Insurers that earn jeers from their customers are falling further behind the ones that earn cheers.Executive SummaryWatermark Consulting’s Jon Picoult demonstrates that the connection between the customer experience a company delivers and its financial performance within the insurance industry. Following up on a prior study in which he uses a stock performance analysis tied to J.D. Power’s insurance customer satisfaction ratings, Picoult shows that the competitive edge enjoyed by J.D. Power’s Insurance Customer Experience Leaders over Laggards is both real and strengthening in the auto and homeowners lines.
That’s the key takeaway from Watermark Consulting’s 2018 Insurance Customer Experience ROI Study.
The study, which was last conducted two years ago, seeks to provide insurance executives with a macro understanding of the impact that customer experience has on a company’s fortunes. This is important information for an industry that publicly affirms the importance of customer experience, but privately struggles to quantify the benefits of such investments.
About the Study
Watermark’s analysis is based on data from what is arguably the most well-regarded source of insurance carrier customer experience rankings—J.D. Power and Associates’ annual Insurance Satisfaction Studies.