XL Catlin ranks highest among large commercial insurers in terms of customer satisfaction, J.D. Power found in its latest study.
The insurer and reinsurer scored 806 out of a possible 1,000-point scale measuring customer satisfaction. XL Catlin’s score is included in the new J.D. Power 2017 Large Commercial Insurance Study released on Dec. 4. XL Catlin also grabbed the top spot in 2016.
Chubb landed in second place with a score of 783, and The Hartford placed third with 772. Tokio Marine Group and Travelers were in the number 4 and 5 slots, respectively, with scores of 762 and 761.
Rounding out slots 6-10, respectively, were CNA (751), Liberty Mutual (751), Berkshire Hathaway (746), Zurich (746) and AIG (731).
This is the fourth annual J.D. Power study of large commercial insurers (it also focuses on brokers). Commercial insurer satisfaction scores are calculated based on service interaction, program offerings, price, billing process and claims. J.D. Power conducted the study with the Risk and Insurance Management Society (RIMS).
Here are some of the study’s key findings:
- The overall customer satisfaction with large commercial insurers came in at 761, up seven points from 2016. A boost in satisfaction over program offerings and variety helped increase this year’s score.
- Commercial insurance customers worry most about gaps relating to cybersecurity, loss prevention and risk control, business interruption and remediation.
- Commercial insurers aren’t as likely to become brand advocates compared to other sectors such as business utilities or personal auto insurance.
- Customers notice when commercial insurers show that they understand their business needs.
“Amid a sustained period of stagnant rates, top-performing large commercial insurers have set themselves apart from the competition by offering a wider variety of coverage options and services to meet the specific risk needs of their customers,” David Pieffer, P&C Insurance Practice Leader for J.D. Power, said in prepared remarks.
He added that customer expectation for “tailored product offerings” has become an important part of the business insurance product mix. What’s more, Pieffer said, this trend should continue even as rates start rising in 2018 for some catastrophe-exposed lines in the wake of the 2017 hurricane season.
Source: J.D. Power