant from last year is the change agent that’s driving innovation. Competitiveness, growth enablement and great customer service were regarded as the top drivers of innovation by 80 percent of the participants, according to the report. [twitter.com/PCITplus]