Jeremy Bowler Customers Quotations

For the typical customer, their day-to-day interaction with the insurance provider has the greatest impact on their overall impression of the company and its brand. Having a dedicated local agent handling their insurance needs can be a big advantage in creating a lasting relationship between insurer and policyholder. However, some insurance customers with simple needs place less importance on a local agent and several carriers have made big strides in refining their direct communication channels with customers. GEICO, for example, has done an excellent job of attracting new customers and delivering quality service, whether through their Web sites or call centers.

Rising repair costs have increased the likelihood that damages exceed the vehicle's market value, causing an insurance carrier to total the vehicle rather than repair it. However, claims settlement satisfaction is considerably lower among customers who have had their vehicles totaled, often because they owe more on their vehicle loan than the settlement amount.

Customers want to know and have a say in what happens in the repair process of their vehicle. Basic communication between the insurance company and the customer regarding what will be done to repair their vehicle, parts types the body shop is going to use, and how long repairs will take goes a long way to increase customer satisfaction.

Erie customers report faster repair times and a higher probability of their vehicle being repaired correctly the first time. They also cite continuous contact from the provider throughout the claims process, which is critical in achieving overall satisfaction.

On average, customers utilize an additional 1.57 products or services from their home equity lender, and the number increases substantially among lenders with satisfied customers. With this in mind, cross- selling products can be extremely beneficial for lending institutions that have been successful in satisfying their customers.

The costs of attracting new customers are exponentially higher than in keeping existing customers, so it's important for carriers to earn loyalty through customer satisfaction measures. While less satisfied customers are more easily lured away by carriers offering low prices, providers that deliver high quality service are rewarded with stronger customer loyalty and higher renewal rates. Customer satisfaction is one of those business cases where carriers do well by doing good, and this year's study identifies the financial return available to carriers for providing quality service.