A new study finds customer satisfaction with property casualty companies dropped in 2015 because reduced profitability and declining premium rates are driving cost-reductions in customer service functions.
Customers appear especially dissatisfied with The Hartford, which ranks second to last in the J.D. Power 2016 U.S. Property Claims Satisfaction Study. Company officials weren’t immediately available to comment.
The study measures satisfaction with the property claims experience among insurance customers who have filed a claim for damages by examining five factors (listed in order of importance): settlement; first notice of loss; estimation process; service interaction; and repair process. Satisfaction is calculated on a 1,000-point scale.
Amica Mutual ranks highest in overall satisfaction with the property insurance claims experience for a fifth consecutive year, achieving a score of 898. The Hartford’s score was 840, ahead of only Mapfre, which ranked last at 837.
Non-weather water claims are the most frequently reported claims in 2016. Satisfaction with the handling of non-weather-related water damage dropped 19 points to 835, while satisfaction with the handling of hail damage claims is highest at 858. Additionally, satisfaction with theft claims is 840 (up 20 points from 2015), while satisfaction with fire claims and mold is 839 and 834, respectively (-27 points and –38 points, respectively).
